From: Anne Gross (AGross@nacubo.org)
Date: Thu Oct 25 2001 - 14:41:20 EDT
Bruce:
When you ask about having financial aid recipients fill out the W9S, are
you focusing on loan recipients in order to get the information needed
for filing 1098-E for the student loan interest deduction? Otherwise,
for purposes of the 1098-T, Tuition Payments, whether or not someone is
a student aid recipient doesn't matter. You need to report on, and to,
all students. Some institutions ask all students to fill out the W9S;
others have incorporated the collection of SSNs into other forms
students complete.
I don't believe that institutions have discretion about to whom to
report the 1098-E or 1098-T information. The 1098-E needs to be filed in
the name of, and sent to, the borrower. For the 1098-T, it is the
student. Luckily, IRS has backed off on the requirement in the law
about also reporting on and sending the 1098-T to the taxpayer who will
claim the student as a dependent. Anne
Anne C. Gross
Director, Policy Research & Analysis
National Association of College and University Business Officers
(NACUBO)
2501 M Street, NW #400
Washington, DC 20037
202-861-2544 (voice) 202-861-2583 (fax)
anne.gross@nacubo.org www.nacubo.org
-----Original Message-----
From: Bruce A. Hoeker [mailto:bhoeker@gbcol.edu]
Sent: Thursday, October 25, 2001 8:39 AM
To: bursar-l@virginia.edu
Subject: W9S FORMS
(1) Does your school require students receiving financial aid to
complete
govt. form W9S?
(2) If so, are you reporting 1098T info to the person listed on that
form
or directly to the student?
(3) Finally, what is your retention policy on this form?
====================================
Bruce A. Hoeker
Vice President for Business & Finance
Grace Bible College
1011 Aldon Street S.W.
P.O. Box 910
Grand Rapids, MI 49509
Phn: 616-538-2330
Fax: 616-538-0599
Email: bhoeker@gbcol.edu
Web: www.gbcol.edu
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