1098-T reporting for 2002

From: Bruce Forinash (baforina@gw.fis.ncsu.edu)
Date: Wed Nov 20 2002 - 11:49:30 EST

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    Are there any brave souls out there that are considering early adoption
    of the new IRS rules for the 1098-T?

    We plan to adopt the recently released requirements for 2002, and
    report amounts Billed rather than payments received. One of the
    decisions we must make is whether a charge is "Billed" (to use the IRS
    term) when it is presented to the student on a physical bill, or when
    the transaction occurs and is posted to the student account. For
    example, December registration activity will show on student accounts in
    December (in our records and on the web), but not actually be billed
    until January. Which reporting period should it show in?

    I don't think this is a trick question, and maybe I'm thinking about it
    too much, but I would appreciate any clarifying thoughts anyone would
    care to share.

    bruce

    ++++++++++++++++++++++++++++
    Bruce Forinash
    Director, University Cashier's Office
    NC State University
    2005 Harris Hall
    Campus Box 7213
    Raleigh, NC 27695
    919.515.6010 (office)
    919.515.1164 (fax)
    bruce_forinash@ncsu.edu

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