Answer: Form 1098-T: Tuition Payments Statement is the information return that colleges and universities are required to issue for the purpose of determining a student's eligibility for the Hope and Lifetime Learning education tax credits.Question: How can I get a copy of my 1098-T?
Click "Access My Record." Note that you are not required to submit any copy of the 1098-T with your tax return.
Answer: Keep it for your records. Since the University sends your 1098-T information to the IRS, there is no need to attach a copy of the form to your tax return. The information contained in the 1098-T will help you to determine if you may claim the Hope or the Lifetime Learning education tax credits using IRS Form 8863: Education Credits [download].
Answer: Box 1 ("Payments received for qualified tuition and related expenses") of your 1098-T displays the net amount of payments received during the tax year (January - December) that were required as a condition of your enrollment and attendance. To "qualify," payments must relate to an academic period for which fees are due and payable during the tax year, and for which instruction begins no later than March of the following tax year. The amount is calculated by summing the "qualified" portions of registration and course materials fees, less any refunds or reductions of these fees due to enrollment changes. This net amount is sent to the IRS.
Answer: Box 4 ("Adjustments made for a prior year") shows any refunds during the current year for payments of "qualified tuition and related expenses" reported on a 1098-T for a prior tax year. For example, if you paid Winter 2007 registration fees when due in December 2006, "qualified tuition" for that quarter would have been reported on your 1098-T for 2006. If you subsequently received a refund of Winter 2007 registration fees in January 2007, the amount refunded would be reported in Box 4 for tax year 2007. Refunds may be the result of changing from full-time to part-time study, nonresident to resident classification, or cancellation/withdrawal.
Answer: Box 5 ("Scholarships or grants") shows the net amount of certain forms of educational assistance that were received or applied to your student account during the tax year (January - December), regardless of the quarter for which the funds originally were intended. For example, if you received a check for Fall 2006 Pell Grant in 2007, the amount of the check would be added into Box 5. Note that the amount in Box 5 may include fee payments and other credits, as well as checks. Any subsequent adjustments or reductions to educational assistance that occurred in the same tax year are summed into the amount. The net amount is sent to the IRS.