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Depending on your income (or your family’s income, if you are a dependent), whether you were considered full or half-time enrolled, and the amount of your qualified educational expenses for the year, you may be eligible for a federal education tax credit. (You can find detailed information about claiming education tax credits in IRS Publication 970, page 9.) The dollar amounts reported on your Form 1098-T may assist you in completing IRS Form 8863 – the form used for calculating the education tax credits that a taxpayer may claim as part of your tax return. Should you as a 1098T recipient view that your records indicate that you paid a different amount than what was reported in Box 1, please refer to IRS Publication 970 (2017) page 2 which states, “When figuring an education credit, use only the amounts you paid and are deemed to have paid during the tax year for qualified educational expenses. However, the amounts on Form 1098-T (Box 1), might be different than the amount paid and are deemed to have paid”. Hence, the amount reported in Box 1 on the 1098-T is not necessarily equal to the amount paid to the university for qualified tuition and related expenses. It is up to the taxpayer to determine by using your records what in fact, you did pay in qualified expenses. Capital University is unable to provide you with individual tax advice, but should you have questions, you should seek the counsel of an informed tax preparer or adviser.Below is a blank sample of the 2018 Form 1098-T for your general reference. For more information about Form 1098-T, visit https://www.irs.gov/pub/irs-pdf/f1098t.pdf.
Because of a change in statute, beginning in January 2019, colleges and universities will no longer be able to report amounts billed for qualified tuition and related expenses (QTRE) in Box 2 of their 2018 Forms 1098-T. Instead, institutions will only be able to report payments of QTRE in Box 1. As seen in the Instructions for Students on the 1098-T, Box 1 shows the total payments received by an eligible educational institution in 2018 from any source for qualified tuition and related expenses less any reimbursements or refunds made during 2018 that relate to those payments received during 2018.
Receipt of a Form 1098-T indicates that you were enrolled in at least one course at Capital University during the past calendar year. It does not mean that you are eligible for a tuition and fees deduction, Hope Credit or Lifetime Learning Credit. According to federal tax regulations, determination of payments made for qualified tuition and related expenses is the responsibility of the tax payer.
Information on the 1098-T is reported for each calendar year, January 1 through December 31. The IRS requires all taxpayers and universities to report this information on this calendar year basis which is different than the academic year (August – May). The 1098-T summarizes payments from any source (actual payments, loans, 529’s, scholarships and grants) for qualified tuition and fees in Box 1 and only Scholarships and Grants in Box 5 that have been posted to a student’s account during the calendar year. All payments from any source made in a calendar year will be reported on the calendar year's 1098T regardless of what semester for which the payment is made. Reporting activity on a calendar year basis creates a timing difference on the student's 1098-T. This difference is caused by the spring semester activity being posted in different calendar years; the tuition is posted in December, approximately one month prior to the beginning of the term, and the associated scholarships and grants are posted in January of the following year, as required by Federal regulations. The IRS requires institutions to report on form 1098-T in this manner.
If you were enrolled in at least one course at Capital University during the past calendar year, you will have a 1098-T mailed to you by ECSI or you can view your 1098-T on-line at the Heartland/ECSI website. To access your 1098-T statement from the Heartland/ECSI website, you will need to know:
Click on https://heartland.ecsi.net/Click on For Students and Borrowers (left side)Click on Tax Documents (middle of bottom row)If you are a current Capital University student, you can also access your 1098-T in WebAdvisor under the Financial Information Tab.