Community Exchange

At Indian River State College, we do not have a huge population of students required to pay NRA taxes.  We maintain our records on a spreadsheet throughout the year to track the total by student.  The 1042 forms are prepared manually and mailed to the address of record.

We are a smaller institutions that issues around 100 student forms and about 20 vendor forms each year.  We created reports within our enterprise system to calculate and track the income subject to 1042S reporting.  For the foreign students, that involved developing a report which is downloadable to excel that compares total aid posted to the student account versus qualified charges - the difference being nonqualified aid received by the student.  We calculate the related tax on that income 3 times annually (for Spring, Summer and Fall sessions) and remit the tax on the students' behalf.  At year-end, we provide the relevant information to our outside tax consultants in their required excel format, and they issue the forms and file with the IRS on our behalf.