The 1098-T, Tuition Statement form reports tuition expenses students paid for college tuition that might entitle them to an adjustment to income or a tax credit.
The deadline to provide students with 1098-T Forms is January 31, 2021
Schools and Colleges are required file Copy A with the IRS by March 1, 2021, (or March 31, 2021, if electronically filed).
ICYMI – The IRS announced that higher education institutions do not have to report emergency financial aid grants awarded to students under the CARES Act. College and university business officer’s have been spared and for good reason.
According to the IRS, it’s a matter of common sense because reporting these grants to the IRS on Forms 1098-T cause some students to get notices that they under reported their income. That would be bad and since the students wouldn’t have to pay taxes on this money as income any way you slice it, it would be downright confusing.