Tax season is almost upon us, and to assist with changes in 1098-T reporting, NACUBO has provided a customizable letter with sample language to use in your communications.
What are the changes for the 2018 tax year?
“Because of a change in statute, beginning in January 2019, colleges and universities will no longer be able to report amounts billed for qualified tuition and related expenses (QTRE) in Box 2 of their 2018 Forms 1098-T. Instead, institutions will only be able to report payments of QTRE in Box 1. NACUBO’s new model language is intended to help explain this change to students and families in advance of when they receive their Forms 1098-T, though institutions are encouraged to send an additional copy of the letter when the 2018 statements are furnished to students in early 2019.” 1
To read the full article, view and utilize the sample language, and see other tools shared by NACUBO for 1098-T’s, please read the full article, here.