Are 1098t s required to be mailed out

According to the Internal Revenue Service (IRS), Form 1098-T, Tuition Statement, is a required document that must be mailed to students by January 31st of each year. The form reports the amount of qualified tuition and related expenses paid by students during the previous tax year.

Here are some key points to note:

  1. Who needs to receive a 1098-T: Students who paid qualified tuition and related expenses at an eligible educational institution (such as a college, university, or vocational school) during the previous tax year are eligible to receive a 1098-T.
  2. When to mail the 1098-T: The IRS requires educational institutions to mail the 1098-T to students by January 31st of each year. This deadline applies to both paper and electronic submissions.
  3. Who is responsible for mailing the 1098-T: The educational institution is responsible for mailing the 1098-T to students. If a student has not received their 1098-T by February 15th, they should contact the institution to inquire about the status of their form.
  4. What information is required on the 1098-T: The 1098-T must include the following information:
    • Student's name and address
    • Institution's name and address
    • Amount of qualified tuition and related expenses paid during the previous tax year
    • Amount of scholarships and grants received during the previous tax year
    • Box 8: Adjustments made for a prior year (if applicable)
  5. Electronic filing: Educational institutions can choose to file the 1098-T electronically with the IRS and provide the form to students electronically. However, if a student requests a paper copy, the institution must provide one.

In summary, 1098-Ts are required to be mailed to students by January 31st of each year, and educational institutions are responsible for ensuring that students receive their forms in a timely manner.