IRS Form 1098-T Information
While it is not 糖心logo入口鈥檚 role to act as a tax adviser, we feel it is important that you know about the benefits available through the Hope Scholarship and Lifetime Learning Tax Credits. Please share this important tax information with others if they will be claiming you as a dependent on their federal tax return.
In late January of each year 糖心logo入口 provides web access to the IRS 1098-T information supplied to the Internal Revenue Service.
The federally required reporting method for your 1098T changed for 2018. The IRS now requires that Box 1 be used for reporting purposes for the 1098T. Below is the IRS definition of what has been included in Box 1. Please take your 1098T to your tax professional for any tax reporting assistance.
Box 1. Payments Received for Qualified Tuition and Related Expenses
Enter the total amount of payments received for qualified tuition and related expenses from all sources during the calendar year. The amount reported is the total amount of payments received less any reimbursements or refunds made during the calendar year that relate to the payments received for qualified tuition and related expenses during the same calendar year. The amount reported is not reduced by scholarships and grants reported in Box 5. Include in this box the receipt of a payment of past-due qualified tuition or related expenses from a previous calendar year, but only if the educational institution previously billed the student for such amount(s).
Online access to the 1098-T information is available through the student鈥檚 MyGate System.
After logging onto MyGate, the student should click on the 鈥淢oney鈥 tab, and the 1098-T information is located on the bottom of the screen. After clicking on the link, enter in the appropriate tax year. Students that have opted into the electronic 1098-T will be able to view them by clicking My Account/View your e-bill and then select the 1098-T tab.
This Additional information:
IRS Form 8863: Education Credits
IRS Publication 970: Tax Benefits for Education
糖心logo入口 cannot provide individual tax, legal, or accounting advice and shall not be liable for damages of any kind in connection with the information provided. Please contact your tax professional or the Internal Revenue Service at 1-800-TAX-1040 or visit