1098-T Form

Owned by jbtonny
Last updated: Aug 06, 2020 by James Wallace

Problem

What is a 1098-T form? Should I have received one?

Solution

The 1098-T is a tuition statement furnished by eligible educational institutions that reports qualified tuition and related expenses in accordance with IRS regulations. It is used to determine a student's eligibility for the American Opportunity Tax Credit and Lifetime Learning Credit. For more information on the 1098-T form and education credits, please visit https://www.irs.gov/credits-deductions/individuals/education-credits.

  • You may receive a 1098-T if you incurred qualified educational expenses during the prior calendar year. Please consult your tax advisor for any guidance on being able to claim those charges as an educational deduction. 
  • Students whose qualified tuition and related expenses are entirely waived or paid entirely with scholarships (or grants) are exempted from having to use a 1098-T on their personal income tax return.
  • In most cases, if you received a Federal Pell Grant refund during the calendar year, you won’t have a 1098-T form as your tuition/fees were entirely paid using a grant. If you’re uncertain, please verify this information with your tax professional.

For additional information regarding the IRS guidelines, please visit Tuition Statement.