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1098-T BOX 1 Incorrectly Reports Prior Year Payments If Prior Year 1098T Not Created, (Doc ID 2836019.1)

Last updated on JANUARY 28, 2022

Applies to:

PeopleSoft Enterprise CS Student Financials - Version 9.2 and later
Information in this document applies to any platform.

Symptoms

When a 1098t is suppressed in any given year the SF_1098_ITEM will not be populated with those charges and payments.

Any reapplication of payments or financial aid from a prior year will be reported as a new payment , box 4, 5 and 6 will remain empty.

The issue can be reproduced at will with the following steps:
1. Enroll Student and Post student charges for $1800 in 2017
2. Post financial aid of $2000 in 2018
3. Create 2017 1098-t without using any bypass validations check boxes on the run control and see the message: "Not eligible for 1098-T - Paid by Fin Aid." because box 5 exceeds box 1
4. Reduce the students 2017 financial aid in 2018 by revoking it and posting the lower amount of $750 (same payment id number should be used on the transactions)
5. Run the 1098-T for 2018 with the by pass validation on for enrollment/financial aid.
6 See the reduced aid of 750 included in box 1.
   Box 4, 5 and 6 are empty.

 

 



Changes

 No changes have been made to the system

Cause

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In this Document
Symptoms
Changes
Cause
Solution
References


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