Recently-enacted (and long-promised) IRS regulations now require all institutions to report in Box 1 of the 1098-T: Payments Received for Qualified Tuition and Related Expenses. Box 2 reporting (for Amounts Billed) is no longer allowed as an option. To help you comply with the new regulations, we have performed the following actions:
- We are removing the 1098-T Reporting Method setting in Financial Aid > Settings. This setting let you select between reporting for Qualified Expenses and Amounts Billed. Since the IRS no longer gives you the choice, there's no need for this setting.
- All schools will be set to report Qualified Expenses for 2018 1098-Ts (those that are to be released between January and April, 2019.
If you have already released any 2018 1098-T forms through Populi that inadvertently include the old Amounts Billed reporting method, please be aware that these forms will not be considered valid by the IRS and will be rejected. Here's how to address this issue:
- Go to the 1098-T report in Financial Aid > Reporting.
- Check all the students in the report for whom you have released a 1098-T.
- Click Actions and select Hide/Unrelease; next confirm your choice in the dialog.
- Once the forms have been unreleased, you may release them again. Populi will use the new, corrected settings to issue 1098-Ts using the Qualified Expenses reporting method.
If you have any questions, contact Populi customer support.