The Taxpayer Relief Act of 1997 requires that all educational institutions provide U.S. citizens or permanent residents with a tax form detailing qualifying tuition and related expenses for the calendar year. This form is referred to as Form 1098-T. Educational institutions are not required to provide forms to non-resident aliens. As a result, you may not receive a form if you are a non-resident alien.
Form 1098-T will be available in the Financial Information section on the Felician Payment Center no later than January 31st of each year. Students can save time waiting for their hardcopy of the form 1098T by accessing an electronic copy online in Self-Service. Students who do not consent to receiving an electronic copy will receive a hardcopy of their 1098T form mailed to the address on file with the University. It is imperative that the student keeps important information such as address and social security number up to date with the Registrar’s Office, as this information is submitted to the IRS and insures proper mailing of the tax form.
Below are descriptions of certain information contained in Form 1098-T which will assist you in better understanding the form:
- Box 1 – Shows the total payments received by an eligible educational institution within tax year from any source for qualified tuition and related expenses less any reimbursements or refunds made during tax year that relate to those payments received.
- Box 2 – Reserved.
- Box 3 – Reserved.
- Box 4 – Shows any adjustment made by an eligible educational institution for a year prior for qualified tuition and related expenses that were reported on a prior year Form 1098 -T.
- Box 5 – Shows the total of all scholarships or grants administered and processed by the eligible educational institution during the calendar year.
- Box 6 – Shows adjustments to scholarships or grants for a prior year.
- Box 7 - Amounts billed for qualified tuition and related expenses, reported on the current year’s form, but are related to an academic period that begins in January through March of the following year.
- Box 8 – If checked, the student was at least a half-time student during any academic period. A halftime student is a student enrolled for at least half the full-time academic workload for the course of study the student is pursuing.
- Box 9 – If checked, the student was a graduate student. The student is a graduate student if the student was enrolled in a program or programs leading to a graduate-level degree, graduate-level certificate, or other recognized graduate-level educational credential.
For additional information and instructions on Form 1098-T, please see IRS Publication 970 or www.IRS.gov.