1098-T Tax Credits
- 1098-T Information will be available AFTER January 31
Hope and Lifetime Learning Tax Credits
Students who have grants/scholarships in excess of tuition and fees are not eligible for a tax credit, therefore will not have a 1098T. Grants/Scholarships=any funds that do not have to be paid back.
- Log into www.1098T.com
- Click access my record
- Enter your ssn and lastname
- NO PIN REQUIRED-site asks for a pin however, the description in red gives details on how to log in without a pin number.
What is a 1098-T form?
IRS Form 1098-T assists the student/family in determining if they qualify for certain education related tax credits. The IRS requires educational institutions to file Form 1098-T for each enrolled student who has incurred qualified tuition and related expenses during calendar year 2016.
Why did I not receive a 1098-T?
Rogers State University is not required to furnish a 1098-T for the following reasons:
- Students who take classes where no academic credit is offered;
- Students who are nonresident aliens for income tax purposes;
- Students whose qualified tuition and related expenses are entirely waived or paid entirely with grants and scholarship.
What expenses qualify for credit?
Qualified expenses include tuition and mandatory miscellaneous fees, it does NOT include housing, meals, insurance, health service fees, bookstore purchases, parking permits or fines, etc.
I made several payments in 2016 but they are not reflected on my 1098-T. Why?
The IRS gave colleges and universities the option to either report “Payments received for qualified tuition and related expenses” – or – “Amounts billed for qualified tuition and related expenses”. Rogers State University chose to report on “qualified amounts billed”. As a result, nothing will be reported on your 1098-T in regards to payments made. Your eligibility for tax benefits is not impacted by whether a university reports amounts paid or amounts billed. The school must continue to use the same reporting method for all calendar years unless the IRS grants permission to change the reporting method.
Why isn’t there an amount entered in Box 1?
Box 1 –“Payments received for qualified tuition and related expenses”. The IRS provides the option to colleges and universities to report either amounts in Box 1 or Box 2, but not both. Rogers State University has selected to report amounts in Box 2, so Box 1 must be blank.
The information provided here is NOT tax advice. It is offered only as general information for RSU students and their families. Please consult a qualified tax expert for advice on computing, claiming, or determining qualification for any tax benefit.