Tax season is upon us, and your school’s parents will start to gather all the information they need to properly file their 2018 returns.
Part of the information parents are looking for may include payments they’ve made to your school. Your school may receive requests for a made for programs such as before-and-after care or child care.
Parents using Flexible Spending Accounts (FSAs) to make payments for programs like child care may require a line item statement that includes detail for all the charges and payments for these programs.
The FACTS Tuition Management system has tools to help your families access the information that is meaningful to them.
- Parents may log in and see the summary or detail for totals paid on the balances you track in FACTS.
- Parents may print a payment summary or transaction detail that includes your logo, address, and tax ID if you have provided all this information to FACTS. Allowing parents to access this information on demand saves you and your staff time during a busy season.
- You may wish to send an email or post an announcement in your parent portal with directions for accessing the information above. It’s a convenient way to let your parents know they have easy access to the financial information they need.
Remember that credit and deduction eligibility varies from state to state, while the federal government focuses on postsecondary/higher education. For information about federal education deductions and credits, the IRS website has a helpful information center specific to education payments.