Tax Form 1098-T

Overview

All students who were enrolled and billed for qualifying tuition and related expenses for the calendar year 2013 will be mailed a 1098-T form by 1/31/14.  In order to provide this information the student would need to have their social security number on their student record kept by the Assumption College Registrars’ office.  The 1098-T will be mailed to the student’s home address on record with the Assumption College Registrar.  The student can verify their social security and address information and make any needed changes by contacting the Assumption College Registrars’ office.

All eligible educational institutions, such as a college or university in which you are enrolled, and an insurer who makes reimbursements or refund of qualified tuition and related expenses to you, must furnish this statement to you.  You or the person who claims you as a dependent may be able to claim an education credit on Form 1040 or 1040A for qualified tuition and related expenses.  Assumption College will be reporting billed qualified tuition and related expenses (box 2) along with the amount of any scholarships or grants (box 5) that were applied to the student’s account during the calendar year.

Assumption College can only answer questions on how the form was prepared.  Questions regarding your eligibility should be directed to your tax preparer.  For more information about any education credits see IRS Publication 970 Tax Benefits for Education, Form 8863, Education Credits the form 1040 or 1040A.  These can be found at www.irs.gov.

Frequently Asked Questions

What is IRS Form 1098-T?
A 1098-T is a statement of qualified tuition and related expenses that were billed to your student account and grants or scholarships received during the calendar year.  The 1098-T does not indicate your eligibility for tax benefits; rather, it provides you with information about your account which you or your tax preparer may use to determine your education tax benefit eligibility.  For more information on these credits visit the IRS website. http://www.irs.gov/uac/Tax-Benefits-for-Education:-Information-Center.

What tax benefits am I eligible for?
The 1098-T does not indicate your eligibility for tax benefits.  You may be eligible for certain tax incentives even if you are not issued a 1098-T.  You may receive a 1098-T but not qualify for education tax benefits.  The 1098-T provides information that you may use to determine your eligibility for tax incentives.  For assistance in determining your eligibility for education tax benefits, consult IRS Publication 970 and /or your tax preparer.

I graduated last May; shouldn’t I have received a 1098-T for the tuition charges for my final spring semester?
The 1098-T contains information about eligibility charges by calendar year.  If you registered for Spring 2013 courses in November 2012, the charges for these courses were billed in November of 2012 and were, therefore, reported on your 2012 1098-T.  Since the IRS operates on an a calendar year, and the College operates on an academic year, many students will need both their 2012 and 2013 1098-T information in order to determine their tax benefit eligibility for their 2013 Federal Income Tax Return. Provided a 1098-T was issued to you, copies of this year and previous year’s 1098-T forms can be obtained by contacting ECSI at their 1098-T hotline number 866-428-1098.

The amount in Box 5 scholarships and grants exceeds the amount in box 2 billed qualified tuition and related expenses?
On the 1098-T form Assumption College is reporting charges billed during the calendar year and scholarships and grants disbursed during the calendar year.  Since the spring semester is billed in November and scholarships and grants for the spring semester are typically disbursed to the student’s account in January, this sometimes causes the amount in box 5 to exceed box 2. 
You would need to contact the IRS or tax professional to determine the taxability of any scholarships or grants you have received.

I made a payment in 2013, why is Box 1 blank?
Colleges and Universities may choose to report either “Payments received for qualified tuition and related expenses” or “Amount billed for qualified tuition and related expenses” in Box 2 of the 1098-T.  Assumption College reports qualified amounts billed in Box 2.  As a result, nothing will be reported in Box 1 of your 1098-T.  Your eligibility for tax benefits is not impacted by whether a university reports amounts paid in Box 1 or amounts billed in Box 2.

Can someone at the school give me tax advice?
Assumption College can only provide information on how the form was prepared.  We cannot provide tax advice.   For tax advice you would need to contact a qualified tax professional. 

Did we send a copy to the IRS?
Yes, Section 6050S of the Internal Revenue Code, as enacted by the Taxpayer Relief Act of 1997, requires institutions to file information returns to assist taxpayers and the IRS in determining eligibility for the American Opportunity or Lifetime Learning education tax credits.  The annual deadline for Assumption to file the required tax information electronically is March 31 although data may be submitted earlier.

How can I get a copy of my 1098-T?
Assumption College contracted with ECSI to print and mail the 1098-T.  If you need to request another copy please contact them directly.  ECSI 1098T hotline number is 866-428-1098.