1098-T FAQ's

 

What is a 1098-T?

What should I do with the 1098-T form?

When will the College send me the 1098-T form?

How can I get a reprint of my 1098-T or can I get the form electronically?

Instructions for Student:

Why isn't there an amount in box 1?

What if I still have questions regarding the 1098-T?

 

What is a 1098-T?

Form 1098-T Tuition Payments Statement is the information return that colleges and universities are required to issue to students to help determine a student's eligibility for the educational credits.

 

What should I do with the 1098-T form?

Bring the form to your tax advisor along with the detail of your student account and have the advisor help you determine if you qualify for the tax credits.  An eligible educational institution, such as a college or university, must furnish this information to you.  You, or the person who can claim you as a dependent, may be able to claim an education credit on form 1040 or 1040A for the qualified tuition and related expenses that were actually paid during the calendar year.  Institutions may report either payments received in box 1, or amounts billed in box 2. {note: The College of St. Scholastica reports in box 2}  The amount in box 1 or 2 may represent an amount other than the amount actually paid during the calendar year. 

 

Please note:  it is up to the taxpayer to determine eligibility  for the credits and how to calculate them.

 

When will the College send me the 1098-T form?

The college is required to mail the 1098-T forms to all students, excluding international students, by January 31st.  The college is also required to electronically report this information to the IRS by February 28th

 

How can I get a reprint of my 1098-T or can I get the form electronically?

A student will be able to access a copy of this form via Cor.css.edu and selecting the OneStop tab.  Select the "Access your 1098T tax information" link.    Students will be asked to select the appropiate tax year.   Please note: CSS will not mail any duplicate forms. 

 

Instructions for Student:

Your institution must include its name, address and contact person.  Although the contact person may be able to answer certain questions about the statement, do not contact them for explanations of the requirements for (and how to calculate) any education credit that you may claim.  For more information, please refer to the additional resources link above.

 

Account number        May show an account or other unique number the filer assigned to distinguish your account.

Box 1                          Shows the total payments received for qualified tuition and related expenses less any related reimbursements or refunds. {{note: The College of St. Scholastica reports in box 2}

Box 2                          Shows the total amounts billed for qualified tuition and related expenses less any related reductions in charges.

Box 3                          Shows whether your institution changed its method of reporting for the year. {The College of St. Scholastica did not change its method of reporting this year}

Box 4                          Shows any adjustments made for a prior year for qualified tuition and related expenses that were reported on a prior year form 1098-T.  This amount may reduce any allowable education credit you may claim for the prior year.  Refer to Form 8863 or Pub. 970 for additional information.

Box 5                          Shows the total of all scholarships or grants administered and processed by the eligible educational institution.  The amount of scholarships or grants for the calendar year, including those not reported by the institution, may reduce the amount of any allowable tuition and fees deduction or the education credit you may claim for the year.

Box 6                          Shows adjustments to scholarships or grants for a prior year.  This amount may affect the amount of any allowable tuition and fees deduction or education credit you may claim for the prior year.  Refer to Pub. 970 for reporting instructions.

Box 7                          Shows whether the amount in box 1 or 2 includes amounts for an academic period beginning January-March 2011.  See Pub. 970 for reporting instructions.

Box 8                          Shows whether you are considered to be carrying at least one-half the normal full-time workload for your course of study at the reporting institution.  If you are at least a half-time student for at least one academic period that begins during the year, you meet one of the requirements for the Hope credit.  You do not have to meet the workload requirement to qualify for the lifetime learning credit.

Box 9                          Shows whether you are considered to be enrolled in a program leading to a graduate degree, graduate-level certificate, or other recognized graduate-level educational credential.  If you are enrolled in a graduate program, you are not eligible for the Hope credit, but may qualify for the lifetime learning credit.

Box 10                        Shows the total amount of reimbursements or refunds of qualified tuition and related expenses made by an insurer.  The amount of reimbursements or refunds for the calendar year may reduce the amount of any education credit you can claim for the year.

 

Why isn't there an amount in box 1?

The IRS requires that institutions report either payments received {box 1} or amounts billed for qualified tuition and related expenses {box 2} on the 1098-T form.

Please note that CSS does not report in box 1 - this box should remain empty.  The college reports in box 2, showing the total amount billed for qualified tuition and related expenses less any related reimbursements or refunds.

 

What if I still have questions regarding the 1098-T?

If you have additional questions/concerns you can reach OneStop Student Services:

            By phone at (218) 723-6570 or 877-287-8716

            By email at onestop@css.edu  

Please note: CSS is prohibited from providing legal, tax or accounting advice to students.  We encourage students to contact their tax advisors or the IRS with questions.