Form 1098-T

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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On the Form 1098-T, the educational institution is to report amounts received as payment for qualified tuition and related expenses less reimbursements or refunds during the calendar year in box 1 and all scholarships or grants in box 5.
Under these circumstances, colleges will send out a Form 1098-T, Tuition Statement, with box 9 checked, listing the student as a graduate student.
If you have college expenses, bring Form 1098-T, student account transcripts, and other records related to amounts paid for college.
In addition, relying on Form 1098-T, an IRS mandated informational form, might result in an incorrect determination of the taxability of scholarships and education tax credits.
1098-t Processing & Distribution Services The Successful Contractor Will: *print And Mail Or Deliver Electronically Irs Form 1098-t (or Substitute Form) By The Irs Specified Due Date.
Taxpayers may refer to the IRS Form 1098-T provided by their school to help them determine the amount of qualified tuition and related fees they paid during the year.
Also, information reported by education institutions to taxpayers and IRS about qualifying educational expenses on the Form 1098-T is confusing for taxpayers and not useful for IRS.
The designation could simply be an additional box on the Form 1098-T, Tuition Statement.
Educational institutions are required to report qualified tuition and related expenses by filing an annual tuition statement with the IRS, Form 1098-T. The amount of scholarships and grants paid to a student must also be included on the Form 1098-T.
Clients with children in college or who pursue their own academic endeavors often have at least one Form 1098-T, Tuition Statement.
6050S(a)) on new Form 1098-T, Tuition Payments Statement.