Please note, Springfield College cannot provide tax advice. Individuals should consult their tax professional for more information 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 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.
The information reported to students on Form 1098-T is also reported by Springfield College to the IRS. This form is provided to help you, or the person who may claim you as a dependent, determine whether or not you qualify for an American Opportunity Tax Credit, or a Lifetime Learning Credit on Form 1040 or 1040A for the qualified tuition and related expenses.
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 receive my 1098-T form?
All registered students are required to eSign their Financial Obligation Agreement. Part of this agreement states that the college will make the 1098-T form available online to the students. The electronic form is available online for students to print and/or share with their tax preparer. Students can refer back to the online form for several years after leaving the college.
To view your 1098-T form, log into PrideNET; My Profile; My 1098-T, select the year you wish to view. Click on view/print statement at the bottom of the page. (If you receive a pop-up blocker, click allow, and then click view/print statement button again.)
Students will not receive a paper form unless they opt out of receiving the electronic form. To opt out, a student must email Student Accounts at email@example.com from their student email.
Why did I receive a 1098-T and what am I supposed to do with it?
In January of each year, Springfield College prepares an IRS Form 1098-T to all students who had qualified tuition and other related educational expenses paid by them during the previous calendar year. This form is for informational purposes only. 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.
Why didn’t I receive a 1098-T?
The IRS does not require us to generate a 1098-T 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?
- 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.
- Box 2 - Starting with the 2018 tax year, this box will now be blank.
- Box 3 - This box will be blank.
- 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 for terms beginning January – March) 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?
Login to PrideNET; “My Profile/My Student Financial Portal”; and click on “Student Account Details”. Click on “View Details” for one of the semester balances that coincide with the tax year to show all the transactions for that semester.
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. Click on one of the semester balances and it will show all transactions sorted by semester.
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.).