#1098 t form professional

To change the reporting method on a 1098-T form, you must have signed a form giving your permission to receive your tax documents electronically. This is particularly important if your students received room and board, meal plans, or similar expenses. Remember to exclude any payments made in excess of QTRE’s in Box 2. You should also make sure that you report all amounts for the current and prior years’ QTRE’s in Box one. The IRS will note that you are requesting a change in reporting method if you paid tuition or fees in the prior year. If you choose to change the reporting method on your 1098-T form, make sure to make the necessary corrections. Please contact the 1098-T Representative if you have any questions.

#1098 t form professional

You may wish to seek tax advice from a professional tax consultant before making any changes to your 1098-T. The amounts and calculations used to determine credit are the taxpayer’s own after considering relevant IRS publications and regulations. It does not represent the official document provided by the IRS, nor does it constitute tax advice from East Tennessee State University. The information presented on this webpage is provided for guidance purposes only. Changing reporting method on a 1098-T form can be confusing for students. In addition, the new legislation requires colleges to report student account payments to the IRS, rather than allowing students to claim credit for unpaid tuition expenses.

Now, colleges and universities must report only the amount of tuition and fees billed to students. The Internal Revenue Service recently changed the way colleges and universities report tuition and fees for Form 1098-T. It’s important to remember that the 1098-T form doesn’t include all of the information you need to claim a tax credit. The Tax Relief Act of 1997 established two tax credits: the American Opportunity Credit and the Lifetime Learning Credit. This information is used by students to claim tax credits. The forms report payments for qualified tuition and expenses. The IRS requires educational institutions to file informational returns with the Internal Revenue Service.