As required by the Internal Revenue Service ("IRS"), Form 1098-T is mailed by Jan. 31 to all students who had qualified tuition and other related educational expenses billed to them during the previous calendar year.
The information reported on Form 1098-T is intended to help students evaluate their eligibility for education tax assistantships part of their Federal Income Tax Return. While it is a good starting point, the 1098-T, as designed and regulated by the IRS, does not contain all of the information needed to claim a tax credit. It is up to each taxpayer to determine eligibility for the credits and how to calculate them. IRS Publication 970 "Tax Benefits for Higher Education" as well as Chapter 35 of IRS Publication 17 provide additional information on these credits.
Please Note: As mentioned above, Form 1098-T is informational only as it serves to alert students that they may be eligible for federal income tax education credits. Form 1098-T should not be considered a tax opinion or legal, accounting or tax advice.
Form 1098-T Frequently Asked Questions
What is a 1098-T?
The 1098-T form is used by eligible educational institutions to report information about their students to the IRS as required by the Taxpayer Relief Act of 1997. Eligible educational institutions are required to submit the student's name, address, and taxpayer's identification number (TIN), enrollment and academic status. Since 2003, educational institutions must also report amounts to the IRS pertaining to qualified tuition and related expenses, as well as scholarships and/or grants, taxable or not. A 1098-T form must also be provided to each applicable student. This form is informational only. It serves to alert students that they may be eligible for federal income tax education credits. It should not be considered as tax opinion or advice. While it is a good starting point, the 1098-T, as designed and regulated by the IRS, does not contain all of the information needed to claim a tax credit. There is no IRS requirement that you must claim the tuition and fees deduction or an education credit. Claiming education tax benefits is a voluntary decision for those who may qualify.
Why did I receive a Form 1098-T?
In January of each year, Quinnipiac University mails an IRS Form 1098-T to all students who had qualified tuition and other related educational expenses billed to them during the previous calendar year. This form is informational only and should not be considered as tax opinion or advice. It serves to alert students that they may be eligible for federal income tax education credits.Receipt of Form 1098-T does not indicate eligibility for the tax credit. To determine the amount of qualified tuition and fees paid, and the amount of scholarships and grants received, a taxpayer should use their own financial records.
What are education tax credits?
These credits are explained in IRS Publication 970 "Tax Benefits for Higher Education" as well as Chapter 35 of IRS Publication 17.
Do I qualify for these credits?
Unfortunately, as noted above, Quinnipiac University may not offer any tax advice to our students. Please seek the advice of a tax professional.
Did you send a copy of this form 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 Internal Revenue Service in determining eligibility for education tax credits.
Why isn't there an amount in Box 1?
The IRS instructs institutions to report either payments received (Box 1) or amounts billed for qualified tuition and related expenses (Box 2) on the 1098-T. Once an institution has selected one of these options, it cannot change reporting methods between calendar years without IRS permission. Quinnipiac University reports qualified tuition and related expenses that were billed during the tax year (Box 2); therefore, Box 1 - Payments Received for Qualified Tuition and Related Expenses, will be blank.
For purposes of Box 2, what educational expenses are considered as qualified tuition and related expenses?
Qualified tuition and related expenses refer to tuition and fees a student must pay to be enrolled at or attend an eligible education institution. For 1098-T purposes, tuition waivers, graduate assistantships and Quinnipiac University educational assistance are typically considered a reduction of qualified tuition and related expenses. As the taxability of these items varies on a case-by-case basis, it is therefore up to the student to adjust qualified tuition and related expenses for these items accordingly.
Qualified expenses do not include:
- Amounts paid for any course or education involving sports, games or hobbies unless the course or other education is required as part of the student's degree program or is taken to acquire or improve job skills.
- Charges and fees for room, board, insurance, transportation, personal, living and other family expenses.
- The cost of books and equipment are generally not qualified expenses because eligible educational institutions usually do not require that the cost of the books or equipment be paid to the institution as a condition of the student's enrollment or attendance at the institution.
Do the "Amounts Billed" figures in Box 2 of my 1098T equal the "Qualified Expenses" I can claim on my IRS Form 8863 as I file my taxes?
Not necessarily. The University is required to provide the "amounts billed" and "scholarship or grant" figures to help you determine the amount of qualified expenses you can claim on your IRS Form 8863. Per Internal Revenue Code Section 25A, taxpayers may claim an education tax credit only with respect to qualified tuition and related expenses paid (not billed) during the calendar year. You will need to review your payment records to determine the actual qualified expenses paid. See IRS Publication 970 for information to determine your qualified expenses paid amount.
What amounts appear in Box 4 - Adjustments made for a prior year?
This box shows the amount of any tuition and fees reductions in the current calendar year for charges that were billed in a previous calendar year.
How did the University figure out what amounts to include in Form 1098T Box 5 Scholarships or Grants?
The figure in Box 5 Scholarships or grants includes scholarships, grants and some state scholarships which have been administered by Quinnipiac University. If you received other forms of outside scholarships and grants not administered by Quinnipiac University, it is your responsibility to adjust the figure accordingly.
What amounts appear in Box 6 - Adjustments to scholarships or grants for a prior year?
This box shows the amount of any scholarship and grant reductions in the current calendar year for aid that was credited in a previous calendar year.
Why is there no check mark in box 8 ("at least part-time")?
Box 8 will not be checked if you did not complete six credit hours during an academic period which is either enrolled or billed during the calendar year.
When will Box 9 be checked ("graduate student")?
Box 9 will be checked if you were enrolled in a program or programs leading to a graduate-level degree, graduate-level certificate or other recognized graduate-level educational credential.
What if my 1098-T has the incorrect social security number on it?
Please contact Maureen Prefontaine, federal programs supervisor.
I am a foreign student; can I claim a credit?
Generally, foreign students cannot claim credits. However, some foreign students may be eligible. Review IRS forms, instructions and publications for guidance.
I have not received my paper 1098-T.What address was it mailed to?
The 1098-T was mailed to the permanent address as maintained by Quinnipiac University's Registrar's Office.
My address listed on the 1098-T has changed. Will this affect me when I file my tax return?
No. The address shown on Form 1098-T is irrelevant for IRS income tax filing purposes. The single most important information on the form is your Social Security Number.
I misplaced my copy of the Form 1098-T. How do I get a reprint of my 1098-T form?
Students and Parents (with Parent WebAdvisor Access) can access a copy of your 1098-T via their WebAdvisor account. Please note copies of your 1098-T will not be mailed, faxed or photocopied for your availability. All copies must be obtained from the student's WebAdvisor account.
What if I still have questions?
If you have additional questions/concerns you can reach us:
E-mail: Maureen Prefontaine
IRS Tax information: 800-829-1040
Note: Please be advised that Quinnipiac University is prohibited from providing legal, tax or accounting advice to students and we are not responsible for any use you make of this information.