Setting Up Tax Form Production

This chapter lists common elements and discusses how to:

Set up 1098-T tax form production.
Set up T2202A tax form production.
Set up T4A tax form production.

Common Elements Used in This Chapter

Calendar Year

For the purposes of tax reports, the calendar year represents the tax year for which you are reporting.

Setting Up 1098-T Tax Form Production

To set up 1098-T tax form production, use the 1098-T TIN Table component (SF_1098_INST).

This section provides an overview of 1098-T Tax Form Production Setup and discusses how to set up a taxpayer identification number (TIN).

Understanding 1098-T Tax Form Production Setup

To set up Student Financials for 1098-T generation you must:

Set up a TIN under which your institution files 1098-T tax information to the IRS.

While many institutions may only designate one TIN per business unit, Student Financials enables you to set up one TIN to file 1098-T information for multiple business units.
Designate item types as qualified tuition and related expenses.

In order for the Student Financials system to determine if a student is to receive a 1098-T form, it looks for any item types on the student's account that you have designated as qualified tuition and related expenses. A check box on the Amount Edits setup page enables you to identify item types as qualified tuition and related expenses.

Pages Used to Set Up 1098-T Tax Form Production

Page Name	Object Name	Navigation	Usage
1098-T TIN	SF_1098_INST	Set Up SACR, Product Related, Student Financials, Taxes, 1098-T TIN Table	Set up a TIN.
1098-T Institution Address	SF_1098_INSTAD_SEC	Click the 1098-T Institution Address link on the 1098 TIN page.	Enter the address associated with the TIN that you are defining.

Setting Up a TIN

Access the 1098-T TIN page.

Copy TIN Setup

Click to copy the TIN setup data from a prior year into the TIN you are creating. When you click this button, the system prompts you to enter the calendar year from which to copy setup data.

1098-T Institution Address

Click this link to access the 1098-T Institution Address page where you can enter the address information associated with the TIN.

Address Usage

Select the logic the system uses to select the student address that prints on each 1098-T form.

Name Usage

Select the logic the system uses to select the student name that prints on each 1098-T form.

Contact Name

Enter the name of the primary contact associated with the TIN.

Contact Phone

Enter the telephone number of the primary contact associated with the TIN.

Name Control

Enter the first four characters of the description of the institution associated with the TIN. Disregard the word the when it is the first word of the description unless there are only two words in the name.

Transmission Code

To file 1098-T tax forms with the IRS electronically, you must first file IRS Form 4419, Application for Filing Information Return Magnetically/Electronically. If the IRS accepts your application to file electronically, they assign you a five-character alphanumeric Transmitter Control Code. Enter this code in the Transmission Code field.

Last Filing Year

Select if this is the last year that you are using this TIN to file 1098-T forms with the IRS.

1098-T Reporting Indicator

Select either Amounts Billed or Payments Received to indicate the reporting method that your institution uses to report 1098-T data to the IRS. If you select Amounts Billed, you must select a date type of Billed Date or Posted Date. The system uses this date type to determine the billing date for the reported amounts.

Note. Once you select a reporting method, you should not change it without prior approval from the IRS.

Business Unit Detail

Select the business units that you want to include under the TIN.

Business Unit	Select the business unit for which you want to report 1098-T data under this TIN. When you exit this field, the system populates the Institution field with the institution associated with the business unit that you select.
Institution	Select the institution associated with the Business Unit that you select. If you already selected a business unit, the system automatically populates this field with the correct institution.
FinAid Group(financial aid group)	Select the item type group to use to identify items that are related to financial aid. The system uses this group to calculate the value of Box 4 on the 1098-T form. Note. The financial aid item type group should only contain scholarships/grants/fellowship item types.
Third Party Group	Select the item type group to use to identify items that are related to third-party billing arrangements. The system uses this group to determine whether students are eligible to receive 1098-T forms.

Setting Up T2202A Tax Form Production

To set up Student Financials for T2202A data generation you must designate item types as T2202A eligible tuition and offsets. In order for Student Financials to calculate tuition amounts for each T2202A form, it totals the amounts of any item types on the student's account that you designated as T2202A eligible. In addition, you must identify any waivers that offset T2202A eligible tuition so that the system accurately calculates the tuition amount that appears on your T2202A forms. Check boxes on the Amount Edits setup page enable you to identify item types as T2202A eligible tuition or as T2202A offsets.

Setting Up T4A Tax Form Production

To set up Student Financials for T4A data generation you must:

Designate item types as T4A income.

For Student Financials to determine if it needs to generate T4A data for a student, it looks for any item types on the student's account that you have designated as T4A income. A check box and associated field on the Amount Edits setup page enable you to identify item types that count as T4A income. The Wage Loss Plan has been moved to the Canadian/ANZ Taxes page of the SF Business Unit component. In addition, on the Miscellaneous page, you must select an earnings code to classify the type of the T4A income.
Define your T4A generation processing parameters on the Canadian/ANZ Taxes page of the SF Business Unit component.

Copy TIN Setup	Click to copy the TIN setup data from a prior year into the TIN you are creating. When you click this button, the system prompts you to enter the calendar year from which to copy setup data.
1098-T Institution Address	Click this link to access the 1098-T Institution Address page where you can enter the address information associated with the TIN.
Address Usage	Select the logic the system uses to select the student address that prints on each 1098-T form.
Name Usage	Select the logic the system uses to select the student name that prints on each 1098-T form.
Contact Name	Enter the name of the primary contact associated with the TIN.
Contact Phone	Enter the telephone number of the primary contact associated with the TIN.
Name Control	Enter the first four characters of the description of the institution associated with the TIN. Disregard the word the when it is the first word of the description unless there are only two words in the name.
Transmission Code	To file 1098-T tax forms with the IRS electronically, you must first file IRS Form 4419, Application for Filing Information Return Magnetically/Electronically. If the IRS accepts your application to file electronically, they assign you a five-character alphanumeric Transmitter Control Code. Enter this code in the Transmission Code field.
Last Filing Year	Select if this is the last year that you are using this TIN to file 1098-T forms with the IRS.