Index and Glossary – 0-9
1098T, IRS Form:
Discussion: An eligible educational institution, such as a college or university, is required to report certain information to enrolled students on Form 1098-T in order to assist the students in calculating the Hope Scholarship tax credit, the Lifetime Learning tax credit or the Tuition and Fees tax deduction. Certain information contained on the Form 1098-T is also furnished to the IRS. Although the tuition tax credits or the tuition deductions will benefit many taxpayers, the laws and regulations governing the credits and deductions are complex. Accordingly, you may wish to consult a tax advisor. The University of Utah cannot give you tax advice. IRS publication “Tax Benefits for Higher Education” gives a more detailed explanation of the Hope Scholarship tax credit, the Lifetime Learning tax credit and the Tuition and Fees tax deduction. In order to assist students’ determination of tuition tax benefits eligibility, student tuition history detail can be accessed online under the View Tuition History Link at the CIS login page.
60 Day Rule:
Discussion: The University Travel Department complies with what the IRS refers to as an “Accountable Plan” as outlined in IRS Publication 463. An Accountable Plan allows the University to reimburse business travel expenses without withholding income tax, and requires that all travel related expenses be substantiated within 60 calendar days from the return date of the trip. If an employee does not substantiate a trip’s expenses within the 60 day period, the total amount of prepaid expenses may be reported as income and be taxed.