How To E-file 1098-t
Form 1098- T is to be filed with the IRS and issued to students by eligible educational institutions
. Eligible educational institutions may choose to report payments received, or amounts billed, for qualified tuition and related expenses.
The IRS requires filers to file 1098 T copy A and 1096 forms. Filers can choose to mail paper forms to the IRS directly or to electronically file their 1098 T forms. You can file electronically through the Filing Information Returns Electronically System (FIRE System) you will be required to upload a file in the proper format according to IRS Pub. 1220. The IRS requires filers filing 250 forms or more to electronically file.
1098 T forms must be issued to students by January 31st of the following tax year. The student receives 1098 T copy B. The IRS requires electronically filed forms to be submitted no later than March 31st.
Use 1098 T Software to comply with federal submission standards as outlined in IRS Pub. 1220. First-time filers will need to register with the IRS/FIRE System. The IRS will assign you a Transmitter Control Code. This is an identification code you will use when e-filing using the FIRE System. Apply for this code by filling out IRS Form 4419.
The following steps are a general outline of how to use 1098 T filing software to generate a federally accepted e-file submission file.
A. Click company > new company, enter company name.
B. In the next screen enter the company address and Employee Identification Number (EIN).
C. Click 1096 information enter the contact persons name, phone number and email address. Enter the filers name if different from the company name. For instance the filers name may be different than the educational institution if you are a tax preparer.
D. Click 1098 T recipients, new recipient, enter the students Social Security Number, type of form received, name and address.
E. Click 1098 T forms. In this screen, to the left, you should see the recipients information already populated. On the right side of the screen you will enter totals in the boxes that apply to this student.
F. Create the e-file submission. In the W2
1098-T software click e-filing then choose 1098 T forms. A box will pop up for you to enter the submitters information. Enter the submitters name, TCC, transmitters company name and address. Then enter the contact persons information including name, number and email address. The last item to complete is the location to where you want to save the submission file.
G. Once the submission file has been saved proceed to the IRS/FIRE website and
e-file 1098-T forms by uploading this file directly to the IRS. The IRS will send the transmitter a confirmation that the file was received.
Find valuable information concerning 1098-T filing software at www.w2mate.com
by: Lisa H
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