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Regulation 105316-98 - Information Reporting For Payments Of Qualified Tuition And Payments Of
Get Regulation 105316-98 - Information Reporting For Payments Of Qualified Tuition And Payments Of
For Information Returns REG 105316 98 AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of proposed rulemaking and requests to videoconference the public hearing. SUMMARY: This document contains proposed regulations relating to the information reporting requirements under section 6050S of the Internal Revenue Code for payments of qualified tuition and related expenses and interest on qualified education loans, including the filing of information returns on magnetic media. The.
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25a FAQ
The form isn't due to the IRS until Feb. 28 if filed by mail or March 31 if filed electronically. This way, if a student receives an incorrect 1098-T, they could have time to contact the college or university and request a correction before the school sends the information to the IRS.
Please note, IRS Publication 970 states that "the amount on form 1098-T might be different from the amount you actually paid and are deemed to have paid." Further IRS Form 8863 instructions state that "The amount of qualified Tuition and related expenses reported on Form 1098-T may not reflect the total amount of the ...
The 1098-T form reflects payments and refunds made in the previous calendar year. For example, a payment for the spring semester made in January will be reflected in the next tax year. Certain fees are not considered qualified tuition and related expenses. These fees have been deducted from the payment amount.
BOX 4 of IRS Form 1098-T reports adjustments made to qualified tuition and related expenses calculated in a prior year. The amount reported in Box 4 represents a reduction in tuition billed during a prior calendar year.
If you have an amount showing in Box 4 of your 1098-T, it may reduce your allowable education tax credit claimed for the prior year. That, in turn, may result in an increased tax liability for the current tax year.
Fill out form 1096 You'll indicate on this 1096 that there are two accompanying 1098-T forms. Send the 1096, plus the two 1098-Ts, to the IRS. The IRS agent mentioned that it's important to hand-write a note on the 1096 (probably near the signature line) that says something like "filed to correct TIN".
Attaching Form 1098-T to Your Tax Return You are not required to attach IRS Form 1098-T to your tax return. The IRS Form 1098-T is not like the IRS Form W-2 obtained from your employer, which is required to be attached to the tax return filed with the IRS.
Qualified expenses are amounts paid for tuition, fees and other related expense for an eligible student that are required for enrollment or attendance at an eligible educational institution.
Payees Related content
Internal Revenue Service 26 CFR Parts 1 and 301...
§1.6050S-1 Information reporting for payments and reimbursements or refunds of qualified...
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