We’ve been talking about making the change for a couple years now, but it’s finally here. As the 2018 calendar year comes to an end, the time has come for all schools to change their reporting method on their 1098-T’s. While some schools have already made the change in prior years, everyone is required by the IRS to change their reporting method from Box 2 (Amounts Billed) to Box 1 (Payments Received) for the 2018 1098-T’s. When making this change, Box 3 (Reporting Method Change) should now be checked.
While you may not understand 100% of the 1098-T process and why the program did what it did, be sure to make use of the resources that are available to you on the HEUG website. From past presentations at Alliance to Webinars and Forum posts, these resources highlight things to watch out for, identifies fellow colleagues who can help you, and tries to explain what the changes are and why.
Resources:
- HEUG Webinar 1098T discussion
- SF forum post with attached documentation summarizing changes, including a description of how the delivered process works.
- Presentation from Alliance 2018 on lessons learned by a school that implemented in 2017 (Boise State University)