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News
March 8, 2002
The IRS has published the following guidance relating
to the modified 1098-T reporting requirements.
On January 16, 2002, President Bush signed legislation (H.R. 3346) to simplify the 1098-T reporting requirements.
P.L. 107-131 goes into effect for tax year 2003. The main provisions of this law include:
- repeal the requirement to collect and report information to taxpayers who may claim the student as a dependent.
- allow institutions to report either aggregate amounts of qualified tuition and expenses paid by or on behalf of the student or amounts billed to the student
- institutions would report adjustments to amounts reported in prior years rather than all refunds and reimbursements to students
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