1098-t

[FEDUKE404]

1098-T forms are a waste of trees

I just today went through another "1098-T talk" with a client.

School A showed minimum "billed" expenses, with a significant scholarship payment.

The expenses showed up on the 2008 tax document, whereas the scholarship for same showed up on the 2009 tax document.

Similar issue for new (grad) School B. 2009 tax document showed "billed" expenses for two semesters (Fall 09 & Spring 10) but spring semester expenses were not actually paid until January of this year.

Parent is confused - but at least once I have the facts I generally can work things out.

I despise those absolutely worthless Forms 1098-T !!!

FE

[Burke]

They really are, and we ought to complain to the IRS (or whoever) about them en masse. I just had one where all the money shown in the box for "scholarships" was attributable to monies paid by student loans from Direct. This was obvious from a detailed statement from the school. When these forms were first mandated, it is my understanding that the schools were required to show the amounts paid in Box 1. They screamed and ranted, and the govt relented and only mandated that they had to show the amounts billed. Like they don't know how much has been paid and when??? Give me a break. And it's been a nightmare ever since. It's been probably more work for them to produce an accurate statement for those of us who demand them than to just put the info on the form in the first place. Reminds me of the brokerage-and-basis situation.