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1098-T FAQs

1098-T FAQs:

Q:        What is Form 1098-T?

A:        Educational institutions are required to file a Form 1098-T, Tuition Statement, with the IRS and to provide a copy of the form to the student, for each enrolled student for whom there is a reportable transaction. A reportable transaction includes payments received, or refunds made for tuition and related expenses.

 

Q:        What will be reported in Box 1?

A:        All forms of Payments towards Qualified Educational Expenses including: loans, grants, scholarships, COF, third party and self-payments, including 529 plans.

 

Q:        How are Student Loans reported on my 1098-T?

A:        Student Loans are treated as self-payments, much the same way as credit card payments. While they are reported as a payment in Box 1, they will NOT be reported in Box 5 with other forms of financial aid, COF and third party payments.

 

Q:        Will my 1098-T include payments for prior calendar year terms?

A:        No, you do not receive credit on the 1098-T form for prior calendar year term payments made in the current term.

 

Q:        If I made a payment for an upcoming spring term in the previous calendar year will I see it on that 1098-T?

A:        Yes, a payment for a future term will appear in the calendar year in which it is paid for. For example, if you pay for Spring 2019 on November 28, 2018, it will appear on your 2018 1098-T as long as there are charges to go against it.

 

Q:        Are all fees considered Qualified Educational Expenses?

A:        No, any fees related to living expenses or finance charges are not considered reportable. These include:

  • Health Insurance
  • Immunization Fee
  • Health Services Fee
  • Phoenix Center Fee
  • Mental Health Fee
  • Bus Pass
  • Any service charges, application fees or collection fees.

 

Q:        Can the Bursar Office help me file my taxes?

A:        If you have questions on how to file your taxes, please contact a tax professional as we are not allowed to give tax advice.

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