From: John D. Hulvey (hulveyjd@jmu.edu)
Date: Mon Jan 10 2000 - 08:45:34 EST
And this is where I have the hardest time with the 'pending' 1098-T
reporting requirements. Like it or not, if the Treasury/IRS place the
requirements on the institutions of reporting the "SSN of the person
claiming the student as a dependent" and "the amount of qualified tuition
and fees" paid during the year, they WILL BE placing the institutions in a
position of determining who is eligible and for how much.
I realize that this may not be their intention, but that information on the
forms will (at least in appearance) have a direct bearing on who claims the
credit and how much they can claim. Accordingly, every interpretation
rendered by every tax advisor will result in requests for 'corrected'
1098-T's. Considering the potential of withdrawing from Spring term classes
after qualifying for the credit with a prior year payment and certainly
the argument of what payment (loan, scholarship, or personal) resolved the
'qualifying charges', I certainly hope someone considers the impact to ALL
(even the IRS with corrections) before those reporting requirements are
imposed.
As for now, I vote with those that report all students that take courses for
the year and letting the taxpayer's conscience and advisors work out the
details. (As you can guess, we don't supply financial information on the
forms either and the calls requesting this information last year was
unexpectedly light).
<><><><><><><><><><><><><><><><>
John D. Hulvey
James Madison University
Director, Student Financial Services
Student Financial Services Functional Lead
HulveyJD@jmu.edu
540 568-3745
540 568-7363 Fax
<><><><><><><><><><><><><><><>
----- Original Message -----
From: Jody Paterson <patersj@slu.edu>
To: <bursar-l@virginia.edu>
Sent: Friday, January 07, 2000 4:55 PM
Subject: 1098-T Reporting
> Thanks for everyone that responded to my inquiry about 1818 students. We
> seem to have mixed opinions, and I think this is something that the IRS
> has not specifically addressed yet. These students may not be eligible
> for Hope because they are not admitted to a post secondary educational
> program even if they are taking at least 6 hours (half-time). Eligible
> payments must be for post secondary education for the Lifetime Learning
> tax credit, but I don't think the student has to be degree seeking. It
> appears that these students may be eligible for the Lifetime Learning
> tax credit, but I have found no concrete proof of this.
>
> I've decided to send 1098-T forms to the advance college credit students
> and let them or their tax advisors make the determination about
> eligibility. If anyone hears anything more about this topic, please
> share with the list.
>
> Thanks!
> Jody Paterson, Bursar
> Saint Louis University
>
>
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