1098T Instructions 2017-12-29T21:58:06+00:00

Please be advised that it is ultimately the institution’s responsibility to ensure accurate data is reported for 1098T reporting purposes and by the deadline established by the Internal Revenue Service.

For questions regarding this functionality within Diamond SIS please direct all inquiries to Diamond SIS Support by navigating to https://support.diamondsis.com and submitting a ticket.

1098T – Annual Printing

Diamond SIS will update the 1098T form annually to conform to IRS Regulations.  You will not need to purchase special forms or envelopes.  Your Diamond SIS allows you to print the form for each student.  The form can be tri-folded to fit in a standard window envelope. 1098T forms to students must be postmarked or delivered electronically no later than January 31st and electronic filing to the IRS must be submitted by March 31st of each calendar year. However, we highly recommend you file before that date.

What’s New

Limited penalty relief. For the 2017 calendar year, Announcement 2016-42, available at https://www.irs.gov/irb/2016-49_IRB/ar10.html, provides that no penalties will be imposed under Section 6721 or 6722 for reporting the aggregate amount billed, instead of the aggregate amount of payments received, for qualified tuition and related expenses on Form 1098-T. Beginning in 2018, only the qualified tuition and related expenses actually paid can be reported on Form 1098-T.

Future Developments

For the latest information about developments related to Form 1098-T and the instructions, such as legislation enacted after they were published, go to www.irs.gov/form1098t.

Additional Information

For more information about reporting on Form 1098-T, see Regulations section 1.6050S-1. Also see Notice 2006-72, 2006-36 I.R.B. 363, available at www.irs.gov/irb/2006-36_IRB/ar10.html for guidance in a question and answer format on the information reporting requirements for Form 1098-T.

IRS Fire System Account Information

You must have a Transmitter Control Code (TCC) before you can transmit an electronic information return file. If you have any questions, please contact the Internal Revenue Service at 1-866-455-7438. We recommend you zip your submission file for faster transmission. We also recommend that you verify with the IRS that your submittal file has been received, processed and accepted. https://fire.irs.gov

Specific Instructions for Form 1098-T

File Form 1098-T, 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. An eligible educational institution is a college, university, vocational school, or other postsecondary educational institution that is described in section 481 of the Higher Education Act of 1965 as in effect on August 5, 1997, and that is eligible to participate in the Department of Education’s student aid programs. This includes most accredited public, nonprofit, and private postsecondary institutions.

Exceptions

You do not have to file Form 1098-T or furnish a statement for:

  • Courses for which no academic credit is offered, even if the student is otherwise enrolled in a degree program;
  • Nonresident alien students, unless requested by the student;
  • Students whose qualified tuition and related expenses are entirely waived or paid entirely with scholarships; and
  • Students for whom you do not maintain a separate financial account and whose qualified tuition and related expenses are covered by a formal billing arrangement between an institution and the student’s employer or a governmental entity, such as the Department of Veterans Affairs or the Department of Defense.

Qualified Tuition and Related Expenses

Qualified tuition and related expenses are tuition, fees, and course materials required for a student to be enrolled at or attend an eligible educational institution. The following are not qualified tuition and related expenses.

  • Amounts paid for any course or other education involving sports, games, or hobbies, unless the course or other education is part of the student’s degree program or is taken to acquire or improve job skills.
  • Charges and fees for room, board, insurance, medical expenses (including student health fees), transportation, and similar personal, living, or family expenses.

Statements to Students

If you are required to file Form 1098-T, you must furnish a statement or acceptable substitute, on paper or electronically, to the student.

Preparing to Run 1098T Forms

Prior to running the forms you must first set the parameters for the students who should receive a 1098T according to the IRS Regulations.

Diamond SIS - 2017 1098T Instructions
Download your Diamond SIS 1098T instructions here

Schedule a Demo


>