Federally Mandated Reporting/Disclosure Form

Program Title and Description:

Internal Revenue Service Form 1098-T
Information for Hope & Lifetime Learning Credits mandated by the Taxpayer Relief Act or 1997 (TRA97)

Who is Responsible for Reporting?

Primary Contact
Nancy Myers, Accounting Manager, Financial Services
Office – CARR113
Phone – (417) 836-4746
Email – NancyMyers@MissouriState.edu

Secondary Contact(s)
Jan Lewis, Director of Accounting-University, Financial Services
Office – CARR113
Phone – (417) 836-4563
Email – djc416t@missouristate.edu 

Where is Report Physically Located?

CARR113 – stored on computer mainframe and individual reports can be printed on demand in the Accounts Receivable area

What Should be Reported?

To the IRS and students:
Information about students on whose behalf payments were made toward qualifying education expenses during the previous calendar year:

1. name, address & taxpayer identification number (TIN) of the institution 
2. name, address & TIN of individual with respect to whom qualified tuition payment and reimbursement or refunds were made
3. an indication whether the student was enrolled for at least half-time for the course of study he or she is pursuing for at least one academic period during the calendar year
4. an indication whether the student was enrolled in a program leading to a graduate-level degree, certificate, or other graduate-level educational credential

In addition, the following information must be furnished to students:

1. a legend that identifies the statement as important tax information that is being furnished to the IRS.
2. name, address, and telephone number of the individual who is the information contact for the institution.

When Should it be Reported?

To the IRS - Forms must be filed on or before February 28 (March 31, if filed electronically) of the year following the calendar year in which payments were received, or reimbursements or refunds were made.
To student – Forms must be furnished to students on or before January 31 of the year following the calendar year in which payments were received, or reimbursements or refunds were made.

Where is it to be Reported?

To the IRS and to students

Why Should it be Reported?

Penalties as high as $50 per form with a maximum of $250,000 could be assessed by the IRS if the forms are not filed according the regulations.

How is it Reported?

The forms must be filed with the IRS on magnetic media

Statements to students must be sent to their permanent addresses, if known. If the permanent address is not known, the statement may be mailed to the student’s temporary address.

If notification is required, how is it reported?

N/A