Tuition Statement (1098-T) FAQs

Form 1098-T: Tuition Statement is an informational return that educational institutions are required to issue to each enrolled student and for whom a reportable transaction is made.

The 1098-T provides tax information to both the taxpayer and the IRS, which may be useful in determining eligibility for tax credits and/or deductions. Either the student or the person that claims the student as a dependent may be eligible for tax credits and/or deductions on his/her individual income tax return for qualified tuition and related expenses.

Please note that the 1098-T may not provide all the information you need to determine eligibility, and you will also need your personal financial records. Eligibility for any tax benefit depends upon your individual facts and circumstances. The College cannot provide tax advice. Please consult the IRS or a tax professional to find out more about education credits and deductions and your eligibility.

You may qualify to claim the tuition and fees deduction or an education credit on Form 1040 or 1040A for the qualified tuition and related expenses paid during the calendar year.

The 1098-T will be mailed no later than January 31 to the address on file with the College.

If your address is not current on your student record, then a 1098-T may have been sent to an old or incorrect address.

Once made available, students can easily access their 1098-T form from their Self-Service Portal by completing the following steps:

1. Log into Self-Service
2. Select Tax Information
3. Select Tax Year and 1098-T

Box 2 reports amounts billed for qualified tuition and related expenses. The IRS defines qualified tuition and related expenses as "tuition and fees required for the enrollment or attendance of a student for a course of instruction at an eligible institution." For 1098-T reporting purposes, the following are examples of items that are included and not included as qualified tuition and related expenses (it is not an all-inclusive list):

Included:

• Tuition
• Laboratory fees attached to courses
• Course fees attached to courses
• Special Instruction fees attached to courses

Not included:

• Non-Credit Course fees
• Housing and Dining costs
• Books, supplies and equipment
• Medical Services fee/Insurance premiums
• Transportation fees
• Application fees

King’s College is required to report amounts that are applied only to qualified tuition and related expenses. This may be less than the total amount of payments made to the College if part of those payments also paid for charges other than qualified tuition and related expenses.

Box 1 shows the total payments received in the tax year from any source for qualified tuition and related expenses less any reimbursements or refunds made that relate to those payments received during the tax year. See “Instructions for Student” located on the second page of IRS Form 1098‐T.

Box 4 shows any adjustment made for a prior year for qualified tuition and related expenses that were reported on a prior year’s Form 1098‐T. This amount may reduce any allowable education credit that you claimed for the prior year (may result in an increase in tax liability for the year of the refund). See “Instructions for Student” located on second page of the IRS Form 1098‐T.

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 the education credit you claim for the year. See “Instructions for Student” located on the second page of the IRS Form 1098‐T.

Box 6 shows any 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 that you claimed for the prior year. You may have to file an amended income tax return (Form 1040X) for the prior year. See “Instructions for Student” located on the second page of the IRS Form 1098‐T.

This shows that the amount in Box 2 includes amounts for the academic period beginning January‐March of the following tax year. See Pub. 970 for how to report these amounts. See “Instructions for Student” located on the second page of the IRS Form 1098‐T.

Box 8 indicates whether you are carrying at least one‐half the normal full‐time workload for your course of study at the reporting institution. See “Instructions for Student” located on the second page of the IRS Form 1098‐T.

Box 9 indicates whether you are enrolled in a program leading to a graduate degree, graduate level certificate, or other recognized graduate‐level educational credential. See “Instructions for Student” located on the second page of the IRS Form 1098‐T.

The 1098-T, as designed and regulated by the IRS, does not contain all the information needed to claim an education tax benefit. Most of the information needed must come from the student's personal financial records of what the student paid during the calendar year. Each taxpayer and their respective tax advisor must make the final determination on qualifying expenses, eligibility for a tax credit or deduction, and taxability of any scholarships received.

Yes. Please review Publication 970: Tax Benefits for Education.