FACTS Financial Aid Management Application Tax Documents
Families completing a Financial Aid Application must upload tax documentation, including a Federal Tax Return, applicable schedules, and necessary forms. FACTS Management reviews the forms and alerts you if additional documents are needed.
Forms & Schedules
The examples below may not be applicable to all applicants. No need to be a tax expert, upload all documents included in your Federal Tax Return file and the system identifies required items.
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Application Summary
The Application Summary displays the application status and required documents. The school or organization determines the exact tax year to upload. Upon submission of the application, a notice is sent via email advising of the tax year required. Use the Help icon to view the list of forms and access links to the IRS website. Return to FACTS at any time to view the application status and tax document requirements in the Application Summary.
The completion of the Financial Aid Application is dependent on the submission of the required tax documents. Upload all documents in your tax return file. Ensure the following documents are included in the file.
1040 U.S. Individual Income Tax Return
Pages 1 and 2 of the 1040 Federal Tax Return determine which additional documents are required.
Starting with page 1 of Form 1040, review lines 8 & 10. Any amount listed on lines 8 or 10 requires a Schedule 1. Filers with more than 4 dependents listed on Form 1040 must submit the Dependent Statement.
The same line items are reviewed for the 2023 & 2024 tax years.
On page 2, review line 31. Any amount listed on line 31 indicates all pages of the Schedule 3 are required.
Schedule 1
The Schedule 1 is a 2-page document, review Lines 3, 5, and 6.
- Line 3 indicates an income or loss from a sole proprietorship business.
- Any amount listed on line 3 requires a Schedule C.
- Multiple Schedule C's may be required. The total income from the schedules must equal the amount listed on Line 3 of the Schedule 1.
- Line 5 indicates an income or loss from any of the following: rental real estate, an S-Corporation, and/or a partnership.
- Any amount listed on line 5 requires a Schedule E. FACTS reviews the Schedule E and may request additional documentation to complete the business review.
- Line 6 indicates an income or loss from a farm.
- Any amount listed on line 6 requires a Schedule F.
