1. What is the 1098-T form?
2. How do I access my 1098-T form?
3. Why did I receive a 1098-T tax form and what am I supposed to do with it?
4. What educational expenses are considered as qualified tuition and related expenses?
5. Why isn't there an amount in box 1?
6. What other information do I need to claim the tax credit?
7. My address listed on the 1098-T has changed. Will this affect me?
8. How do I get a reprint of my 1098-T form?
9. How can I get an itemized listing of my financial activity that is on my 1098-T form?
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 the student's name, address, and taxpayer's identification number (TIN), enrollment and academic status. Beginning with 2003, educational institutions must also report amounts to the IRS pertaining to qualified tuition and related expenses, as well as scholarships and/or grants, taxable or not. A 1098-T form must also be provided to each applicable student. This form is informational only. It serves to alert students that they may be eligible for federal income tax education credits. It should not be considered as tax opinion or advice. While it is a good starting point, the 1098-T, as designed and regulated by the IRS, does not contain all of the information needed to claim a tax credit. There is no IRS requirement that you must claim to tuition and fees deduction or an education credit. Claiming education tax benefits is a voluntary decision for those who may qualify.
Students will receive their 1098-T forms by mail or electronically. Students may consent to receive their 1098-T form online. Students who receive their 1098-T forms online will receive them faster than students who are waiting for forms to arrive in the mail. To consent to receive your form online, you must log into your SageAdvisor student account, click on electronic consent for 1098-T, and choose the first option.
In January of each year, The Sage Colleges produces an IRS Form 1098-T for all students who had qualified tuition and other related educational expenses billed to them during the previous calendar year. This form is informational only and should not be considered as tax opinion or advice. It serves to alert students that they may be eligible for federal income tax education credits. To determine the amount of qualified tuition and fees paid, and the amount of scholarships and grants received, a taxpayer should use their own financial records.
The IRS instructs institutions to report either payments received (Box 1) or amounts billed for qualified tuition and related expenses (Box 2) on the 1098-T.
The Sage Colleges reports the amounts you were billed for qualified tuition and related expenses during the calendar year, not the academic year (Box 2) and scholarships and grants, therefore, Box 1-Payments received for Qualified Tuition and Related Expenses, will be blank.
Please note that if you received a tuition waiver, a CSEA voucher, a health alliance discount, or a PEF voucher, you must subtract the credit from the waiver/voucher from the billed tuition to calculate what your 1098-T shows for billed tuition.
While it is a good starting point, the 1098-T, as designed and regulated by the IRS, does not contain all of the information needed to claim a tax credit. Most of the information needed must come from the student's personal financial records of what the student paid during the calendar year. You can access a record of all your charges and payments on SageAdvisor.
No. The address shown on Form 1098-T is irrelevant for IRS income tax filing purposes. The single most important information on the form is your Social Security Number.
You can print a duplicate copy from SageAdvisor.
You can print a copy of all account activity from the past year through SageAdvisor.
If you have additional questions/concerns you can reach Kimberly Higgins, Director of Student Accounts by email: [email protected] or by calling 518-244-2342.