Suffolk University produces 1098-T statements each January for students who pay qualified tuition and fees required for enrollment or attendance during the prior tax year. The 1098-T statements show charges when they are assessed between January to December of a calendar year.
For example: Spring registration happens in November and charges are generated at the time of registration. So the 1098-T of a year would include Fall and Spring and sometimes summer if a student registers for it.
Suffolk University elected to adopt the IRS option of reporting qualified tuition and expenses billed during the calendar year. Students and parents should have receipts for payments made.
Qualified tuition and related expenses do not include books, room and board, student activities, athletics (unless the course is part of the degree program), insurance, equipment, transportation, or other similar personal, living, or family expenses.
An eligible taxpayer— the student or, if the student is a dependent for federal income tax purposes, the person (e.g., parent) claiming the student as a dependent—may claim two tax credits to offset the cost of education: the American Opportunity/Hope Tax Credit and the Lifetime Learning Credit. A student who is a dependent cannot claim the tax credits or deduction on his or her own tax return.
Box 7 on Form 1098-T indicates that the amount in Box 2 includes amounts billed for an academic period that takes place in the next calendar year. If this box is checked, you may be eligible to claim a tax credit in either year. You should consult a licensed tax preparer for specific information about your potential eligibility.