Learn More About Form 1098-T
What is a 1098-T?
Form 1098-T is used to report qualified tuition and related expenses, reimbursements or refunds, and scholarships or grants..
Why do I file 1098-T?
The IRS requires that all income and deductible expenses are reported by businesses and individuals or penalties could apply.
Who needs to file 1098-T?
You must file Form 1098-T if you are an eligible educational institution. An eligible educational institution that is a governmental unit, or an agency or instrumentality of a governmental unit, is subject to the reporting requirements of Form 1098-T. A designated officer or employee of the governmental entity must satisfy the reporting requirements of Form 1098-T. Also, if you are an insurer, file Form 1098-T for each individual to whom you made reimbursements or refunds of qualified tuition and related expenses. See the official IRS instructions.
When do I file 1098-T?
1098-T forms are required to be mailed to the recipient by January 31, 2017 and E-filed with the IRS by March 31, 2017.
1098-T Reporting Information
|What to report||Amount to report|
|Qualified tuition and related expenses, reimbursements or refunds, and scholarships or grants (optional).||$600 or more|