What is the Form 1098-T?
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 Above-the-Line Tax Deduction for Qualified Higher Education Expenses. See the IRS web site at irs.gov/pub/irs-pdf/p970.pdf for more information.
Who will receive the Form 1098-T?
For tax reporting year 2014, all students who were officially registered and taking courses for academic credit in at least one of the following semesters will be provided the Form 1098-T, if the qualified tuition and fee charges for the semester were posted to the student’s account during 2014:
• Spring 2014 (Students who registered in calendar year 2014)
• Summer 2014
• Fall 2014
• Spring 2015 (Students who registered in calendar year 2014. Students who register for Spring 2015 in calendar year 2015 will have the qualified tuition and fees for the semester included on their 1098-T in 2015.)
In addition, students who had adjustments to prior year tuition and fee charges or scholarship awards during calendar year 2014 will be sent the Form 1098-T even if they were not enrolled for the semesters listed above.
When and how to obtain Form 1098-T?
For tax reporting year 2014, Form 1098-T is expected to be available no later than January 31, 2015. You can view and print your 1098-T form for the current year, as well as past years' forms, by accessing the Tax Credit Reporting Service for Students (TCRS) at 1098t.com. If you have trouble accessing your records, please contact the TCRS call center at (877) 467-3821.
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.
Why didn't I get a 1098-T form?
There are several reasons why a 1098-T form may not be generated or received:
• If you received more scholarships and/or grants than the amount of qualified tuition and fees billed.
• If you are classified as a Non Resident Alien on the Suffolk University’s database.
• If you did not provide us with your Social Security Number (SSN) or Tax Identification Number (TIN).
What happen if I do not provide my SSN or TIN?
Will I still get a 1098-T when I haven't paid my tuition and fee charges for that tax year?
You will be provided a 1098-T if you have qualified tuition and fees that were billed.
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.