FAQ on Form 1098-T Reporting
January 12, 2012
An audit report published in the fall of 2010 by the Treasury Inspector General for Tax Administration (TIGTA) identified 2.1 million taxpayers who may be receiving $ 3.2 billion in erroneously-claimed education tax credits.
In an effort to help institutions manage the 1098-T, NACUBO hosted a webcast, Form 1098-T Reporting Refresher, on November 17, 2011. Presenters Linda Combs, director, University Business Office at James Madison University, and Barbara Morris, director of Tax and Payroll Services at Johns Hopkins University, offered their expertise and guidance during the session. The program gave an overview of the education tax credits, determining which students receive a form, a walk-through explanation for completing the form , as well as a discussion of several aspects of reporting including definitions of qualified tuition and related expenses, electronic delivery, and follow-up resources on the topic.
More than 350 questions were submitted during the webcast. Presenters, along with NACUBO staff Anne Gross, vice president, regulatory affairs, and Mary Bachinger, director, tax policy, developed a post-event resource for participants that is now available online.
If you missed the webcast and want to learn more you can access the archived version.
Director, Tax Policy
Vice President, Regulatory Affairs
- FASB Proposes Changes to Investment Disclosures
- Retiring Harkin Introduces Higher Education Bill
- GASB Releases Preliminary Views on Fiduciary Activities
- 2015 Intermediate Accounting and Reporting - Winter
January 22-23, 2015
- 2015 Endowment and Debt Management Forum
February 4-6, 2015
- 2015 Unrelated Business Income Tax
February 25-27, 2015
- ON-DEMAND: How to Build, Develop, and Support a Compliance Program at Your Institution
- ON-DEMAND: Strategic Tuition Assessment and Tuition Restructuring
- ON-DEMAND: Are Shared Services Right for Your Organization – The KU Journey
- ON-DEMAND: VIRTUAL: 2014 Annual Meeting
- ON-DEMAND: VIRTUAL: Student Financial Services Conference
- ON-DEMAND: VIRTUAL: Higher Education Accounting Forum
- A Guide to College and University Budgeting: Foundations for Institutional Effectiveness, 4th ed. - by Larry Goldstein
- NACUBO's Guide to Unitizing Investment Pools - by Mary S. Wheeler
- Managing and Collecting Student Accounts and Loans - by David R. Glezerman and Dennis DeSantis