#1098 t form professional

#1098 t form professional

Please consult a tax professional to determine how best to account for the payments you made in the new tax year because Linfield University is not able to produce a tax form without (QTRE) in the same tax year as the payment is made. Therefore, there is nothing to report by the school. Although, payment was made in the new tax year, there are not any new charges to report under (QTRE) for the new tax year.

( Example) - Your last term is January Term and the charges are billed in December, but not paid until January or later.The IRS bases payments on the timeline of when they are paid, not the term paid for. Linfield University reports payments made on (QTRE) during the tax year you made the payment in, even if the charges you are paying are for a future term in the next tax year.Payments received after December 31 of a tax year, will be reported in the following tax year of the 1098-T form, if there are (QTRE) to report for the following tax year.All payments received by December 31 of a tax year, will be posted to your student account and reflected on the student statement and 1098-T form for that tax year.Regulatory reporting requirements, mandated by federal regulations, the amount of payments made for (QTRE) during the calendar tax year will be reported in Box 1. Should you have questions regarding the 1098-T Form or preparing your taxes, please seek the counsel of a professional tax preparer or adviser or contact the IRS directly or view the IRS 1098T Publication for additional information. Please be advised the Student Accounts Office staff can only assist with general questions regarding your 1098-T Tax Form and help with website access to your 1098-T form and are strictly prohibited by federal law from providing any tax advice. The Student Accounts Office provides a 1098-T Tuition Tax Form to all students enrolled for the previous calendar year on, or before, January 31st.