1098-T FAQ's
Arkansas State University does not provide income tax advice.
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❓ Question 1: What is the purpose of the 1098T Form?
**Answer:** The 1098T form is used by eligible educational institutions to report information about their students to the Internal Revenue Service (IRS) as required by the Taxpayer Relief Act of 1997. This form is intended to assist students in the preparation of federal income tax returns. An accountant, tax preparer, or the Internal Revenue Service can best advise students in the utilization of this form when preparing tax documents.
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❓ Question 2: When will my 1098T be available?
**Answer:** The 1098T forms will be postmarked and uploaded by January 31st.
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❓ Question 3:
**Answer:** No. Changes to any aspect of the store can be made while the store is active.
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❓ Question 4: Can products come on and offline?
**Answer:** Products can be taken on and offline during normal business hours OR be scheduled automatically.
- Automatically: The department will need to submit the dates & times they would like the product to be active and deactivated.
- Manually: The department will need to let the Treasurers Office know when they would like the product to be activate and deactivated.
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❓ Question 5: What if no payment is required?
**Answer:** Our system has the ability to process $0 payments. This occurs when there is no fee for an event registration or when a promotional code brings the total amount to $0. No billing information will be collected for a $0 purchase.
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❓ Question 6: Can I receive an email every time an order is placed?
**Answer:** Yes. Marketplace offers this option upon completion of store setup.
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❓ Question 7: Are cash and personal checks accepted as payment methods?
**Answer:** Marketplace is an online system and therefore cannot accept cash as a payment method. However, we gladly accept payment through personal electronic checks. These require the customer's routing and account number.
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❓ Question 8: What type of credit cards does Marketplace accept?
**Answer:** Marketplace accepts all major credit cards. These include:
- Visa
- MaserCard
- Discover
- American Express
- All of their subsidiaries
Marketplace also accepts debit cards with a MasterCard or Visa logo.
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❓ Question 9: Is there a credit card processing fee?
**Answer:** No, the customer will only be charged for the cost of the product.
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❓ Question 10: Can I collect additional customer information?
**Answer:** Yes. The department has the ability to gather as much information from the customer as they would like. Information requested can be required or optional. Our information gathering methods include textbox entries, drop-down selections, and multiple selected check boxes. Price increases or decreases can be configured based on the options selected.
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❓ Question 11: Can additional items be offered at checkout?
**Answer:** Yes. The department has the ability to offer additional items at checkout. For example, a department can offer a customer the ability to purchase a T-shirt for a conference after registration.
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❓ Question 12: Can a customer print out a receipt?
**Answer:** Yes. The customer will have the ability to print a receipt after checkout is complete.