• What is the Taxpayer Relief Act of 1997 (TRA97)?

    The Taxpayer Relief Act of 1997 established two new education tax credits. The Hope Tax Credit is for students who are enrolled in one of the first two years of postsecondary education these students need to carry at least a half-time workload while pursuing an undergraduate degree, certificate, or other recognized credential. The Lifetime Learning Tax Credit is for students who take one or more classes from a college or university pursuing an undergraduate or graduate degree, certificate, other recognized credential, or to acquire or improve job skills.

  • What is the 1098-T form, and what is included on it?

    The 1098-T form is used by eligible educational institutions to report information about their students to the IRS as required by the Taxpayer Relief Act of 1997. Eligible educational institutions are required to submit general student enrollment information and financial data for the corresponding tax year. The Information required is student name, address, social security number or tax identification number, enrollment status, academic status, amount billed for qualified tuition or amounts paid for qualified tuition (but NOT both), scholarship or grant amounts, and, if applicable, adjustments to prior year qualified tuition and/or adjustments to prior year scholarships.

  • When will the 1098-T form be mailed?

    The 1098-T form will be mailed no later than January 31st following the tax year to be reported.

  • Why is Box 1 left blank?

    Suffolk University elected to adopt the IRS option of reporting qualified tuition and expenses billed during the calendar year. You will see that figure in box 2 on the 1098-T form. We selected this reporting option because it benefited the most students. Students and parents should have receipts for payments made.

  • My last semester was Spring. How come I did not receive a 1098-T form?

    The information on Form 1098-T is based on the amounts billed in the prior calendar year. Charges for the Spring semester are typically billed in November. Therefore, these amounts would have been reported on the prior year's 1098-T form.

    Box 7 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.

  • What educational expenses are considered as qualified tuition and related expenses?

    Qualified tuition and related expenses are tuition and fees required for enrollment or attendance at an eligible educational institution that were paid on or after January 1 and on or before December 31 of the tax year. They 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.

  • Who can claim a Hope Tax Credit or Lifetime Learning Tax Credit?

    An eligible taxpayer may claim these credit. An eligible taxpayer may be 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. A student who is a dependent cannot claim the tax credits or deduction on his or her own tax return.