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Started By
Message
First year CPA- question on 1098 T
Posted on 2/9/15 at 3:54 pm
Posted on 2/9/15 at 3:54 pm
I've been doing a lot of returns, and so far I've seen way too many 1098-t forms which have an amount billed for 2014, but lists $0 for payments received. Doesn't add up I guess. Anyone else having these issues?
4
Posted on 2/9/15 at 4:00 pm to Tigerfan56
All of mine had that and I've just rolled with them.
Posted on 2/9/15 at 4:05 pm to Tigerfan56
So Box 2 has a number, but 1 and 5 are blank?
Posted on 2/9/15 at 4:12 pm to LSUFanHouston
Correct
Posted on 2/9/15 at 4:23 pm to Tigerfan56
Is Box 7 checked?
Are these all coming from the same school?
Could be...
1) Student starting in Jan 2015 billed in December 2014 but not yet paid the bill at 12/31/14
2) ????
I have yet to review a 1040. Most of my individual clients don't show up until Mardi Gras. This time of year it's all businesses.
Are these all coming from the same school?
Could be...
1) Student starting in Jan 2015 billed in December 2014 but not yet paid the bill at 12/31/14
2) ????
I have yet to review a 1040. Most of my individual clients don't show up until Mardi Gras. This time of year it's all businesses.
Posted on 2/9/15 at 4:48 pm to Tigerfan56
A couple of quick observations:
- Are these 1098-Ts coming from the same school? If so, the school may have made a mistake in their reporting, and your clients might get corrected forms at some point.
- Ask your clients for evidence of payment for the amounts reported in Box 2. Then apply rules for cash basis taxpayers to situation.
- Follow the instructions for Form 8917 and/or Form 8863. Just because payments aren't reported in Box 2 doesn't mean payments weren't made.
- Are these 1098-Ts coming from the same school? If so, the school may have made a mistake in their reporting, and your clients might get corrected forms at some point.
- Ask your clients for evidence of payment for the amounts reported in Box 2. Then apply rules for cash basis taxpayers to situation.
- Follow the instructions for Form 8917 and/or Form 8863. Just because payments aren't reported in Box 2 doesn't mean payments weren't made.
Posted on 2/9/15 at 5:20 pm to Tigerfan56
If your last semester was Spring 2014, you'll owe that amount in December 2013.
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