FAFSA: Using the IRS Data Retrieval Tool The FAFSA requires income and Federal Income Tax information from two years prior. For the 2023-2024 school year, 2021 income/asset information is required. Students and/or parents can import their tax information when completing their FAFSA using the IRS Data Retrieval Tool (DRT). Instructions for Using the DRT on the FAFSA Application When a student's FAFSA is selected for Verification, the Student/Spouse (if applicable) and Parent (if applicable) must either use the DRT or provide an IRS Tax Return Transcript. IRS Tax Transcript Request Instructions