IRS Form 1098-T is also known as the “Tuition Statement”.
The 1098-T form is used by eligible educational institutions to report information about their students to the IRS. This is required as of 1997 by the Taxpayer Relief Act of 1997.
As required by the Internal Revenue Service, Form 1098-T is mailed by January 31 to all students who had qualified tuition and other related educational expenses billed to them during the previous calendar year.
Eligible educational institutions are required to submit the student’s name, address, taxpayer’s identification number (TIN), enrollment status, amounts pertaining to qualified tuition and related expenses, and scholarships and/or grants, taxable or not. A 1098-T form must also be provided to each applicable student. The form must also be filed with the IRS by the end of February if filing on paper or by the end of March if filing electronically.
To find out if you are eligible for a tax benefit, please visit IRS Publication 970 from www.irs.gov or contact a tax advisor.
1099-etc provides an easy to use software solution that will allow you to easily create and file Form 1098-T.