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IMO the 1098T is NEVER going to be correct. Yet again the educational institutions have received a reprieve from being required to accurately provide info. Their lobby is better than ours.

I want in on this class too. Priceless!

Posted by ATXWendi today: "The Tax Cuts and Jobs Act changed bonus depreciation to 100% for qualified assets placed in service after 9/27/207 (before that date it will remain 50%). In the current program version 50% is the default for all 2017 dates. A program update will come out in a week or two that will properly default to 100% for the appropriate dates. The message is a warning that the current program version is using 50% for all 2017 dates and has not been updated to default to 100% when date appropriate. The tax act also provided an election to for assets placed in service after 9/27/2017 to elect to use 50% bonus depreciation instead of 100%. If you want to use 50% for assets after 9/27/2017, there is an election on the elections form that has to be manually marked" Looks like it be another week or two before ATX has a fully functional 4562.

The identifiers, beside the SSN, for individual returns consist of the first letter of the first name and the first 4 letters of the last name, so the last name can be truncated as cbslee says.

I've never been to Kentucky. I would like if this actually happened. Let's revisit after May 1st.

When are the 1098Ts going to be correct? I thought the IRS was requiring the schools to get this corrected. But I think IRS keeps giving them extensions. It would be nice to have correct 108Ts to rely on.

Just start removing letters from the end of the name until the efile is allowed. I have never had a problem with truncating a last name.

Just a thought. Are you sure the numbers are for 2017 only. Ive had 1098-Ts that pull in other years info such as scholarship info for 2017 and the first semester of 2018 which could create a taxable situation. I usually like to get the term printouts from the school to be sure they are only allocating the correct year items to the 1098-T

I learned from the best. Rich came to my office when I switched to ATX to give me a jump start. How nice was that. I still remember how confusing the whole letters thing was.

Ahh....yes.. Yes. Now I see. "Nice" Very good. Thanks for clarifying that.

Nice. It means nice. Or good. Yeah, either of those.

Rita...what does this mean exactly #%*& Letters” ???

Several things to consider: AOTC can only be taken 4 times per student. Since this is community college with very little qualified expense, it may be beneficial to wait and take it later when tuition etc. are enough to get more of the credit. of course, part of this consideration is: Will the parent's income be too high to take it in another couple of years... in that case $900 now is better than zero later... You have to look at the actual payment history to see what was paid when. This could be a case that the scholarship was paid in 2017 but was for a course billed /paid in 2016 that had been reflected on the 2016 1098-T If scholarship is truly greater than tuition expense, then it is taxable to the student. (Don't rely on the 1098-T- look at the record of payments!) In many cases this is moot because it would not cause tax liability to the student. Scholarship goes on line 7 of the 1040. e.g. If student has $2,200 taxable scholarship and $3,000 W-2 wages and $10 bank interest. This is still below the standard deduction, so no tax liability for the student. I have a client who's daughter has 100% scholarship for college: tuition, room , board, even football tickets, plus another $10-$15,000 scholarships from other local places. I asked: Since her expenses are fully paid where does the rest of the scholarship $$ go: Dad's reply: "They give it to her in cash" She has quite the tax liability! He is happy to pay the tax. See Pub 970 starting on page 15: Coordination with Pell grants and other scholarships. for detailed explanation of taxing the scholarship for student in order to free up the tuition expense for the parent.