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?
Lori Swindell, Accounting Manager, Financial Services
Where is Report Physically Located?
CARR113 – stored electronically and individual reports can be printed on demand in the Accounts Receivable office. Students may also view the information on My Missouri State.
What Should be Reported?
To the IRS and students:
Information about students who were billed for qualified tuition and related education expenses during the previous calendar year.
- name, address & taxpayer identification number (TIN) of the institution
- name, address & TIN of individual who was billed for qualified tuition and related education expenses
- 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
- 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:
- a legend that identifies the statement as important tax information that is being furnished to the IRS.
- 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?