1098-T TUITION STATEMENT FILING DEADLINES

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, 2018
Schools and Colleges are required file Copy A with the IRS by February 28, 2018, (or March 31, 2018, if electronically filed).

NEW REQUIREMENTS FOR IRS 1098-T TUITION STATEMENT

Last year, legislation changed Form 1098-T reporting requirements. Beginning with the 2016 tax year, institutions will be required to report payments for qualified tuition and related expenses in Box 1 of IRS Form 1098-T. Prior to this change, educational institutions reported either payments received for qualified tuition and related expenses on Form 1098-T, Box 1 or amounts billed during a calendar year in Box 2. Fortunately the IRS is offering some amnesty this year to allow institutions to update their procedures and software.

Beginning next year (2018), only the qualified tuition and related expenses actually paid can be reported on Form 1098-T. Qualified tuition and related expenses are tuition, fees, and course materials required for a student to be enrolled at or attend an eligible educational institution. Charges and fees for room, board, insurance, medical expenses (including student health fees), transportation, and similar personal, living, or family expenses, aren’t included.

If an institution reports the aggregate amount billed for qualified tuition and related expenses on Form 1098-T instead of the aggregate amount of payments received for qualified tuition and related expenses the IRS will be imposing penalties. http://bit.ly/2iEsjTp

1098-T TUITION STATEMENT FILING DEADLINES

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, 2017

Schools and Colleges are required file Copy A with the IRS by February 28, 2017, (or March 31, 2017, if electronically filed).

The instructions for 2017 have changed, so be sure to grab a copy of IRS Publication 1098ET here: http://bit.ly/2hDtTTP