Your 1098-T Form might look confusing at first glance. We鈥檙e here to help you decode the boxes and their contents.
Box 1
Box 1 shows the payments that the school received for qualified tuition and related expenses during the previous year. It also includes Scholarships and Grants received for Tuition or related expenses. You may be able to deduct some or all of this amount from the income you report on your federal tax return.
Box 2
Box 2 shows the amounts billed for qualified tuition and related expenses during the previous year. You may be able to deduct some or this entire amount from the income you report on your federal tax return. As of 2018, Box 2 is not being filed and is no longer an option, per federal regulations.
Box 3
Schools can either report billed or paid amounts, and are required to report if a change is made in reporting method. If Box 3 is checked, your school has simply changed its reporting method.
Box 4
Box 4 shows any adjustment, refunds towards reductions, or reimbursements made for any prior year for qualified tuition and related expenses that were reported on a prior year鈥檚 1098-T Form. This amount could reduce any allowable education credit that you claimed for any prior year.
Box 5
Box 5 shows the total of all scholarships or grants processed and administered by the eligible school or university. The amount of grants or scholarships for the calendar year (including those not reported by your institution) could reduce the amount of the education credit you can claim for the year.
Box 6
Box 6 shows any adjustments to grants and scholarships for a previous year. The amount in this box may affect the amount of any allowable tuition and fees deduction or education credit that you claimed for the previous year. You may have to file an amended income tax return (Form 1040X) for the previous year.
Box 7
A checkmark in Box 7 means that Box 1 includes the amount for an academic period beginning January-March of the following year.
Box 8
A checkmark in Box 8 means that you are considered to be carrying at least one-half the normal full-time workload for your course of study at the reporting institution for the reporting or registered year.
Box 9
A checkmark in Box 9 means that you are considered to be enrolled in a program which leads to a graduate degree, graduate-level certificate, or other recognized graduate-level educational credential.
Box 10
Box 10 shows the total amount of reimbursements or refunds of qualified tuition and related expenses made by an insurer. The amount of reimbursements or refunds for the calendar year may reduce the amount of any education credit you can claim for the year (may result in an increase in tax liability for the year of the refund.)
The following items are not qualified transactions and should not be included on form 1098-T: Expenses for courses involving sports, games, or hobbies (unless part of a degree program), dining/meal plan charges, health or disability insurance fees (even if required; excluded by statute), housing charges, late payment fees, library fines, loan processing fees, orientation fees (portion which covers expenses for overnight stays), parking permits, parking fines, student health fees, transportation fees (if providing individual benefit).
1098-T forms will be available starting January 31st.
To give consent to receive your 1098-T form electronically, click on the link below and follow the simple instructions to sign up.
If electronic consent is not received by January 1, the 1098-T will be mailed to the current address on file with your school.