What is the form 1098-T?
The 1098-T is used to report information 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 identification number, enrollment and academic status, amounts pertaining to qualified tuition, related expenses, and scholarships and/or grants, taxable or not. This form is for informational purposes only. While it is a good starting point, the 1098-T, as designed and regulated by the IRS, does not contain all the information needed to claim a tax credit.
Important IRS update:
The IRS is now requiring colleges and universities, starting with the 2018 tax year, to report in Box 1 (payments received). Previously, Springfield College was reporting in Box 2 for amounts billed.
How do I opt-in/access my 1098t form?
Students are encouraged to “opt-in” to view their electronic 1098t form. Students can print this form and share it with their tax accountant etc. To “opt-in” please log in to PrideNET; go to “My Profile”; on the left-hand side select “My 1098t Preference”; “Go to my 1098t info”; Select the last calendar tax year; Delivery preference; and “Consent to receive electronically”.
Why did I receive a 1098-T and what am I supposed to do with it?
In January of each year, Springfield College mails an IRS Form 1098-T to all students who had qualified tuition and other related educational expenses paid 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 expenses paid, and the amounts of scholarships and grants received, a taxpayer should use their own financial records. It is up to the taxpayer to determine eligibility for the tax credits.
Why didn’t I receive a 1098-T?
The IRS does not require us to generate a 1098t form for the following:
- International students (unless requested with SSN and/or TIN on file)
- Students enrolled in non-degree programs
- Students who did not have qualified tuition and related expenses
What do the boxes on the 1098-T mean and why is there nothing in Box 2?
- Box 1 - Payments Received for Qualified Tuition and Related Expenses. The amount reported is the total amount of payments received less any reimbursements or refunds made during the calendar year. The amount reported is not reduced by scholarships and grants reported in box 5. For more information about your 2018 1098t and reporting in Box 1, please click here.
- Box 2 - Starting with the 2018 tax year, this box will now be blank.
- Box 3 - This box will be checked since Springfield College did change its method of reporting for the calendar year.
- Box 4 - The amount of any adjustments made to qualified tuition and related expenses reported on a prior year Form 1098-T. This amount may reduce any allowable education credits students may claim for the prior year. See IRS Form 8863 or IRS Publication 970 for more information.
- Box 5 - The total amount of scholarships or grants paid and processed by Springfield College during the calendar year. This may also include scholarships and grants that posted in the reporting year for a prior year.
- Box 6 - The amount of any adjustments made for prior year scholarships or grants. This amount may affect the amount of any allowable tuition and fees deduction or education credit students may claim for the prior year. See IRS Form 8863 or IRS Publication 970 for more information.
- Box 7 - If checked indicates that the amount reported in Box 1 includes amounts paid for an academic period beginning in the next calendar year. (payments made in December 2018 for terms beginning January – March 2019) See IRS Publication 970 for more information.
- Box 8 - Indicates whether students are considered to be carrying at least one-half the normal full-time workload for their course of study at Springfield College.
- Box 9 - Indicates whether a student is considered a graduate student.
- Box 10 - This box will be blank.
What educational expenses are considered as qualified tuition and related expenses?
Qualified tuition and related expenses include undergraduate and graduate tuition, and student activity fees. The cost of course-related books and supplies, may qualify in certain circumstances.
Expenses that do not qualify include room and board, insurance, medical expenses, and various fees and charges.
See IRS Form 8863 or IRS Publication 970 for more information.
I paid my qualified tuition and related expenses with student loans. Can I still get credit?
Loan funds should be considered in the same manner as cash payments. The credit is claimed in the year in which the expenses are paid, not in the year in which the loan is repaid.
How can I see the activity on my student account for the calendar year?
Students can see the activity on their student account by logging into PrideNET, going to My Profile/My Student Account, and clicking on the My Account Balances link. Clicking on one the semester balances will show all transactions sorted by semester.
Springfield College cannot provide tax advice. Individuals should consult their tax professional to find out more about their eligibility for tax credits and/or the taxability of your scholarships. Information also may be obtained at the Internal Revenue Service website.
What is the Springfield College federal identification number for tax filing purposes?
Our federal identification number is 04-2104329. It is included on all tax documents produced by the College (W-2, 1098-T, etc.).