Get the free FAQs on Form 1098-T Reporting - NACUBO - nacubo

NATIONAL ASSOCIATION OF COLLEGE AND UNIVERSITY BUSINESS OFFICERS DECEMBER 21, 2011, FAQs on Form 1098-T Reporting Note: This document was developed in response to audience questions NACHO received

How to fill out faqs on form 1098-t

How to Fill Out FAQs on Form 1098-T:

Start by gathering all the necessary information and documents:

1. Gather your personal information such as your name, address, and Social Security number.
2. Obtain the necessary information from your educational institution, such as their name, address, and taxpayer identification number.

Understand the purpose of Form 1098-T:

1. Form 1098-T is used to report educational expenses and scholarships or grants received to eligible students and the Internal Revenue Service (IRS).
2. It helps determine if you qualify for certain tax credits or deductions related to education expenses.

Enter the student's information:

1. Begin by entering your personal information in the designated sections of the form, including your name, address, and Social Security number.
2. Verify that the information matches your records and is accurate.

Report educational institution information:

1. Include the name, address, and taxpayer identification number of your educational institution in the relevant sections of the form.
2. Ensure that this information is up-to-date and correctly reflects your school's details.

Report financial and educational data:

1. Fill in the appropriate boxes to report your financial and educational data accurately.
2. Indicate the amount of tuition and related expenses paid during the tax year, as well as any scholarships or grants received.

Determine if any adjustments are necessary:

1. Review the instructions provided with the form to determine if any adjustments need to be made based on your specific circumstances.
2. For example, if you received reimbursements or refunds that may affect the reported amounts, follow the guidelines to make necessary adjustments.

Retain a copy of Form 1098-T:

1. Keep a copy of the completed form for your records.
2. It is essential to maintain all relevant documents in case of any future inquiries or audits.

Who Needs FAQs on Form 1098-T?

Students or their parents/guardians who paid qualifying educational expenses:

1. Individuals who paid out-of-pocket for tuition, fees, or other eligible expenses may need to fill out Form 1098-T.
2. This form can help them claim education-related tax credits or deductions on their tax return.

Educational institutions:

1. Colleges, universities, and other eligible educational institutions are responsible for providing Form 1098-T to the students they serve.
2. They need to accurately fill out and issue this form to report the necessary information to both the students and the IRS.

Tax professionals and preparers:

1. Tax professionals who assist students and their families in filing their tax returns need to be familiar with FAQs on Form 1098-T.
2. They should understand the requirements, guidelines, and potential adjustments to ensure accurate reporting and maximize available tax benefits.

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