Producing and Filing 1098-T Tax Forms


Concept


Steps:

  1. Begin by navigating to the Generate 1098-T page.

     

    Click the Student Financials link.

    Step 1
  2. Click the Generate 1098-T link.

    Step 2
  3. You can run this process by searching for an existing Run Control ID or you can add a new value. Creating a Run Control ID that is relevant to the process may help you remember it for future use.

     

    Click the Add a New Value tab.

    Step 3
  4. A Run Control ID is an identifier that, when paired with your User ID, uniquely identifies the process you are running. The Run Control ID defines parameters that are used when a process is run. This ensures that when a process runs in the background, the system does not prompt you for additional values.

     

    Enter the desired information into the Run Control ID field. Enter

     a valid value
     e.g.
     "TAXGEN01"
    .

    Step 4
  5. Click the Add button.

    Step 5
  6. Use the Generate 1098-T page to enter the request parameters. These parameters will be used to define the processing rules and data to be included when the process is run.

    Step 6
  7. Click in the Federal TIN field.

    Step 7
  8. The federal tax ID number for PSUNV is 951223331.

     

    Enter the desired information into the Federal TIN field. Enter

     a valid value
     e.g.
     "951223331"
    .

    Step 8
  9. Click in the Calendar Year field.

    Step 9
  10. Enter the desired information into the Calendar Year field. Enter

     a valid value
     e.g.
     "2006"
    .

    Step 10
  11. Clear the Student Override check box to generate data for all applicable students who fall under the federal TIN and calendar year that you select.

     

    Select the check box to use the fields in the Student Override group box to specify the students for which the process generates 1098-T data.

     

    Click the Student Override option.

    Step 11
  12. You want to generate data for three students.  The first is Sharon Babajanian, whose student ID is SFTX00003.

     

    Click in the ID field.

    Step 12
  13. Enter the desired information into the ID field. Enter

     a valid value
     e.g.
     "SFTX00003"
    .

    Step 13
  14. Use this field to produce a 1098-T for a student who does not have a Social Security Number (SSN).

     

    Click in the National ID field.

    Step 14
  15. Enter the desired information into the National ID field. Enter

     a valid value
     e.g.
     "003020003"
    .

    Step 15
  16. If you select the Force 1098-T check box, the system will generate a 1098-T record for the student specified in the ID field even if the student doesn't meet the criteria for the Generate 1098-T process.

     

    Click the Force 1098-T option.

    Step 16
  17. Click the Add Row button.

    Step 17
  18. Next add Emma Yukota, whose ID is SFTX00004.

     

    Enter the desired information into the ID field. Enter

     a valid value
     e.g.
     "SFTX00004"
    .

    Step 18
  19. Click in the National ID field.

    Step 19
  20. Enter the desired information into the National ID field. Enter

     a valid value
     e.g.
     "004020004"
    .

    Step 20
  21. Click the Force 1098-T option.

    Step 21
  22. Click the Add Row button.

    Step 22
  23. The last student to add is Glenn Caballero, whose ID is SFTX00005.

     

    Enter the desired information into the ID field. Enter

     a valid value
     e.g.
     "SFTX00005"
    .

    Step 23
  24. Click in the National ID field.

    Step 24
  25. Enter the desired information into the National ID field. Enter

     a valid value
     e.g.
     "005020005"
    .

    Step 25
  26. Click the Force 1098-T option.

    Step 26
  27. At this point, you would continue to run the Generate 1098-T process just as you would any other PeopleSoft Enterprise Process Scheduler process.

     

    Refer to the Running Reports module for examples of running a process.

    Step 27
  28. Click the Save button.

    Step 28
  29. Next, navigate to the 1098-T Data page to review the generated 1098-T data.

     

    Click the Edit 1098-T Data link.

    Step 29
  30. You want to review Emma Yukota's data. Remember that her student ID is SFTX00004.

     

    Enter the desired information into the ID field. Enter

     a valid value
     e.g.
     "SFTX00004"
    .

    Step 30
  31. Click the Search button.

    Step 31
  32. Use the 1098-T Data page to view your 1098-T data by student.

     

    In addition, you can manually make changes to the student's data.

    Step 32
  33. These check boxes indicate whether either a user or the system has overridden or corrected the student's 1098-T record, and whether a 1098-T form has been printed for the record.

    Step 33
  34. You want to override Emma's record.

     

    Click the Override Data button.

    Step 34
  35. The Validation Status field indicates whether the data in the record is valid.  The 1098-T Audit Report automatically sets the validation status to one of five status values.

     

    When you run the 1098-T Form Print report, the system uses this field to determine whether to pick up the record.

    Step 35
  36. The values you enter in these nine numbered fields appear on the printed 1098-T forms in the appropriate boxes.

    Step 36
  37. Indicate that Emma has graduated.

     

    Click the (9) Graduate option.

    Step 37
  38. Click the Student Address link to access the 1098-T Student Address page.

     

    Click the Student Address link.

    Step 38
  39. Use the 1098-T Student Address page to view the address of the student whose 1098-T data you are reviewing or overriding.

    Step 39
  40. To edit a student's address on the Edit Address page, click the Edit Address link.

    Step 40
  41. Click the OK button.

    Step 41
  42. Click the Save button.

    Step 42
  43. Next, navigate to the 1098-T Audit Report page to validate and audit the 1098-T data.

     

    Click the Tax Reports link.

    Step 43
  44. Click the 1098-T Audit Report link.

    Step 44
  45. You can run this process by searching for an existing Run Control ID or you can add a new value. Creating a Run Control ID that is relevant to the process may help you remember it for future use.

     

    Click the Add a New Value tab.

    Step 45
  46. A Run Control ID is an identifier that, when paired with your User ID, uniquely identifies the process you are running. The Run Control ID defines parameters that are used when a process is run. This ensures that when a process runs in the background, the system does not prompt you for additional values.

     

    Enter the desired information into the Run Control ID field. Enter

     a valid value
     e.g.
     "AUDIT01"
    .

    Step 46
  47. Click the Add button.

    Step 47
  48. Use the 1098-T Audit Report page to enter the request parameters. These parameters will be used to define the processing rules and data to be included when the process is run.

    Step 48
  49. Click the Report Mode list.

    Step 49
  50. Select whether you want to validate your data, audit your data, or audit and validate at the same time.

     

    Click the Audit and Validate list item.

    Step 50
  51. Click the Print Selection list.

    Step 51
  52. Select which types of 1098-T records the system includes in the 1098-T Audit Report.

     

    Click the All 1098-T's list item.

    Step 52
  53. Use the Primary Sort and Secondary Sort fields to determine the fields on which the system sorts when printing the report.

     

    It sorts by Primary Sort and then by Secondary Sort.  Both fields have the same available values.

    Step 53
  54. Click the Primary Sort list.

    Step 54
  55. Click the ID list item.

    Step 55
  56. Click the Secondary Sort list.

    Step 56
  57. Click the Last Name list item.

    Step 57
  58. Click in the Federal TIN field.

    Step 58
  59. PSUNV's federal tax ID is 951223331.

     

    Enter the desired information into the Federal TIN field. Enter

     a valid value
     e.g.
     "951223331"
    .

    Step 59
  60. Click in the Calendar Year field.

    Step 60
  61. Enter the desired information into the Calendar Year field. Enter

     a valid value
     e.g.
     "2006"
    .

    Step 61
  62. Clear the Student Override check box to run the report for all applicable students who fall under the Federal TIN and Calendar Year you specify.

     

    Select this check box to use the ID field to run the report on only the students that you specify.

    Step 62
  63. At this point, you would continue to run the 1098-T Audit process just as you would any other PeopleSoft Enterprise Process Scheduler process.

     

    Refer to the Running Reports module for examples of running a process.

    Step 63
  64. Click the Save button.

    Step 64
  65. Next, navigate to the 1098-T Print page to print the form and create an electronic transmission file.

     

    Click the 1098-T Form Print link.

    Step 65
  66. Use the 1098-T Print page to enter the request parameters. These parameters will be used to define the processing rules and data to be included when the process is run.

    Step 66
  67. Click in the Transmitter's TIN field.

    Step 67
  68. Enter the desired information into the Transmitter's TIN field. Enter

     a valid value
     e.g.
     "951223331"
    .

    Step 68
  69. Click in the Calendar Year field.

    Step 69
  70. Enter the desired information into the Calendar Year field. Enter

     a valid value
     e.g.
     "2006"
    .

    Step 70
  71. Click the Media list.

    Step 71
  72. Select what you want the process to produce.

     

    Click the Transmittal File Only list item.

    Step 72
  73. Click the Filing Status list.

    Step 73
  74. Select the type of records that you want to include in the report and specify the type of file you intend to transmit to the IRS.

     

    Click the Original list item.

    Step 74
  75. Use the Primary Sort and Secondary Sort fields to determine the fields on which the system sorts when printing the report. 

     

    The process will sort first by the Primary Sort and then by the Secondary Sort.

    Step 75
  76. Click the Primary Sort list.

    Step 76
  77. Click the Country list item.

    Step 77
  78. Select the Alignment Run check box to run a print job that helps you align your print stock in the printer. When you select this check box, the report prints X instead of characters and 9 instead of numbers in the data fields of your 1098-T print stock. This field is available only if you select Print Only in the Media field.

    Step 78
  79. Select the Test File check box to set a test file flag in the transmission file sent to the IRS. This selection indicates to the IRS that the file is for testing purposes only.

    Step 79
  80. Click the File Parameters link to access the 1098-T File Info page, where you can enter the file path and file name of the electronic file that you want to create and send to the IRS.

    Step 80
  81. Enter the taxpayer ID number (TIN) for the institution whose 1098-T information you want to report.

     

    Click in the TIN field.

    Step 81
  82. Enter the desired information into the TIN field. Enter

     a valid value
     e.g.
     "951221331"
    .

    Step 82
  83. Click in the Calendar Year field.

    Step 83
  84. Enter the desired information into the Calendar Year field. Enter

     a valid value
     e.g.
     "2006"
    .

    Step 84
  85. Clear the Student Override check box to run the report for all applicable students who fall under the TIN and Calendar Year you specify.

     

    Select this check box to use the ID field to run the report on only the students that you specify.

    Step 85
  86. At this point, you would continue to run the 1098-T Print process just as you would any other PeopleSoft Enterprise Process Scheduler process.

     

    Refer to the Running Reports module for examples of running a process.

    Step 86

You have successfully produced 1098-T data and tax forms.

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