1098-T 2016

What's New for 2016

Mortgage insurance premiums. Public Law 114-113, Division Q, section 212, requires educational institutions to only report qualified tuition and related expenses actually paid on Form 1098-T. You may no longer report amounts billed.
Limited penalty relief.For the 2016 calendar year, Announcement 2016-17 provides that no penalties will be imposed under section 6721 or 6722 for reporting the aggregate amount billed, instead of the aggregate amount of payments received, for qualified tuition and related expenses on Form 1098-T. Beginning in 2017, only the qualified tuition and related expenses actually paid can be reported on Form 1098-T
New checkbox. A new checkbox was added to the Student's taxpayer identification no. box. This checkbox is for the purpose of certifying under penalty of perjury that you have complied with the standards promulgated by the Secretary for obtaining the student's TIN. See Student's taxpayer identification number and checkbox, in the Specific Instructions for Form 1098-T, later.

New Fields

Field Name	Size	Type	Description	Notes
See Form Filer Common Fields			Filer fields common to all form types.
See Recipient Common Fields			Recipient fields common to all form types.
RCP TIN Checkbox	1	Checkbox	STUDENT'S taxpayer identification no. checkbox	X / Y / T / 1 = Checked
Box 1 Amount	12	Amount	Box 1: Payments received for qualified tuition and related expenses
Box 2 Amount	12	Amount	Box 2: Amounts billed for qualifed tuition and related expenses
Box 3 Checkbox	1	Checkbox	Box 3: Check if you have changed your reporting method for 2016
Box 4 Amount	12	Amount	Box 4: Adjustments made for a prior year
Box 5 Amount	12	Amount	Box 5: Scholarships or grants
Box 6 Amount	12	Amount	Box 6: Adjustments to scholarships or grants for a prior year
Box 7 Checkbox	1	Checkbox	Box 7: Check this box if the amount in box 1 or 2 includes amounts...	X / Y / T / 1 = Checked
Box 8 Checkbox	1	Checkbox	Box 8: Check if at least half-time student	X / Y / T / 1 = Checked
Box 9 Checkbox	1	Checkbox	Box 9: Check if a graduate student	X / Y / T / 1 = Checked
Box 10 Amount	12	Amount	Box 10: Ins. contract reimb./refund
See Form Common Fields			Form fields common to all form types.

IRS 1098-T Form: 1098-T Form