Contents -

Form 1098-T

NOTE

ANY INSTRUCTIONS CONTAINED HEREIN ARE ADVISORY ONLY.

REFER TO IRS INSTRUCTIONS FOR OFFICIAL INFORMATION.



Form 1098T - Tuition Statement

If you are an eligible educational institution.  You must file for each student you enroll and for whom a reportable transaction is made.  Also if you are an insurer, file Form 1098-T for each individual for whom you made reimbursements or refunds of qualified tuition and related expenses.

Payee Information

Account number (Required)
Service Provider/Acct - Enter any number assigned by the payer to the payee that can be used by the IRS to distinguish between information returns.  This number must be unique for each information return.  The account number is critical in the correction process, especially when more than one information return is filed for a payee.  MAG-FILER will automatically assign an account number if the field is blank.

TIN # (Required)
Enter the payee's valid 9-digit Taxpayer Identification Number (SSN or EIN, as appropriate).  Leave this field blank if the TIN# is unknown.   Any form filed containing an invalid identification number in this entry may be returned for correction.

SSN  (else EIN) (Required)
Check this box if the payee TIN # is a Social Security Number (SSN) of an individual.  Leave this box blank if the payee TIN # is an Employer Identification Number (EIN) of a business or an organization.

NOTE: Imbedded blanks, extraneous words, titles, and special characters ( i.e., Mr., Mrs., Dr., period [.], apostrophe [ ' ] should be removed from Payee Name Lines.  An ampersand (&) and a dash (- ) are the only acceptable special characters.  A comma ( , ) between last name and first name that is placed by MAG-FILER is also acceptable.

Name (Required)
Enter the name of the recipient belonging to the Taxpayer Identification Number (TIN).  If the TIN, is an SSN, enter as last name suffix, first, middle initial, e.g., Doe Jr., John A.).  If the TIN is an EIN, the name is entered as is.  Use the Second Name Field if additional space is required.

Second Name Field
If the payee name requires more space than is available in the name field, ENTER ONLY THE REMAINING PORTION OF THE NAME IN THIS ENTRY.  If there are multiple payees, this field may be used for those payees' names.  DO NOT USE THIS FIELD FOR ADDRESS INFORMATION. 

Address (Required)
Enter the payee's mailing address.  The address MUST be present.  This entry must not contain any data other than the payee's mailing address.

City (Required)
Enter the payee's city.  Do not enter state and zip code information in this entry.

State (Required)
Enter the abbreviation for the payee's state or foreign country.  You must use valid U.S. Postal Service state abbreviations for U.S. addresses.

Zip (Required)
Enter the payee's valid 9-digit zip code assigned by the U.S. Postal Service.

NOTE: A Payer file must contain Payees with either all Payments Received or all Amounts Billed, not a mix of the two amounts.

Payments Received for Qualified Tuition & Related Expenses
Enter the amount of payments received for qualified tuition and related expenses from any source during the calendar year.  The amount reported is the total amount of payments received less any reimbursements or refunds made during the calendar year that relate to the payments received for the same calendar year.

Amounts Billed for Qualified Tuition & Related Expenses
Enter the amounts billed during the calendar year for qualified tuition and related expenses.  The amount reported is the total amount billed less any reductions in charges made during the calendar year that relate to the amounts billed for the same calendar year.

Reporting Method
Check the box 1098T method change at the Payer window if you have changed your method if the method you are using for 2007 is different than the method you used for 2006 (payments received or amounts billed).  The reporting method box will be checked on all payees in this file.

Adjustments Made for a Prior Year

Payments received.
Enter reimbursements or refunds of qualified tuition and related expenses made during the calendar year that relate to payments received that were reported for a prior year after 2002.

Amounts billed.
Enter any reductions in charges made for qualified tuition and related expenses made during the calendar year that relate to amounts billed that were reported for a prior year after 2002.

Scholarships or Grants
Enter the total amount of any scholarships or grants that you administered and processed during the calendar year for the payment of the student's costs of attendance.  However, see Exceptions in the IRS Instructions on page ET-2 for Form 1098T.

Adjustments to Scholarships or Grants for Prior Year
Enter the amount of any reduction to the amount of scholarships or grants that were reported for a prior year after 2002.

Check if for Jan-March
Check the box if any payments received, or amounts billed, for qualified tuition and related expenses reported for 2007 relate to an academic period that begins in January through March of 2008.

Check if at Least a Half-time Student
Check this box if the student was at least a half-time student during any academic period that began in the current year.

Check if a Graduate Student
Check this box if the student was a graduate student.  The student is a graduate student if the student was enrolled in a program or programs leading to a graduate-level degree, graduate-level certificate, or other recognized graduate-leveled educational credential.

Reimb/refund of Qual Tuition and Expenses from Ins Contract
If you are the insurer, enter the total amount of reimbursements or refunds of qualified tuition and related expenses that you made for the student during 2007.

Special 
This area may be used to record information for state or local government reporting or for the filer's own purposes.  This information will be sent to the IRS file and does not print to the form.

Select Print
Check this box to select specific payees for printing.

Corrected Return
Check this box if this entry is a corrected return.  This is only used IF YOU HAVE ALREADY SUBMITTED MAGNETIC MEDIA FILING and wish to print or file corrected returns.  NOTE: The same account number reported on the original must also be on the corrected record.