In order to provide documentation of the parent(s)' tax return information, the parent(s) will need to submit a transcipt that was obtained at no cost from the relevant taxing authority of a U.S. territory (Guam, American Samoa, the U.S. Virgin Islands) or commonwealth (Puerto Rico, the Northern Mariana Islands) or a foreign central government that includes all of the tax filer’s income and tax information required to be verified for tax year {TaxYear}. This transcript must contain the following {TaxYear} information, as applicable:
- Income earned from work (wages, business, farm)
- Federal income taxes paid
- Adjusted Gross Income - This is the total income plus interest and dividend income minus housing allowances and minus contributions to retirement accounts. (Housing allowances and contributions to retirement accounts are reported separately on the FAFSA.)
- Untaxed portions of IRA or pension distributions
- Deductions for IRA contributions
- Tax-exempt interest income
- Non-refundable educational tax credits
If a free transcript is not available, the parent(s) may instead submit a signed copy of the foreign tax return which was submitted.
After receiving the tax transcript, please label and translate the relevant tax lines which most closely correspond to the tax items listed above on an IRS tax return. Please also write next to each figure the amount converted to U.S. dollars based upon the exchange rate the day the FAFSA was originally submitted.