Tax Information-1098T

1098T FORM FACTS

Some 1098T forms may not contain specific payment information. The law requires that schools must send this information to each taxpayer and to the IRS. For the 2013 tax year, this information will include:

  • The name, address, and taxpayer ID number of the school
  • The name, address, and taxpayer ID number of the student for whom tuition was paid
  • Whether the student was enrolled at least half-time (at least 12 credits per calendar year)
  • Costs for 2013 courses

* The IRS does not require taxpayers to submit 1098T forms when filing tax returns.
* The education tax credit amount the taxpayer can claim should be based on the taxpayer’s personal records.
* Professional tax advisors should be consulted. The College cannot determine if a student qualifies for the tax credit or supply tax advice.
* Forms will be sent to the student’s permanent address on file with the College and will be postmarked by January 31.

According to the IRS, the term “qualified tuition and related expenses” means the tuition and fees an individual is required to pay in order to be enrolled at or attend an eligible institution.

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