Bundle #46 - 2017 - 1098T Payment Adjustments Are Not Reporting Correctly In Box 1

(Doc ID 2336980.1)

Last updated on DECEMBER 07, 2017

Applies to:

PeopleSoft Enterprise CS Student Financials - Version 9 and later
Information in this document applies to any platform.

Symptoms

On CS 9 Bundle 46 1098-T amounts are not being reported properly for a student.

For the student - Spring 2017 (item term 2381) was reported in tax year 2016 since “includes future period” was checked on the set up for deferred to third party. The third party (box 1 and box 5) were reported in tax year 2016 since it posted to account on 11/29/2016.

Student then had an adjustment which posted in January 2017 to a deferred to third party item and the total amount with payment date of 11/29/2016 (as shown on line 1 below) is reported again in box 1.

EXPECTED BEHAVIOR
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Expected that only the adjustment amounts will be reported in the 2017 tax year.

STEPS
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The issue can be reproduced at will with the following steps:

  1. run the 1098-T process, review the student's 1098-T

 

Changes

 2017 1098-T Updates

Cause

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