Tax Forms Distributed by Tufts
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First Published :Wed Apr 01 13:30:27 GMT 2015
Last Modified :Mon Mar 27 21:20:55 GMT 2017
Last Published :Mon Mar 27 21:20:55 GMT 2017
Summarizes the tax documents generated and distributed by Tufts and defines the tax documents.
The following IRS tax documents are generated at the end of every calendar year by Tufts:
W-2: a United States federal tax form issued by employers and stating how much an employee was paid in a year, which also reports the amount of federal, state and other taxes withheld from a paycheck.
1099: A Form 1099 is for U.S. citizens and Green Card holders who receive “non-payroll income” from Accounts Payable, such as rents, royalties, honorariums and subject study payments but NOT for Scholarships/Fellowships. A 1099 is generated when compensation is greater than or equal to $600 (some, such as rent or royalties, have a lower threshold). Vendors who are "Incorporated" do not receive a 1099.
1042-S: Form 1042-S is used to report amounts paid to foreign persons (including persons presumed to be foreign) that are subject to income tax withholding, even if no amount is deducted and withheld from the payment because of a treaty or exception to taxation, or if any amount withheld was repaid to the payee. The 1042-S Payroll is for wages exempted under a tax treaty. No taxes are withheld. The 1042-S A/P is for any “non-payroll income” whether subject to tax and/or exempted by a treaty. Examples include scholarships*, fellowships* and honorariums. Accounts Payable will issue one 1042-S form per income code and the form will indicate the tax rate for that code (e.g. 0%, 14%, 30%, or others). *Scholarships/Fellowships for Foreign Nationals who used the scholarship "outside the U.S." will not receive a 1042S.
A foreign national should only receive a 1042-S (or multiple 1042-S) from AP never a 1099. From payroll they can receive a W-2 with their 1042-S. When a tax treaty is exceeded in AP, the additional amounts become taxable and are reported on a separate 1042-S. For payroll, the 1042-S is issued for payments that are exempt from a treaty and therefore anything over the treaty amount is taxed and reported on the W-2.
1098-T: Tuition Statement. Eligible educational institutions file this form for each student they enroll and for whom a reportable transaction is made. Insurers file this form for each individual to whom they made reimbursements or refunds of qualified tuition and related expenses.
Please note that TSS does not handle the 1098-T distribution. This is handled by the Tufts Bursar. Questions about 1098-T forms should be directed to 617-627-2000.