From: Reis, Anne C. (acreis@stthomas.edu)
Date: Wed Feb 02 2000 - 08:18:21 EST
At the University of St. Thomas, we provided financial detail with the 1098T
data. This financial information included all transactions that occurred in
1999. It is subtotaled into four categories: Tuition and fees,
Scholarships and Grants, Payments, and Other. It did not include any
tuition charges for January term 2000 or spring term 2000. Our spring
semester is billed in January, doesn't begin until February and payment
isn't due until February, so no spring term transactions are listed in the
financial detail. January term tuition charges are billed in December and
payment is due in January.
Although spring and January term charges may be eligible for the tax
credits, we elected not to report the information. However, based on my
interpretation of the vague regulations, they could be appropriately
reported in both years.
The detail was sent to ASSIST students in determining the amounts they may
be eligible to claim. All correspondence we have with students refers them
to the IRS or their tax advisor to determine their individual eligibility
for claiming the credits (our disclaimer). In absence of regulation
clarification regarding pre-payments and the application of payments to
specific charges, we believe it is the taxpayer's responsibility to
determine his/her individual eligibility and accordingly we did not report
any financial information to the IRS. We have documented our policy and
interpretation of the current regulations as stated and move forward under
the "good faith effort" clause until the final regulations are issued.
-Anne
Anne Reis
Co-Director, Business Office
University of St. Thomas
St. Paul, Minnesota
(651)962-6614
acreis@stthomas.edu
-----Original Message-----
From: Gregg Wilbur [mailto:wilburg@matrix.newpaltz.edu]
Sent: Tuesday, February 01, 2000 10:27 AM
To: bursar-l@virginia.edu
Subject: Re: TRA '97 - Reporting Financial Data
The State University of New York does not include financial information
on the 1098T's that we send to students, but our college has been sending
out letters to students in which we do include financial information.
We have used the date that a payment was received in determining when to
include it in the financial information (in other words, if a student or
parent paid in January 1999 for the Spring 1999 semester, that payment
would show on our 1999 letter; if they paid in December 1998 for the
Spring 1999 semester, it would have shown on our 1998 letter). I think
the tax credit is determined by the date the student or parent pays the
bill -- the date on their check, really -- so when we bill them and even
when we receive the money may not matter, but the date we receive the
money is the best guess that we can use in trying to help them.
Gregg Wilbur
Director of Student Accounts
SUNY New Paltz
Debbie Tran wrote:
> Hi, Folks.
>
> We have chosen to report financial data on the 1098t forms for 1999.
> The data we submitted was based on the posting date of the
> transaction in our ar system (we are a Colleague site- and are not
> using Datatel's program for this but wrote our own). Our spring '00
> tuition and fees were charged to the students in November '99 and
> therefore were reported as 1999 1098t transactions even though most
> students did not pay their spring '00 fees until 1/00, which was when
> the fees were actually due.
>
> Some students think that the spring '00 fee charges should show up on
> the 2000 1098t since that is when they were due and when most of
> them paid.
>
> For those of you reporting financial data, can you please tell me if
> you are reporting the data like we are? If so, why? Are there any
> specific guidelines as to why we should report this way? We just
> did it this was because of the administrative ease. If you are
> not, reporting this way, how are you reporting and why?
>
> Would appreciate your comments.
>
> Thanks.
>
> For those of you who voluntarily report the financial data for the
> 1098t forms for the Tax Payer Relief Act, can you tell me for 1999,
> did you report activity with a date of 1999
>
> *********************************
> Deborah Tran
> Director of Fiscal Services
> UC Hastings College of the Law
> 200 McAllister Street
> San Francisco, CA 94102-4978
> Phone: (415) 565-4740
> Fax: (415) 565-4698
> ********************************
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