Home > Uncategorized > Form 1098-T for 2016 : Student’s Taxpayer Identification Number

Form 1098-T for 2016 : Student’s Taxpayer Identification Number

Colleges and universities use IRS Form 1098-T to report amounts relating to qualified tuition and related expenses.

The IRS imposes a penalty per record for incorrect or a missing taxpayer identification number for every tax form except IRS Form 1098-T. The new law reads:

“No penalty shall be imposed under section 6721 or 6722 solely by reason of failing
to provide the TIN of an individual on a return or statement required by section
6050(S)(a)(1) if the eligible educational institution required to make such return
contemporaneously makes a true and accurate certification under penalty of perjury
(and in such form and manner as may be prescribed by the Secretary) that it has
complied with standards promulgated by the Secretary for obtaining such individual’s TIN.”

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Erich J. Ruth

Erich J. Ruth provides technical support for National Software which is the parent company for 1099FIRE. 1099FIRE develops and markets a comprehensive range of products that enables any size of business or institution to effectively manage and comply with year-end filing requirements. 1099FIRE is an employee-owned company located in Phoenix, Arizona.

If you have any questions or comments about our software, feel free to contact us at any time.

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