My daughter is in college. I heard that Form 1098-T for 2016 may report college tuition differently. Is this true?
Additionally, a new box has been added to the Student’s taxpayer identification box. According to the IRS, this box must be checked by the issuing educational institution “under penalty of perjury that you have complied with the standards promulgated by the secretary for obtaining the student’s TIN.”
The PATH Act of 2015 included this required change for 1098-T reporting.
***Update: The IRS issued Announcement 2016-17 on April 27, 2016, providing a limited penalty relief. Filers of Form 1098-T for 2016 may still report the amount billed for qualified tuition, rather than the payments received. This penalty relief does not apply to 2017 or beyond.