NMU's Compliance Database - Northern Michigan University
Loan Interest Reporting Requirements (Form 1098-E to IRS)
Reviewed By | Internal Auditor Owner |
Regulation Reference Cite | 26 U.S.C. § 6050S: 26 C.F.R. § 1.6050S-2; 67 Fed. Reg. 20901 |
Report Due Date (Actual) | 02/28/2019 or E-File 03/31/2019 Annual |
Level | Compliance Report |
Oversight Unit | FINANCIAL SERVICES |
Person Responsible | Pamela Johnson |
Secondary Person Responsible | Jamie Beauchamp |
President / VP Level | Finance |
Description |
An institution or insurer must furnish a statement to each individual for whom it is required to file a Form 1098-T, on or before January 31st of the year following the calendar year in which payments were received, or amounts were billed, for qualified tuition and related expenses, or reimbursements, refunds, or reductions of such amounts were made. Form 1098-E must be filed with the IRS on or before February 28th, or March 31st if filed electronically. The required statement to all persons who made student loan interest payments must be sent to the payor on or before January 31st of the year following the calendar year in which the interest payments were received. The statement may simply be a copy of Form 1098-E. If the institution does not have a record of the individual's correct TIN, then it must solicit the TIN on or before December 1st. Under IRC 6050S, lenders, including most colleges and universities that participate in the Perkins Loan Program or operate institutional loan programs, must report student loan interest payments to the IRS. |
Contacts and Data Sources |
Pam Johnson 1098-Es are completed by UAS, but confirmed by Financial Services |
Internal Notes |
This compliance item has notes that are available internally to the oversight unit. Please contact the Risk Management Department for more information |