What is Form 1098-T?
Educational institutions are required to file a Form 1098-T, Tuition Statement, with the IRS and to provide a copy of the form to the student, for each enrolled student for whom there is a reportable transaction. A reportable transaction includes payments received, amounts billed or refunds made for tuition and related expenses.
In order to provide a Form 1098-T for tax purposes, the Internal Revenue Service requires that students provide their Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) to their school. Students who fail to provide a SSN or ITIN to their school can be subject to a $50.00 fine by the IRS.
- Foreign students are NOT automatically generated a 1098-T tax form. The Internal Revenue Service (IRS) does not require UAB to file a Form 1098-T for nonresident aliens. This is because nonresident alien students are not eligible for education tax benefits. Since UAB cannot determine which foreign students are residents for tax purposes, Student Accounting Services will create a manual form per request.
- For students who have a SSN or ITIN and just need to update their file with UAB they should visit One Stop Student Services in person. They should remember to bring their Social Security Card.
Student Accounting Services manages the 1098-T process for UAB.
What is Form 1099-MISC?
The Form 1099-MISC is used to report miscellaneous income for individuals and companies who have been paid $600 or more in non-employee service payments during a calendar year. The exception to this is royalty payments of $10 or more must be reported.
Please note that amounts for wages and other compensation paid to an employee are NOT reported on a Form 1099-MISC. These amounts are reported on a Form W-2.
Accounts Payable manages the 1099-MISC process for UAB.
What is Form W-2?
A W-2 form is a wage and tax statement used to report wages paid and the taxes withheld from those wages for a given calendar year. A copy of this form is given to the employee, the IRS and the state taxing authority (if applicable) each January for the prior calendar (tax) year.
Payroll Services manages the W-2 process for UAB.
What is Form 1042-S?
Form 1042-S (Information for Nonresident Aliens) is created for anyone considered a nonresident alien for US tax purposes who received payments from the University for fellowship/scholarship, independent contracted services, or royalites as well as anyone with a benefit under a tax treaty with their resident country.
Tax Services manages the 1042-S process for UAB.