What is Form 1098-T?
Form 1098-T, Tuition Statement: When figuring an education credit or the tuition and fees deduction, use only the amounts you paid and are deemed to have paid during the tax year for qualified education expenses. In most cases, the student should receive Form 1098-T from the eligible educational institution by January 31st. An institution may choose to report either payments received during the calendar year (box 1), or amounts billed during the calendar year (box 2), for qualified education expenses. However, the amounts in boxes 1 and 2 of Form 1098-T might be different than the amount you actually paid and are deemed to have paid. In addition, the Form 1098-T should give you other information for that institution, such as adjustments made for prior years, the amount of scholarships or grants, reimbursements, or refunds, and whether the student was enrolled at least half- time or was a graduate student. The eligible educational institution may ask for a completed Form W-9S, Request for Student's or Borrower's Taxpayer Identification Number and Certification, or similar statement to obtain the student's name, address, and taxpayer identification number.
Note: Stanislaus State reports amounts billed, box 2.
How do I receive a copy of Form 1098-T?
The University will mail this form to students by January 31, as required by the IRS. Form 1098-T is mailed to the address on file with Enrollment Services as of December 31.
My Form 1098-T contains incorrect information. How can this be corrected?
Call the university, (209) 667-3063, and explain what information you feel is incorrect. If Form 1098-T does contain incorrect information, a corrected form will be issued. Students must update their SSN and/or mailing address by December 30th.
Who can I contact if I don't receive my 1098-T in the mail?
If you don't receive your 1098-T in the mail after January 31st you can print a duplicate from the website listed below or call ECSI at 1-866-428-1098. To access your 1098-T on the web you will need your social security number, PIN and our school code 1T. If you have lost or don't know your PIN call ECSI at 1-866-428-1098. www.ecsi.net/1098t
The following information comes from the Internal Revenue Service (IRS) or IRS publications. Any information provided on our campus website does not constitute tax advice and any user or reader of this information should consult with a qualified tax advisor.
Tax Savings from Higher Education Costs
Money you paid for higher education in 2015 can mean tax savings in 2016. If you, your spouse or your dependent took post-high school coursework last year, there may be a tax credit or deduction for you. Here are some facts from the IRS about key tax breaks for higher education.
The American Opportunity Credit (AOTC) is:
- Worth up to $2,500 per eligible student.
- Used only for the first four years at an eligible college or vocational school.
- For students earning a degree or other recognized credential.
- For students going to school at least half-time for at least one academic period that started during or shortly after the tax year. Claimed on your tax return using Form 8863, Education Credits.
The Lifetime Learning Credit (LLC) is:
- Worth up to $2,000 per tax return, per year, no matter how many students qualify.
- For all years of higher education, including classes for learning or improving job skills.
- Claimed on your tax return using Form 8863, Education Credits.
The Tuition and Fees Deduction is:
- Claimed as an adjustment to income.
- Claimed whether or not you itemize.
- Limited to tuition and certain related expenses required for enrollment or attendance at eligible schools.
- Worth up to $4,000.
- You should receive Form 1098-T, Tuition Statement, from your school by Feb. 1, 2016. Your school also sends a copy to the IRS.
- You may only claim qualifying expenses paid in 2015.
- You can’t claim either credit if someone else claims you as a dependent.
- You can’t claim either AOTC or LLC and the Tuition and Fees Deduction for the same student or for the same expense, in the same year.
- Income limits could reduce the amount of credits or deductions you can claim.
- The Interactive Tax Assistant tool on IRS.gov can help you check your eligibility.
IRS Free File
You can use IRS Free File to prepare and e-file your federal tax return for free. File Form 8863, Education Credits, with your Form 1040. Free File is only available at IRS.gov/freefile.
Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. These are your Taxpayer Bill of Rights. Explore your rights and our obligations to protect them on IRS.gov.
Additional IRS Resources:
- Tax Benefits for Education: Information Center
- Education Credits--AOTC and LLC
- American Opportunity Tax Credit
- Lifetime Learning Credit
- American Opportunity Tax Credit: Questions and Answers
- Form 8917, Tuition and Fees Deduction
- Publication 970, Tax Benefits for Education
IRS YouTube Videos: