Form 1098-T

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Form 1098-T

A form published by the IRS that a lender uses to report the interest that a borrower pays on a student loan in a year in excess of $600. The form is reported to the IRS and sent to the borrower. Because student loan interest is tax deductible up to a certain limit, receiving Form 1098-C and reporting the interest paid to the IRS may significantly impact one's tax liability.
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But what's confusing is that schools are sending out the 1098-T forms with only the names and addresses of students, Burlison said.
As a result, schools are mandated for the first time this year to send the 1098-T form to students or their parents.
Thanks to its powerful import wizard, W2 Mate program can remap tax data stored inside different accounting packages into 1098-T forms.
With ACS as a partner in loan servicing, the UI System will not only experience significant cost savings through our advanced imaging solutions and improved efficiency with our assistance in consolidating certain processing and collection functions, but also significantly reduced administrative burdens through our processing of thousands of 1098-T forms.