Form 1098-T presents tax advisers with various challenges.
Indirect relationship: One major challenge presented by Form 1098-T is that its numbers usually do not transfer directly to Form 1040 or 8863, Education Credits (Hope and Lifetime Learning Credits).
Depending on the school's data systems, that student's Form 1098-T may or may not have box 9 checked.
Textbook expenses represent the most common element of QTRES that fall outside Form 1098-T reporting, as schools typically do not track them.
One potential result of this confusion is that the school may make a "stipend" payment that is captured in neither payroll reporting nor financial aid and Form 1098-T reporting.
Students less familiar with taxation often misunderstand Form 1098-T to report data for a school year running from fall to spring.
Branch campuses: Schools operating on multiple campuses may use different financial systems or may have different methods of using a single system, further complicating their data gathering for Form 1098-T.
If a student drops and/or adds classes over a holiday break (more often occurring before the spring semester), the resulting Form 1098-T reporting does not represent the reality of the class load actually taken.
Those clients may initially appear without their Form 1098-T for the year, and may not even realize they are missing it.
6050S(a)) on new Form 1098-T, Tuition Payments Statement.
The 1998 Form 1098-T (for reporting both credits) contains the following fields: the filer's name and address, the student's TIN, name and address and check-off as to whether the student is half-time or a graduate student.
For 1998, institutions will be required to report on Form 1098-T
the name, address and taxpayer identification number (TIN) of both the eligible educational institution that received the payments and the student for whom payments of qualified tuition and related expenses were received during 1998; an indication as to whether the student was enrolled for at least half the full-time academic workload during any academic period commencing in 1998; and an indication of whether the student was enrolled in a graduate-level program.