1098T

[GeorgeM]

I have a client that has a 1098T with an amount in box 4 the input sheet does not have a box 4??????????????????

 

Where do I enter this, I tried to load a 1098T but it is the same worksheet that is now there.

 

 

[Pacun]

Use a calculator to consider that amount.

[Pacun]

As you know 1098-T is not the document you need in order to enter the amounts. You need to get the receipts from the client in order to enter the amount. Most students go on line and get the payment information. The student will also know if  the form includes amounts that were billed or paid for a prior year.

[Abby Normal]

As you know 1098-T is not the document you need in order to enter the amounts. You need to get the receipts from the client in order to enter the amount. Most students go on line and the payment information. The student will also know if  the form includes amounts that were billed or pay for a prior year.

Have a client with a CP2000 about education credits. Faxed the IRS the 1098T and the IRS says, sorry, inadequate proof.

 

A few smarter colleges are putting transcripts on the back of the 1098T. They all need to get on board with that!

[BulldogTom]

Have a client with a CP2000 about education credits. Faxed the IRS the 1098T and the IRS says, sorry, inadequate proof.

 

A few smarter colleges are putting transcripts on the back of the 1098T. They all need to get on board with that!

The IRS needs to require the colleges to report on a calendar year.  It makes no sense to allow them to continue to report on a school year when the tax law is on a calendar year of all the students.  They make the colleges report a W2 on a calendar year for the students who work for them.  They make businesses who are on a fiscal year report W2s on a calendar year.  This is a simple change and would make tax compliance easier for students and the IRS.  It is a no brainer in my mind.  I wish the political establishment would just make some sensible laws.

 

Tom

Newark, CA

[kcjenkins]

Totally agree, Tom.  They would do it if the IRS required it, and the IRS has to waste time on checking these credits.  Why require them to do a 1098T at all, if they don't make it provide usable info?

[Pacun]

The 1098-Ts I have seen seem to be on a calendar year basis otherwise we would not receive a 1098-T when students start college as soon as they graduate from high school.

 

Very seldom, colleges and universities check mark the part that reads if the bill for another year is included. If they were doing it based on their school year, more than 80% of the 1098-T we see would have that box checked.

[kcjenkins]

Yes, some schools are getting better, BUT, because there is no rule that requires a calender year, the IRS does not rely on those forms as 'proof'.  If a calender year was required, they would all be consistent, and thus, reliable.