From: Hallenbeck, Michele (Hallenbeck@sunydutchess.edu)
Date: Wed Sep 24 2003 - 09:28:39 EDT
I am reading these regs right now.
I'm not sure how to handle the fact that you will be missing reporting your
Spring 03 amounts billed and spring 03 amounts paid in 2003. The letter of
explanation is probably the way to go. But, I think your statement "Students
will get credit for Spring registrations for 2004 that happen this coming
November no matter when they pay." is incorrect. You may be reporting it to
them BUT they only can apply for a credit on amounts actually paid during a
calendar year. If you bill them for spring 2004 in 2003 but they don't pay
it until 2004 they can't apply for the credit until 2004. It still is based
on when the taxpayer pays. The 1098-T is still only informational not the
amount they should be reporting on their tax return. It is still up to the
taxpayer to figure that out. Maybe I misunderstood your statement but if not
I hope I helped.
Michele Hallenbeck
Asst Dean of Administration for Financial Services
Dutchess Community College
53 Pendell Road
Poughkeepsie, NY 12601
(845) 431-8078
hallenbeck@sunydutchess.edu
-----Original Message-----
From: Roxanne Finney [mailto:rmfinney@nic.edu]
Sent: Tuesday, September 23, 2003 5:41 PM
To: bursar-l@virginia.edu
Cc: Lisa Clark
Subject: ? regarding changing reporting method
Hello to all of those out there in Bursarland,
Here at North Idaho College (a 2 year community college of about 4,500
students), we are planning to switch from reporting the paid amount to
reporting the billed amount. We in the past few years have actually been
entering the amount paid in box 1. We are switching reporting methods,
since we know we are switching software in the next couple of years to
Datatel, which uses the charged/billed amount. We are basically rewriting
the 1098-T reporting portion of our program we use now, which is SBI
reflections based software. Are there any colleges out there with the
following situation? Any assistance would be greatly appreciated.
The following question is a question that our Computer Service Dept. has and
I am unsure of the answer?
Are we applying a strict definition of calendar year for the 2003 tax
reporting year since we are switching methods of reporting? I recommend
doing that, but there is an issue. Students who registered for Spring in
November 2002 were billed in November 2002 at time of registration. If they
waited to pay until January 2003, they won't get credit this year for Spring
tuition/fees since we're switching methods from payments received to amounts
billed. Students will get credit for Spring registrations for 2004 that
happen this coming November no matter when they pay. Should we explain this
in our cover letter and/or web page? I can probably come up with an ad-hoc
report that would identify the group of students and the dollars involved if
you would like.
Thank you,
Roxanne Finney, Bursar
North Idaho College
rmfinney@nic.edu <mailto:rmfinney@nic.edu>
208-666-8003
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