1098 Software- How To Print 1098 T
File Form 1098-T, Tuition Statement, if you are an eligible educational institution
. You must file for each enrolled student for which a reportable transaction has been made. On 1098 T Form educational institutions may report payments received, or amounts billed, for qualified tuition and related expenses. 1098 T is a three part form. Copy B is issued to the student, Copy C is for the filer and the filer must report the data to the IRS using Form 1098-T Copy A. 1098-T Copy A must be submitted with Form 1096 Annual Transmittal Summary.
Issue and submit 1098 Tuition Statement Form using 1099 software to create and print the forms to be issued to recipients/ students and to be filed with the IRS as well as a copy for your records.
Whether you are a college, university or a tax professional you will need to have pertinent information available. Basic W2/ 1098 software will require the user to enter the filers and the students general information including the filers federal identification number and the students social security number.
1.From the toolbar click company>new company
a. Enter company information including filers name, address, EIN.
b. Enter 1096 information including the person to contact and contact information.
2.Click 1098 recipient >new recipient in this window select 1098T as the type of 1098 form you need to generate.
a. The students basic information is entered in this window such as name, address and students social security number.
3.Click 1098 forms > select 1098T form > enter dollar amounts in the appropriate boxes.
a.Box 1. Payments Received for Qualified Tuition and Related Expenses
b.Box 2. Amounts Billed for Qualified Tuition and Related Expenses
c.Box 3. Checkbox for Change of Reporting Method
d.Box 4. Adjustments Made for a Prior Year
e.Box 5. Scholarships or Grants
f.Box 6. Adjustments to Scholarships or Grants for a Prior Year
g.Box 7. Check box for Amounts for an Academic Period Beginning in January through March of 2012
h.Box 8. Check if at Least Half-Time Student
i.Box 9. Check if a Graduate Student
j.Box 10. Insurance Contract Reimbursements or Refunds
4.The IRS requires 1098T copy A and 1096 forms to be printed on preprinted red ink laser forms. Use
1098-T software to print Form 1098- T to blank white paper, blank perforated 3-up paper or use preprinted laser forms. Preprinted laser forms are available in individually copies or complete 3 part sets.
a.In the print options window you will select the recipients for whom you wish to print 1098-T forms.
b.Select the 1098T Copy (A, B, C) of the form you wish to print.
c.Continue to print the individual copies and instructions until you have completed the task.
5.The IRS requires an Annual Summary and Transmittal Form to be submitted with 1098-T Copy A forms.
a.Click 1096 Annual Transmittal Summary Form, this window will be automatically populated with the information the user has entered into the
1099 software.
Print all 1098- T Forms mail 1098T A to the IRS and issue 1098T B to students.
by: Lisa H
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