What is the IRS Form 1098-T?
The IRS 1098-T form is an information form filed with the Internal Revenue Service. The 1098-T form reports amounts billed to you for qualified tuition and related expenses as well as other related information for a calendar year. The information on the 1098-T form is being provided to assist the student with filing for the education tax benefits/tax credit deductions, such as the Lifetime Learning Tax Credit, Hope Scholarship Tax Credit, or the Deduction for Qualified Higher Education Expenses. See the IRS web site at irs.gov/pub/irs-pdf/p970.pdf for more information.
Note for accountant/tax-preparer: Suffolk University elects option 2 as its reporting method (amount billed for qualified tuition and related expenses).
When and how to obtain Form 1098-T?
For tax reporting calendar year 2017, Form 1098-Ts will be available online and physical forms will be mailed prior to January 31, 2018.
Who will receive Form 1098-T?
|Amounts included in 2017 form?||Note|
|2017 Spring||Nov/Dec 2016||No||Amounts included in 2016 Form|
|2017 Spring||Jan 2017||Yes||---|
|2017 Spring||Both in 2016 and 2017||Yes||Amount charged in 2016 will be included in the 2016 Form. Amount charged/credited in 2017 will be included in the 2017Form.|
|2018 Spring||Nov/Dec 2017||Yes||---|
In addition, students who had adjustments to prior year tuition and fee charges or scholarship awards during calendar year 2017 will be sent the Form 1098-T even if they were not enrolled for the semesters listed above.
What are qualified charges?
Amounts of qualified tuition and required fees reported on your 1098-T are defined by the IRS as “tuition and fees required for enrollment and attendance at an eligible educational institution”. The IRS does not consider student health fees, transportation fees, insurance fees, or room and board as qualified tuition and related fees; therefore; these fees are excluded from amounts reported on 1098-T. Additionally, charges and fees associated with student activities, athletics, personal, other living, or family expenses are also not qualified. You can find additional information at irs.gov/pub/irs-pdf/p970.pdf.
Will I still get a 1098-T when I haven't paid my tuition and fee charges for that tax year?
Yes. You will be provided a 1098-T if you have qualified tuition and fees that were billed.
Spring 2017 was my last semester and I paid the tuition, why didn't I get a 1098-T?
Suffolk University uses "Amount Billed" method for 1098-T. You were likely billed for Spring 2017 classes in November or December 2016 and the charges would be listed on the 2016 1098-T form. Because nothing was billed during 2017, we cannot issue a 2017 1098-T regardless of whether payments were made or not during 2017. Alternatively, you may request your student account statement from the Office of the Bursar.
I registered for Spring 2017 in November 2016 and got a 1098-T last year already. Why did I receive another 1098-T this year for the same semester?
IRS regulation requires that we provide students with a 1098-T form if adjustments were made to tuition or financial aid awards that were previously reported on prior year's 1098-T. For example, if you were billed for full-time in November 2016 and dropped to half-time in January 2017, the adjustments will be reported on your 2017 form as a reduction of charges. For tax consequences and treatments, please consult with a qualified tax professional or CPA.
Who do I contact if there is an error on my 1098-T?
Please read all of the information available here. If you still feel there is an error, please contact the Office of the Bursar for assistance.
I purchased books and course materials at the University bookstore. Why are these charges not showing on my 1098-T?
Generally, these items are not tracked within the student finance system of the University. Each student must keep track of their qualified charges (books, required equipment) on their own. Please contact the IRS or your personal tax preparer for assistance or review the information at irs.gov/pub/irs-pdf/p970.pdf.
Why doesn’t the student health insurance fee count as qualified charges on my 1098-T since it is a mandatory fee?
Per IRS regulation, charges and fees associated with room, board, student activities, athletics, insurance, non-required equipment, transportation, and similar personal, living, or family expenses are not qualified charges.
Does study abroad tuition count as qualified charges on my 1098-T?
The tuition and fees portion of the student abroad program fee is deemed as qualified tuition for the purposes of determining education tax credits; however, personal expenses and fees for costs such as room and board, insurance, medical expenses, transportation and similar living or family expenses are excluded from the definition of “tuition and related expense”.
I’m an international student. Will I be sent a 1098-T?
If you are classified as a Non Resident Alien as defined by the IRS and are coded as such in the Suffolk University records system, you will not be sent a 1098-T form. Please contact the IRS or your personal tax preparer for assistance.
How do I get more information about the 1098-T form and how to use this for tax purposes?
Suffolk University cannot provide you with tax advice. We offer as much information as possible and include informative resources and references where available. Other resources such as browsing the IRS website, which is easy to navigate, and seeking the advice from a qualified tax professional are recommended if you have questions about your specific reporting.