Currently the system flags 1098T's as corrected when there is a change to a prior billing year data after the 1098T is published. The system correctly removes the 1098T for a student from a published status in the event corrections are needed, but if the 1098T is corrected/updated before it is in filed, then technically it hasn't been "corrected" with the IRS. It would be helpful to be able to either set the flag once a correction has actually occurred, or at least wait to trip the correction flag until after the information has been sent to the IRS. We had an issue where we had to reapply payments for about 25 students after their 1098Ts had been published. Because the payments were re-applied to the prior year, the students 1098Ts show as corrected when in fact there was no actual change to the amounts originally published on the 1098Ts.
Employee Name | Rhonda Lightcap |