1098-T

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 made payments for qualified tuition and related expenses during a calendar year.

Electronic delivery is immediate and more secure because your document can’t be lost in the mail.

Forms are available for reprint on www.1098Tforms.com or at the Bursar’s Office.

In general, qualified tuition and related expenses for the education tax credits include tuition and required fees for the enrollment or attendance at eligible post-secondary educational institutions. The expenses paid during the tax year must be for: an academic period that begins in the same tax year or an academic period that begins in the first three months of the following tax year. Qualified expenses do NOT include housing, meals, insurance, health service fees, bookstore purchases, parking permits or fines, etc.

In previous tax years, educational institutions were given the option to report either payments received in Box 1 or total qualified tuition and expenses billed in Box 2. Rogers State University had chosen to report charges, not payments received.  Starting with tax year 2018, the university began reporting payments received on qualified tuition and related expenses (QTRE) in Box 1.

In previous years, IRS Form 1098-T included a figure in Box 2 that represented the qualified tuition and related expense (QTRE) the university billed to the student account for the calendar (tax) year.  Due to a change to institutional reporting requirement under federal law, beginning with tax year 2018, the university reported in Box 1 the amount of QTRE paid during the year.

Depending on the student's income (or family income, if the student is a dependent), whether the student is considered full or half-time enrolled, and the amount of qualified educational expenses for the year, the student may be eligible for a federal education tax credit.  (Student or their family can find detailed information about claiming education tax credits in IRS Publication 970, page 9.)

The dollar amounts reported on the Form 1098-T may assist in completing the IRS Form 8863 - the form used for calculating the education tax credits that a taxpayer may claim as part of their tax return.

Rogers State University is unable to provide students or their families with individual tax advice, but should you have questions, please seek the counsel of an informed tax preparer or adviser. 

Enter the total amount of payments received for qualified tuition and related expenses from all sources during the calendar year. The amount reported is the total amount of payments received less any reimbursements or refunds made during the calendar year that relate to the payments received for qualified tuition and related expenses during the same calendar year. The amount reported is not reduced by scholarships and grants reported in box 5. Include in this box the receipt of a payment of past-due qualified tuition or related expenses from a previous calendar year, but only if the educational institution previously billed the student for such amount(s).

No information entered here.

No information entered here.

Payments received. Enter reimbursements or refunds of qualified tuition and related expenses made during the calendar year that relate to payments received that were reported for any prior year after 2002.

Amounts billed. Enter any reductions in charges made for qualified tuition and related expenses made during the calendar year that relate to amounts billed that were reported for any prior year after 2002. These requirements also apply to an adjustment made in connection with a nonresident alien for which the educational institution filed and furnished a Form 1098-T for the prior year. 

Enter the total amount of any scholarships or grants that you administered and processed during the calendar year for the payment of the student's costs of attendance. Scholarships and grants generally include all payments received from third parties (excluding family members and loan proceeds). This includes payments received from governmental and private entities such as the Department of Veterans Affairs, the Department of Defense, civic and religious organizations, and nonprofit entities. However, see Exceptions, earlier.

A scholarship or grant is administered and processed by you if you receive payment of an amount, whether by check, cash, electronic transfer, or other means, and such payment is designated as a grant or a scholarship by the payor, or the circumstances make it clear that the payment is a grant or scholarship. A Pell Grant is an example of a grant administered and processed by a college or university in all cases.

Enter the amount of any reduction to the amount of scholarships or grants that were reported for any prior year after 2002.

Check this box if any payments received for qualified tuition and related expenses reported for 2018 relate to an academic period that begins in January through March of 2020.

Check this box if the student was at least a half-time student during any academic period that began in 2020. A half-time student is a student enrolled for at least half the full-time academic workload for the course of study the student is pursuing. Your institution's standard for a half-time student work load must equal or exceed the standards established by the Department of Education under the Higher Education Act and set forth in 34 C.F.R. section 674.2(b).

Check this box if the student was a graduate student. The student is a graduate student if the student was enrolled in a program or programs leading to a graduate-level degree, graduate-level certificate, or other recognized graduate-level educational credential.

If you are an insurer, enter the total amount of reimbursements or refunds of qualified tuition and related expenses that you made to the student during 2020.