IRS Form 1098-T 

If you are a US resident for tax purposes, you may be eligible to claim a tax credit on your federal tax return if you paid qualified educational expenses to D'Youville College.

What is Form 1098-T?

What educational expenses are considered as qualified tuition and related expenses?

Who qualifies to receive a Form 1098-T?

Did D'Youville send a copy of this form to the IRS?

What is D'Youville's EIN or Federal ID number?

Explanation of Boxes

Why is Box 1 empty?

Why does Box 2 seem lower (or higher) than I expected?

Can I view my 1098-T online?

How do I get a duplicate 1098-T?

How much did I pay towards tuition and eligible fees for the tax year?

Where can I get more information regarding Form 1098-T?

 

What is Form 1098-T?

Each January D'Youville College mails IRS Tax Form 1098-T to qualified students. 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. Educational institutions are required to submit a student's name, address, and taxpayer's identification number (TIN), enrollment and academic status. Beginning with 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. This statement shows qualified tuition and fees that were billed between January 1 and December 31 of a given tax year as well as financial aid paid between those dates. Using this information, you can determine if you qualify for any available tax credit to reduce federal income tax liability.

What educational expenses are considered as qualified tuition and related expenses?

Generally, qualified education expenses are amounts paid between January 1 and December 31 of a given tax year for tuition and fees required for the student's enrollment or attendance at an eligible educational institution. It does not matter whether the expenses were paid in cash, by check, by credit or debit card, or with borrowed funds.
For course-related books, supplies, and equipment, only certain expenses qualify.

  • American Opportunity Credit: Qualified education expenses include amounts spent on books, supplies, and equipment needed for a course of study, whether or not the materials are purchased from the educational institution as a condition of enrollment or attendance.
  • Lifetime learning credit: Qualified education expenses include amounts for books, supplies, and equipment only if required to be paid to the institution as a condition of enrollment or attendance.

Qualified education expenses include nonacademic fees, such as student activity fees, athletic fees, or other expenses unrelated to the academic course of instruction, only if the fee must be paid to the institution as a condition of enrollment or attendance. However, fees for personal expenses (described below) are never qualified education expenses.

Qualified education expenses for either credit do not include amounts paid for:

  • Personal expenses. This means room and board, insurance, medical expenses (including student health fees), transportation, and other similar personal, living, or family expenses.
  • Any course or other education involving sports, games, or hobbies, or any noncredit course, unless such course or other education is part of the student's degree program or (for the lifetime learning credit only) helps the student acquire or improve job skills.

Qualified education expenses paid on behalf of the student by someone other than the student (such as a relative) are treated as paid by the student. Qualified education expenses paid (or treated as paid) by a student who is claimed as a dependent on your tax return are treated as paid by you.

If you or the student takes a deduction for higher education expenses, such as on Schedule A or C (Form 1040), you cannot use those expenses in your qualified education expenses when figuring your education credits.
CAUTION: Qualified education expenses for any academic period must be reduced by any tax-free educational assistance allocable to that academic period.

For more information about qualified educational expenses please go to: http://www.irs.gov/publications/p17/ch35.html#d0e74760

Who qualifies to receive a Form 1098-T?

Students who had qualified tuition and other related educational expenses billed to them during the previous calendar year will receive a 1098-T. Receiving the form does not guarantee you a tax deduction. It is solely meant to provide you with information so that you can determine if you qualify for the credit.

International students (citizenship other than U.S.) do not receive Form 1098-T. To request a Form 1098-T you must complete IRS Form W-9S  and return it to the Student Accounts Office.

Did D'Youville 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 any available tax credit to reduce federal income tax liability. The annual deadline for D'Youville College to file the required tax information electronically is March 31, although data may be transmitted earlier as circumstances allow.

What is D'Youville's EIN or Federal ID number?

The EIN is the same as the Federal ID number: 16-0743989.

Explanation of Boxes

  • Box 2: how much you were billed for qualified tuition and fees between January 1 and December 31 of a given tax year. Note that this does not includes expenses such as parking permits, books, housing, etc.
  • Box 4: a change has been made to the amount in Box 2 for a previous year's taxes. Usually (but not always) this is for a class that was reported in 1 tax year that was later dropped in the following tax year. Consult the IRS or your tax advisor to see if you will need to do an amendment to your taxes.
  • Box 5: how much financial aid and scholarships paid between January 1 and December 31 of a given tax year. This does not include loans. Loans are considered out-of-pocket payments.
  • Box 6: a change has been made to the amount in Box 5 for a previous year's taxes. Usually (but not always) this means that financial aid that paid in during 1 tax year was removed in the following tax year. Consult the IRS or your tax advisor to see if you need to do an amendment to your taxes.
  • Box 7: if checked, Box 2 includes tuition and fees charged in a given tax year for courses that do not start until January-March of the following year.
  • Box 8: if checked, the student was registered for at least 6 credits during at least 1 semester between January 1 and December 31 of the tax year.

Why is Box 1 empty?

D'Youville College can only report in either Box 1 or Box 2 - not both. The College has chosen to report the qualified tuition and fees that were billed between January 1 and December 31 of a given tax year. The fact that Box 1 is empty does NOT mean you did not pay anything. You will need to refer to your receipts or your STACI account for billing information.

Why does Box 2 seem lower (or higher) than I expected?

Keep in mind that Box 2 only contains amounts that were billed between January 1 and December 31 of a given tax year. Many students register for their spring courses the previous October when registration begins. So, for example, if a student registered in October 2012 for spring 2013 courses, the spring charges will be on the 2012 1098-T and not the 2013 1098-T, therefore making Box 2 on the 2012 tax form look too high. Likewise, when this student gets the 2013 tax form, Box 2 will look too low since spring 2013 was on the previous year's tax form.

Can I view my 1098-T online?

Yes. D'Youville College, in conjunction with ECSI, offers you the opportunity to receive your 1098-T Tuition Statement Tax Form electronically. If you would like to receive your 1098T form electronically, please give your consent at:
http://www.ecsi.net/gateway/1098t-signup.html?school=VH

How do I get a duplicate 1098-T?

You can print out another copy of your 1098-T online at https://borrower.ecsi.net/ The D'Youville College school code to be used for ECSI is VH.

How much did I pay towards tuition and eligible fees for the tax year?

Please refer to your receipts, canceled checks, and credit card statements. You can view billing information online, log-in to your STACI account.

Where can I get more information regarding Form 1098-T?

Visit the IRS website at www.irs.gov. Search for Publication 8863. You can also contact your tax preparer.

 

 

Related Content


tip D'Youville College cannot give tax advice, and any information obtained on our website or from our office must not be construed as tax advice.


tip There is no IRS requirement that you must claim the tuition and fees or an education credit. Claiming education tax benefits is a voluntary decision for those who may qualify.


tip D'Youville College must be informed of your social security number to file information about qualified tuition and related expenses, Form 1098-T, to the IRS and to you. The information about your tuition will help to determine whether you, or the person who claims you as a dependent, qualify for any available tax credit to reduce federal income tax liability.

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