Instructions for Form 1098-E & 1098-T |
2006 Tax Year |
Instructions for Forms 1098-E and 1098-T - Introductory Material
This is archived information that pertains only to the 2006 Tax Year. If you are looking for information for the current tax year, go to the Tax Prep Help Area.
General instructions.
In addition to these specific instructions, you should also use the 2007 General Instructions for Forms 1099, 1098,
5498, and W-2G. Those general
instructions include information about:
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Electronic reporting requirements
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Penalties
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Who must file (nominee/middleman)
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When and where to file
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Taxpayer identification numbers
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Statements to recipients
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Corrected and void returns
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Other general topics
You can get the general instructions from the IRS website at
www.irs.gov or by calling 1-800-TAX-FORM (1-800-829-3676).
Form W-9S.
You may use Form W-9S, Request for Student's or Borrower's Taxpayer Identification Number and Certification, to obtain
the student's or borrower's
name, address, social security number, and student loan certification to be used when filing Form 1098-E or 1098-T. Use of
Form W-9S is optional; you
may collect the information using your own forms, such as financial aid applications, and procedures. You may collect the
student's or borrower's
information on paper or electronically.
Electronic submission of Form W-9S.
An educational institution, insurer, or lender may establish a system for students and borrowers to submit Form W-9S
electronically, including by
fax. Generally, the electronic system must:
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Ensure the information received is the information sent and document all occasions of user access that result in the submission.
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Make reasonably certain the person accessing the system and submitting the form is the person identified on
Form W-9S.
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Provide you with the same information as the paper
Form W-9S.
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Be able to supply a hard copy of the electronic
Form W-9S if the Internal Revenue Service requests it.
Also, if an electronic Form W-9S is used to obtain the borrower's certification that all the loan proceeds are solely
used to pay qualified higher
education expenses, your electronic system must require, as the final entry in the submission, an electronic signature by
the borrower whose name is
on Form W-9S. The signature authenticates and verifies the submission. See Announcement 98-27, which is on page 30 of Internal
Revenue Bulletin
1998-15 at
www.irs.gov/pub/irs-irbs/irb98-15.pdf.
Electronic/Magnetic media reporting.
For Forms 1098-E and 1098-T, you are required to file magnetically or electronically if filing 250 or more returns.
See part F in the 2007 General
Instructions for Forms 1099, 1098, 5498, and W-2G for more information.
Penalties.
For Forms 1098-E and 1098-T, penalties may be imposed for failure to file or failure to furnish correct forms. However,
under certain
circumstances, the penalties may be waived. See part O in the 2007 General Instructions for Forms 1099, 1098, 5498, and W-2G
for more information.
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