No, you don’t have to report your 1098-T, not unless you want to claim an education credit. However if your grant/scholarship amount (box 5) is more than your tuition (box 1/box 2) you may want to report it because excess scholarship money may be treated as taxable income on your return.

Are you required to file your 1098-T form?

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.

When does a college have to file a 1098-T?

The college is required to file the information on a student’s IRS Form 1098-T, Tuition Statement, directly with the IRS, per the regulations at 26 CFR 1.6050S-1 (a) (1) (i). The IRS Form 1098-T that the student receives is a duplicate, so that the student can report it correctly on his or her federal income tax return.

How do you reprint a 1098-T tax form?

The date and time that the system printed the record appears to the right of the field. To reprint a 1098-T form for a student, use the Override Data button to clear the Printed check box. Then use the 1098-T Print process to reprint the form. Indicates whether you have included a 1098-T record in an electronic transmission file.

What happens when you run 1098-T audit report?

If you run the 1098-T Audit report to validate your data and it determines a record to be invalid, the system assigns this validation status to the record. Passed Validation: The 1098-T Form Print report picks up records with this validation status.

How does the force 1098-T process work?

If you select the Force 1098-T check box, the system generates a 1098-T record for the student specified in the ID field, even if the student does not meet the previous criteria. The 1098-T (SFP1098P) process retrieves the necessary data from Campus Community and Student Records to populate and update the PS_SF_1098_DTL table in Student Financials.