{"id":5963,"date":"2024-07-17T13:36:46","date_gmt":"2024-07-17T20:36:46","guid":{"rendered":"https:\/\/in.nau.edu\/sdas\/?page_id=5963"},"modified":"2024-07-18T10:39:58","modified_gmt":"2024-07-18T17:39:58","slug":"tax-credit-policy","status":"publish","type":"page","link":"https:\/\/in.nau.edu\/sdas\/tax-credit-policy\/","title":{"rendered":"Tax Credit Policy"},"content":{"rendered":"<h1>Tax Reporting IRS Form 1098-T<\/h1>\n<p><span style=\"text-decoration: underline;\">Purpose<\/span>: Eligible educational institutions file Form 1098-T for each student they enroll and for whom a reportable transaction is made.<\/p>\n<p><span style=\"text-decoration: underline;\">Source<\/span>: IRS, University Policy<\/p>\n<p><span style=\"text-decoration: underline;\">Applicability<\/span>: Eligible educational institutions file Form 1098-T for each student they enroll and for whom a reportable transaction is made.<\/p>\n<h2>Policy:<\/h2>\n<p>NAU files a 1098-T form for each student who has paid qualified tuition and related expenses (QTRE) in that calendar year to NAU, while enrolled in a course(s) for which academic credit is earned.<\/p>\n<p>Programs or courses in which credit is not offered, or credit is not earned at the time of completion, will not result in a 1098-T being furnished for any associated payments.<\/p>\n<p>To furnish a fully accurate 1098-T, NAU will request a TIN for any enrolled students, using the W-9s form.<br \/>\nAny student who does not provide a TIN to the university by December 31<sup>st<\/sup> of the calendar year, will have their 1098-T furnished without this information.<\/p>\n<p>Information reported on the form:<\/p>\n<ul>\n<li>Student\u2019s Provided Name<\/li>\n<li>Student\u2019s Mailing Address<\/li>\n<li>Truncated TIN<\/li>\n<li>Student\u2019s NAU ID Number<\/li>\n<li>Box 1 \u2013 Payments Received For Qualified Tuition And Related Expenses, Less Any Waivers Posted To QTRE<\/li>\n<li>Box 4 \u2013 Adjustments Made To A Prior Reported Year<\/li>\n<li>Box 5 \u2013 Scholarships And Grants Disbursed To A Student\u2019s Account, Whether Applied Towards QTRE, Refunded, Paying Other University Expenses, Or Unapplied<\/li>\n<li>Box 6 \u2013 Adjustments Made To Scholarships Or Grants Reported In A Prior Year<\/li>\n<li>Box 7 \u2013 Indicates If Any Amounts Reported In Box 1 Are For A Term Beginning In The Next Calendar Year<\/li>\n<li>Box 8 \u2013 Indicates If A Student Was Enrolled At Least Half Time In Any Term, As Defined By NAU<\/li>\n<li>Box 9 \u2013 Indicates If A Student Was A Graduate Student At Any Time In The Calendar Year<\/li>\n<\/ul>\n<h2>IRS Definitions:<\/h2>\n<p><strong>Qualified tuition and related expenses.<\/strong><\/p>\n<p>Qualified tuition and related expenses are tuition, fees, and course materials required for a student to be enrolled at or attend an eligible educational institution.<\/p>\n<p>The following are <strong>not<\/strong> qualified tuition and related expenses.<\/p>\n<ul>\n<li>Amounts paid for any course or other education involving sports, games, or hobbies, unless the course or other education is part of the student\u2019s degree program or is taken to acquire or improve job skills.<\/li>\n<li>Charges and fees for room, board, insurance, medical expenses (including student health fees), transportation, and similar personal, living, or family expenses.<\/li>\n<\/ul>\n<p><strong>Academic credit.<\/strong><\/p>\n<p>Academic credit is credit awarded by an eligible educational institution for the completion of course work leading to a postsecondary degree, certificate, or other recognized postsecondary educational credential.<\/p>\n<p>If a student provides their consent their 1098-T will be provided to them only in an electronic version. If a student has not provided, or has revoked their consent, a 1098-T will be mailed to their mailing address on file as of the time of the mailing.<\/p>\n<p>All 1098-Ts, will be made available electronically to students no later than January 31<sup>st<\/sup>. If mailed, the item will be post marked no later than January 31<sup>st<\/sup>.<\/p>\n<h2>Assistance:<\/h2>\n<p>For additional assistance with 1098-T tax form please contact Student &amp; Departmental Account Services.<\/p>\n<p>email: TaxCredit1098T@nau.edu<br \/>\nphone: 928-523-9485<\/p>\n<p>Additional information found on our <a href=\"https:\/\/in.nau.edu\/sdas\/tax-credit-information\/\">website<\/a>.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tax Reporting IRS Form 1098-T Purpose: Eligible educational institutions file Form 1098-T for each student they enroll and for whom a reportable transaction is made. Source: IRS, University Policy Applicability: Eligible educational institutions file Form 1098-T for each student they enroll and for whom a reportable transaction is made. Policy: NAU files a 1098-T form [&hellip;]<\/p>\n","protected":false},"author":268,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","ring_central_script_selection":"","footnotes":""},"class_list":["post-5963","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/in.nau.edu\/sdas\/wp-json\/wp\/v2\/pages\/5963","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/in.nau.edu\/sdas\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/in.nau.edu\/sdas\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/in.nau.edu\/sdas\/wp-json\/wp\/v2\/users\/268"}],"replies":[{"embeddable":true,"href":"https:\/\/in.nau.edu\/sdas\/wp-json\/wp\/v2\/comments?post=5963"}],"version-history":[{"count":7,"href":"https:\/\/in.nau.edu\/sdas\/wp-json\/wp\/v2\/pages\/5963\/revisions"}],"predecessor-version":[{"id":5972,"href":"https:\/\/in.nau.edu\/sdas\/wp-json\/wp\/v2\/pages\/5963\/revisions\/5972"}],"wp:attachment":[{"href":"https:\/\/in.nau.edu\/sdas\/wp-json\/wp\/v2\/media?parent=5963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}