Understanding Tax Form and Receipt Production
This section lists common elements and discusses tax form production.
|
Field or Control |
Definition |
|---|---|
| Calendar Year |
For the purposes of tax reports, the calendar year represents the tax year for which you are reporting. |
| TIN (taxpayer identification number) |
The number under which an institution files 1098-T tax information. |
PeopleSoft Student Financials provides tools that you can use when managing your tax data and generating tax reports. The Manage Tax Reporting feature enables you to process data and generate reports using one Internal Revenue Service (IRS) tax form and two Canada Revenue Agency (CRA) tax forms:
1098-T: An IRS form that reports tuition and related expenses for a student to use to claim an educational tax credit.
T2202A: A CRA form that reports tuition and related expenses for a student to use to claim an educational tax credit.
T4A data: A CRA form that reports all scholarship-related income for a student.
1098-T Tax Forms
The Taxpayer Relief Act of 1997 allows taxpayers to claim educational credits for some higher education expenses. Institutions that receive qualified tuition and related expenses from or on behalf of a student are required to furnish each eligible student with an IRS Form 1098-T, Tuition Statement. The information on the form helps determine whether a student, or the person who can claim the student as a dependent, can claim an income tax credit for the Hope Scholarship Credit or Lifetime Learning Credit. In addition, for every 1098-T provided to an eligible student, your institution must also file a 1098-T with the IRS. PeopleSoft Student Financials enables your institution to print your 1098-T forms for mailing to students and to transmit your 1098-T data electronically to the IRS.
Self-Service 1098-T Forms (United States)
Institutions based in the United States are required annually to issue IRS Form 1098-T to students so that they can report tuition and fee amounts on their tax returns. PeopleSoft Campus Solutions enables students to display and print their completed 1098-T forms in PDF format using self-service. This functionality supports institutions and their efforts to reduce costs and streamline administrative processes. Use Oracle's XML Publisher tool to create the PDF document.
Institutions can control the appearance of completed forms using the 1098-T TIN Detail setup page.
When 1098-T forms are generated and printed, the student can access a summary of the information from the completed 1098-T form. The student can then print the completed form in PDF format.
The student is required to provide consent and an eSignature before accessing the completed form.
(CAN) T2202A Tax Forms
Canadian taxpayers can claim tuition and education amounts as tax credits that reduce the amount of federal income tax they pay. For students to determine whether they are eligible for these tax credits, Canadian institutions must provide each of them with a Form T2202A. This form details the eligible tuition fees and education amounts that a student can claim for a given tax year.
(CAN) T4A Tax Forms
The CRA requires that taxpayers report scholarship-related income. To comply with this requirement, Canadian institutions must provide each eligible student with a T4A slip detailing any scholarship-related income. Then, the student is responsible for reporting this income to the federal government.
Student Financials, in conjunction with PeopleSoft Payroll for North America, enables your institution to produce and print T4A forms. Using Student Financials, you can identify which students have items on their accounts that are T4A reportable and report these taxable items to your payroll department through an interface with PeopleSoft Payroll for North America. Your payroll department then uses processes within PeopleSoft Payroll for North America to produce T4A slips for the applicable students.