From: Jody Paterson (patersj@slu.edu)
Date: Mon Jan 10 2000 - 11:17:04 EST
Thanks John! Great comments.
"John D. Hulvey" wrote:
> 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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