Future developments. For the latest information about developments related to Form 1098-T and its instructions such as legislation enacted after they were published go to Copy C For Filer Paperwork Reduction Act Notice see To complete Form 1098-T use Returns and the 2018 Instructions for Forms 1098-E and 1098-T. It has changed its method of reporting if the method payments received used for 2018 is different than the reporting method amounts billed for 2017. You should be aware of this change...in figuring your education credits. Box 4. Shows any adjustment made by an eligible educational institution for a prior year for qualified tuition and related expenses that were reported on a prior year Form 1098-T. VOID CORRECTED FILER S name street address city or town state or province country ZIP or 1 Payments received for qualified tuition and related foreign postal code and telephone number expenses OMB No. 1545-1574 Tuition Statement Form 1098-T FILER S employer identification no. STUDENT...S TIN 3 Check if you have changed your reporting method for 2018 Copy A For Internal Revenue Service Center 4 Adjustments made for a prior year Street address including apt. no. City or town state or province country and ZIP or foreign postal code 5 Scholarships or grants STUDENT S name File with Form 1096. Attention Copy A of this form is provided for informational purposes only. Copy A appears in red similar to the official IRS form* The official printed version of Copy A of this IRS form is...scannable but the online version of it printed from this website is not. Do not print and file copy A downloaded from this website a penalty may be imposed for filing with the IRS information return forms that can t be scanned* See part O in the current General Instructions for Certain Information Returns available at www*irs*gov/form1099 for more information about penalties. Please note that Copy B and other copies of this form which appear in black may be downloaded and printed and used to...satisfy the requirement to provide the information to the recipient. To order official IRS information returns which include a scannable Copy A for filing with the IRS and all other applicable copies of the form visit www. IRS*gov/orderforms. Click on Employer and Information Returns and we ll mail you the forms you request and their instructions as well as any publications you may order. Electronically FIRE system visit www. IRS*gov/FIRE or the IRS Affordable Care Act See IRS Publications 1141...1167 and 1179 for more information about printing these tax forms. VOID CORRECTED FILER S name street address city or town state or province country ZIP or 1 Payments received for qualified tuition and related foreign postal code and telephone number expenses OMB No* 1545-1574 Tuition Statement Form 1098-T FILER S employer identification no. STUDENT S TIN 3 Check if you have changed your reporting method for 2018 Copy A For Internal Revenue Service Center 4 Adjustments made for a prior year...Street address including apt* no* City or town state or province country and ZIP or foreign postal code 5 Scholarships or grants STUDENT S name File with Form 1096.
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Instructions and Help about IRS 1098-T
How to edit IRS 1098-T
How to fill out IRS 1098-T
Instructions and Help about IRS 1098-T
How to edit IRS 1098-T
To efficiently edit IRS 1098-T, utilize an online PDF editor, such as pdfFiller. This platform allows for easy text modification, form completion, and the addition of necessary signatures. Access the form, click on the fields you need to edit, and make the changes as required. After editing, you can save it for your records or submit it directly.
How to fill out IRS 1098-T
Filling out IRS 1098-T involves several steps. First, gather information related to tuition payments, enrollment status, and educational institutions. Complete the form by entering the relevant financial data for each student in the appropriate sections. Ensure accuracy, as discrepancies could lead to filing issues. After filling, review the document thoroughly before submission.
About IRS 1098-T 2018 previous version
What is IRS 1098-T?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
What payments and purchases are reported?
How many copies of the form should I complete?
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
About IRS 1098-T 2018 previous version
What is IRS 1098-T?
IRS 1098-T is a tax form used by eligible educational institutions to report information about tuition and other expenses related to a student's education. This form provides students and the IRS with essential details regarding qualified tuition and related expenses, which can affect a student’s tax return. The IRS uses this information to assess eligibility for educational tax credits.
What is the purpose of this form?
The primary purpose of IRS 1098-T is to inform students and the IRS about qualified educational expenses incurred during the tax year. It helps students claim tax benefits such as the American Opportunity Credit and Lifetime Learning Credit. The institution must report any adjustments to past qualified expenses as well, ensuring that all financial information reported is current and accurate.
Who needs the form?
IRS 1098-T must be issued by eligible educational institutions to students enrolled in courses that lead to a degree, certificate, or other recognized credentials. Students must receive this form if they have made qualifying tuition payments during the tax year. Additionally, institutions must issue a form for each student who paid qualified expenses, regardless of the payment's nature.
When am I exempt from filling out this form?
There are several scenarios where filling out IRS 1098-T is not required. If a student has received scholarships or grants that cover all tuition costs, they may not be issued a form. Students enrolled in non-accredited courses or those attending institutions not recognized by the IRS do not receive this form either. It's essential to verify eligibility with the institution for accurate reporting and compliance.
Components of the form
IRS 1098-T consists of several key components, including the name and address of the educational institution, details about the student such as name and social security number, and the amounts billed for qualified tuition and related expenses. It also shows adjustments made for the prior year and any scholarships or grants that reduced the amount required to be reported. Each section has a specific purpose in detailing the financial aspects of a student's education.
What payments and purchases are reported?
IRS 1098-T reports payments made for qualified tuition and related expenses, including tuition fees, required course materials, and student activity fees. Payments made for room and board, if required as part of enrollment, may also be included. Institutions must accurately reflect all amounts billed to ensure compliance with IRS regulations and facilitate any potential tax credits for the student.
How many copies of the form should I complete?
Typically, only one copy of IRS 1098-T is issued to each student. However, educational institutions keep records and may produce additional copies upon request for proper documentation. Students should retain this copy, as it is crucial when filing their tax returns to claim applicable educational tax credits.
What are the penalties for not issuing the form?
Educational institutions may face penalties if they fail to issue IRS 1098-T forms as required. The IRS can impose fines for each form not issued, which can accumulate based on the number of students. Additionally, non-compliance can lead to audits and increased scrutiny of the institution's financial practices, impacting its reputation and operational capabilities.
What information do you need when you file the form?
When filing IRS 1098-T, gather pertinent information such as your social security number, details about the educational institution, and a comprehensive account of qualified expenses and payments made during the tax year. Accurate reporting ensures that you can claim eligible tax credits and avoid discrepancies that could lead to an audit or other tax issues.
Is the form accompanied by other forms?
IRS 1098-T may be submitted alongside other forms, such as Form 8863, which is used to claim educational tax credits like the American Opportunity Credit. You may also need to include copies of your tuition statements or receipts to substantiate the amounts claimed. Ensure all forms complement each other for accurate reporting and compliance with IRS regulations.
Where do I send the form?
IRS 1098-T is typically not sent directly to the IRS by the student. Instead, students file it as a part of their tax return documentation. Include the information from IRS 1098-T in your Form 1040 or the relevant tax return form you are using. Ensure you keep a copy for your records, as it provides important information needed for claiming tax credits.
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