IRS Tax Transcript Frequently Asked Questions
Guidance from the Department of Education and the IRS suggests that if you file your 2015 taxes electronically and have any owed taxes paid in full at the time of submission or are due a refund, IRS Tax Return Transcripts are generally available 2 - 3 weeks after your return has been processed.
If you filed electronically, but do not pay in full any taxes due, your tax return will not be processed until mid-May 2016 and you usually can request your IRS Tax Return Transcript 2 - 3 weeks after that point.
Those that file a paper return will unfortunately need to wait even longer to make the request for their tax return transcript. If you expect a refund or owe no additional taxes, you can request your transcript 8 - 11 weeks after your tax return has been submitted and received. If you owe any amount, even if it is paid in full at the time your return is submitted, your tax return will not be processed until June 2016 and you will not be able to request your transcript until 2 - 3 weeks after that point.
- Submit copy of UW-Madison's Student or Parent Tax Extension Form.
- Submit a copy of your Form 4868 Tax Extension that you filed with the IRS before October 15th, 2016.
- Include copies of W-2’s from every source of employment before October 15th, 2016.
- Provide a SIGNED and DATED draft of your 2015 Federal Income Tax Return, IRS Form 1040 before October 15th, 2016.
After we offer a temporary tax extension financial aid award, you will still need to provide our office with a copy of your 2015 Tax Return Transcript no later than November 17, 2016. At which point, we will verify the 16-17 FAFSA and will reevaluate your aid eligibility based on the Tax Return Transcript documentation. A spring term financial aid disbursement hold will remain on spring funding until the 16-17 FAFSA can be verified using the 2015 Tax Return Transcript.
CAUTION: If we need to revise your 16-17 FAFSA based on 2015 Tax Return Transcript information, our office might be required to revise the financial aid award to accurately reflect 2016 tax information. This could mean financial eligibility could change requiring immediate repayment of 2016-17 grants or loans you already received.
Students and parents who are victims of identity theft should contact the IRS Identity Protection Specialized Unit at 1-800-908-4490.
More information can be found on the IRS Identity Protection Website
If you are not able to obtain a copy of your tax transcript because of identity theft you should contact the Office of Student Financial Aid.