What is form 1098-T in SAP IS-HER-CM-US - USA?

SAP Term: form 1098-T

• Component: IS-HER-CM-US

• Component Name: USA

• Description: Tuition statement issued by educational institutions detailing the tuition fees and related expenses that students have to pay to enroll in or attend courses, and any scholarships or grants awarded for payment of these costs.

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• Key Concepts: 
  Form 1098-T is an Internal Revenue Service (IRS) form used to report tuition payments made to educational institutions. It is used by the IRS to determine if a student is eligible for certain tax credits or deductions. The form is also used by educational institutions to report tuition payments to the IRS. The form is part of the SAP IS-HER-CM-US USA Higher Education component. 
  
  How to use it: 
  Form 1098-T must be completed and filed with the IRS by the educational institution. The form must include information about the student, such as their name, address, and Social Security number. It must also include information about the tuition payments made, such as the amount paid and the date of payment. 
  
  Tips & Tricks: 
  When completing Form 1098-T, it is important to ensure that all information is accurate and complete. This will help ensure that the student receives any applicable tax credits or deductions. Additionally, it is important to keep a copy of the form for your records. 
  
  Related Information: 
  For more information about Form 1098-T, please visit the IRS website at https://www.irs.gov/forms-pubs/about-form-1098-t.