1098T Tax Information
Important Information Regarding Form 1098T and Education Tax Credits.
Educational institutions are required by law to report to students the amount of qualified tuition and related expenses (fees) billed to them or paid by them during the calendar year. This information is provided on a 1098T form which is mailed to the student's home address in the month of January. Eckerd College has chosen to report the total amount billed during a calendar year (box 2), the form also includes total scholarships, grants, tuition remission and discounts that are administered by Eckerd College (box 5).
The purpose of the 1098T form is to help the student determine whether they are eligible to claim an Education Tax Credit on their individual income tax returns. You are not required to report any of the information located on the 1098T on your tax return but you may use this information to claim an Education Tax Credit.
The Federal government has two Education Tax Credits available, the Hope Credit and the Lifetime Learning Credit. These credits are designed to reduce the income taxes paid by those students who pay their college tuition and fees. Each tax credit has different requirements which must be met to claim the credit. You may find the requirements and additional information regarding the Education Tax Credits from the IRS website at www.irs.gov or by telephone at 1-800-829-1040.
Educational institutions are not required to provide the 1098T form to:
- Students who enroll in courses which no academic credit is received (this includes the Continuing Education programs)
- Nonresident alien students
- Students whose qualified tuition and related expenses are entirely waived or paid with scholarships or grants
If you lost or need another copy of the 1098T form you may request this by sending an email to firstname.lastname@example.org, or, call the Bursar's office at 800-456-9009, ext. #8321 or local 727-864-8321.
If you have questions and need assistance in determining whether you are eligible to claim an Education Tax Credit, please contact a tax professional to assist you with this. You may contact the IRS at www.irs.gov or by telephone at 1-800-829-1040.
Eckerd College will not provide income tax advice.