1098-T Processing 2024

Annual Updates

Updated Batch Creation and Cleanup Tools to Handle Batches for 2024

The 1098-T batch creation and Cleanup tools in the Anthology Student web app were updated to:

  • Allow users to create, process, and view batches for the year 2024.

  • Retrieve payment adjustments made during the 2024 tax year that are associated with payments made in 2022 or earlier.

All other existing functionality applies for the year 2024.

Updated 1098-T System Reports for the 2024 Tax Year

The Student Statement and 1098-T Summary Report have been modified to reference the 2024 reporting year.

1098-T Substitute Statement Form (Copy B) for 2024

The 1098-T Substitute Statement (B) form that will be provided to students by clients has been updated with the correct year, dates, and instructions for the 2024 tax year.

1098-T Filer's Copy (Copy C) for 2024

The 1098-T Filer’s Copy (C) option is no longer available under Manage Batches > Print/Export (button) > Print (tab) for the 2024 reporting year, but it is available for prior years and a report is generated under History > Reports.

1098-T Export File for 2024

The 2024 version of the 1098-T Export file complies with the specifications detailed in Publication 1220 released by the IRS for the tax year 2024. There are no changes for the 1098-T file formats for 2024 compared to 2023.

Box 8 Values Exclude Enrollment Status Changes Based on FA Credits

To determine the value of Box 8, the 1098T process leverages the student's status history and the final Academic enrollment status associated with a final status change of type E. The process excludes FA-related enrollment status credits.

Updated Reporting Method Field

The Reporting Method field in Settings > System > Campuses > Student Accounts has been updated to indicate that the reporting method for 1098-Ts is based on Payments Received up to the total amount of Qualified Tuition Related Expenses (QTRE). This field cannot be changed.

This update will be included with Anthology Student 25.0.0.

Idea Exchange - https://anthologyinc.aha.io/ideas/ideas/S-I-1167