2007 1098 TFiling
Specific Instructions for Form 1098-T
File Form 1098-T, Tuition Statement, if you are an eligible educational institution. You must file for each student you enroll and for whom a reportable transaction is made. Also, if you are an insurer, file Form 1098-T for each individual for whom you made reimbursements or refunds of qualified tuition and related expenses.
Exceptions. You do not have to file Form 1098-T or furnish a statement for:
* Courses for which no academic credit is offered, even if the student is otherwise enrolled in a degree program;
* Nonresident alien students, unless requested by the student;
* Students whose qualified tuition and related expenses are entirely waived or paid entirely with scholarships or grants; and
* Students for whom you do not maintain a separate financial account and whose qualified tuition and related expenses are covered by a formal billing arrangement between an institution and the student's employer or a governmental entity, such as the Department of Veterans Affairs or the Department of Defense.
Who must file. You must file Form 1098-T if you are an eligible educational institution. An eligible educational institution that is a governmental unit, or an agency or instrumentality of a governmental unit, is subject to the reporting requirements of Form 1098-T. A designated officer or employee of the governmental entity must satisfy the reporting requirements of Form 1098-T.
Eligible educational institutions may choose to report payments received, or amounts billed, for qualified tuition and related expenses. The eligible educational institution must use the same reporting method for all calendar years unless the IRS grants permission to change the reporting method.
If another person receives or collects payments of qualified tuition and related expenses on your behalf, the other person must file Form 1098-T. However, if the other person does not possess the information necessary to comply with the reporting requirements of Form 1098-T, then you must satisfy the reporting requirements of Form 1098-T.
Eligible educational institution. An eligible educational institution is a college, university, vocational school, or other post-secondary educational institution that is described in section 481 of the Higher Education Act of 1965 as in effect on August 5, 1997, and that is eligible to participate in the Department of Education's student aid programs. This includes most accredited public, nonprofit, and private post-secondary institutions.
Qualified tuition and related expenses. Qualified tuition and related expenses are tuition and fees a student must pay to be enrolled at or attend an eligible educational institution. The following are not qualified tuition and related expenses:
* Amounts paid for any course or other education involving sports, games, or hobbies unless the course or other education is part of the student's degree program or is taken to acquire or improve job skills.
* Charges and fees for room, board, insurance, transportation, and similar personal, living, or family expenses.
Academic credit. Academic credit is credit awarded by an eligible educational institution for the completion of course work leading to a post-secondary degree, certificate, or other recognized post-secondary educational credential.
Example. Student A, a medical doctor, takes a course at University X's medical school. Student A takes the course to fulfill State Y's licensing requirement that medical doctors attend continuing medical education courses each year. Student A is not enrolled in a degree program at University X and takes the medical course through University X's continuing professional education program. University X does not award Student A credit toward a post-secondary degree on an academic transcript for the completion of the course but gives Student A a certificate of attendance upon completion. University X is not required to file Form 1098-T for the course taken by Student A.
Academic period. You must file Form 1098-T for each student who is enrolled in your institution for any academic period (for example, semester, trimester, or quarter) in 2005. Determine your enrollment for each period under your own rules or use one of the following dates:
* 30 days after the first day of the academic period,
* A date during the period when enrollment data must be collected for purposes of the Integrated Postsecondary Education Data System administered by the Department of Education, or
* A date during the period when you must report enrollment data to the state, to your governing board, or to some other external governing body.
Additional information. For more information about reporting on Form 1098-T, see Regulations section 1.6050S-1.
Statements to students. If you are required to file Form 1098-T, you must provide a statement or acceptable substitute, on paper or electronically, to the student. For more information about the requirements to furnish a statement to each student, see part H in the 2005 General Instructions for Forms 1099, 1098, 5498, and W-2G.
Student's address. In the student's address box of Form 1098-T, enter the student's permanent address. That is, enter the student's home or other long-term address where he or she can receive forwarded mail. You may use a temporary address only if you do not know the permanent address.
Information contact and service provider. You must provide your name, address, and telephone number. In addition, you may include information on a third-party service provider who filed the form or who may answer questions about the statement. Enter the service provider's information in the box below the student's name and address.STUDENT TAX INFORMATION- 1098T
What is Form 1098-T?
IRS Form 1098-T (Tuition Payments Statement) provides information from educational institutions to students which may be of use in determining a student's eligibility for tax credits.
Instructions for the student NEW!
When should student receive the 1098-T form by?
The 1098-T forms should be received by 1/31/2006.
Where will the 1098-T form be mailed to?
The 1098-T form is mailed to the address filed with Registration & Records.
What information is on Form 1098-T?
* The name, address, and taxpayer identification number of our institution
* The name, address, and taxpayer identification number of the student.
* Whether the student was enrolled for at least half or the full-time academic workload for at least on academic period.
* Whether the student was enrolled exclusively in a graduate-level program.
* Amount of qualified tuition and fees billed
What are the Hope and Lifetime Learning Credits?
The Hope and Lifetime Learning Credits are credits that may apply to any student registered in a higher education institution during the calendar year. Form 1098-T may help a student determine if these education tax credits can be claimed. For more information on these tax credits and eligibility see: