Tax & IRS Information
To learn more about the education tax benefits that may apply to you, please contact an independent tax advisor. You should also review the IRS Tax Benefits for Education for the most up-to-date information regarding tax information for education.
FUTURE Act Direct Data Exchange (FA-DDX)
The Fostering Undergraduate Talent by Unlocking Resources for Education (FUTURE) Act amended Section 6103 of the Internal Revenue Code (IRC) to allow the Internal Revenue Service (IRS) to disclose certain FTI to FSA. The FUTURE Act Direct Data Exchange (FA-DDX) solution, establishes a secure connection between both agencies (the IRS and FSA) through an application programming interface that will process requests in near-real time. The FA-DDX replaces the IRS Data Retrieval Tool (IRS-DRT) and will be used beginning with the 2024-25 award year to import certain FTI into an applicant’s FAFSA form.
IRS Documents
IRS Tax Return Transcript
An IRS Tax Return Transcript is offered through the IRS. If you need to provide tax return data to our office and you no longer have your original 1040 tax return documents, you can request a Tax Return Transcript from the IRS for our office to use. Please note the IRS offers several types of transcripts. If our office is requesting tax documents, please send the Tax Return Transcript; the record of account or tax account transcripts will not satisfy the request.
IRS Wage and Income Transcript
Our office often requests W2s and other income documents. If a parent or student does not have their W2s from the applicable tax year, the IRS offers a Wage and Income Transcript, which can be provided as an alternative document.
1098-T Tax Form
The W&M Financial Operations Office issues the 1098-T each year in January. Students should be able to view their 1098-T by logging in to myW&M. Once logged in:
- Select the “Student” tab, click on “Student Account” and click on “eServices.”
- From the home screen in eServices, select “My Account,” then from the drop-down menu under “My Account,” select “Statements.”
- Next, select the “1098-T Tax Statement” tab. If you received a 1098-T from the Executive MBA Program-Business School Foundation, you would need to contact the business school directly at 757-221-2294.
