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1098 T Form: What You Should Know

This statement isĀ  a report in the nature of a return on tax-exempt interest, and the IRS will require a report of this information.Ā  1098-T Form | IRS What is required to be filed for this Form 1098-T? The return is generally required for all students. It includes the name andĀ  address of students and their colleges or universities. Why did the IRS issue Form 1098-T? Form 1098-T is required to be filed to report the total amount of payments made to educational organizations for tuition, fees, andĀ  related expenses for eligible students. It is also used to provide a tax benefit or disallow an income taxĀ  reduction for those students. How do you find out if you should file this Form 1098-T? Do you have any questions about filing the form? You can sendĀ  a letter to the IRS to notify them of your enrollment status or request an IRS Form 3910, Return for theĀ  Audit of Tax-Exempt Organizations. The IRS will determine whether the Form 1098-T is required. If theĀ  form is required, you will receive a completed and signed Form 1098-T return. If you choose not toĀ  file the form, you will receive a letter from the college or university to notify you of your enrollment status. InĀ  addition to the IRS form 3910, you can also receive a copy of the original Form 1098-T document from theĀ  department. What should be included in the return? The Form 1098-T includes information regarding an educationalĀ  organization's payment of tuition and related expenses. Included are amounts used for tuition, fees,Ā  tuition and related expenses, and the cost of books, supplies, equipment, and other items.Ā  The IRS may only request a separate list of materials if there were multiple payments made by theĀ  organization. What information is required to be included in the return? This includes the name, address and income levelĀ  of students at each school. For the payment period, include the amount paid.

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