From: Sheryl Douglas (sdouglas@astate.edu)
Date: Wed Nov 13 2002 - 13:02:55 EST
Our understanding is that even if they are paying for Spring 2003, but pay
in December of 2002, it can be claimed on this year's tax return. We have
created our own form for the past 3 years and supply the student with the
amount that has been charged for tuition etc and the amount that has been
paid. It is up to the student and parents to determine what needs to be
used as the tax credit.
Sheryl Douglas
Arkansas State University
P.o. Box 2100
State University, AR 72467
870-910-8220
sdouglas@astate.edu
-----Original Message-----
From: Eileen Walker [mailto:emwalker@owu.edu]
Sent: Wednesday, November 13, 2002 10:25 AM
To: bursar-l@virginia.edu
Subject: 1098-T Timing
Hello All,
I imagine we are all in about the same boat, trying to figure out what
dollars we will report on the 1098-T's beginning January 1, 2003.
We have decided that we will report amounts charged for tuition and related
expenses, rather than amounts paid for those expenses. We are still
uncertain about how we will report amounts that crossover tax years. We
bill in November for charges due in early January for the semester that
begins in mid-January.
Has anyone found anything in the IRS regulations which would provide
guidance on whether the information on the 1098-T is supposed to be based
on the date billed or the period to which the charge relates?
Eileen
Eileen M. Walker
Associate Vice President & Controller
Ohio Wesleyan University
Delaware, Oh 43015
Phone: (740) 368-3363
Fax: (740) 368-3009
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