INSTRUCTIONS : TUITION STATEMENT (Form 1098-T)
Form 1098-T is a United States Internal Revenue Service tax form used for providing information about a student's tuition payments during a taxable year. The form is used to determine if tax paying students or their parents qualify for the American Opportunity Credit.
The Form 1098-T can be obtained through the I.R.S' website or by obtaining the documents through a local tax office.
The tax form is to be filed by the school or college the student is enrolled during the taxable year.
1. First you must supply the tax filer's contact information, including their name, address, city, state, and telephone number in the first box.
2. Below the contact information, provide the filer's Federal Identification Number and the student's social security number.
3. Next, put the student's contact information, including the student's name, street address, city, state, and zip code.
4. If you have a service provider account number, provide that number in the bottom left box on the Form 1098-T.
5. Next, the school must supply the tuition amount information in boxes 1 and 2, to the right of the filer's contact information. First, provide the dollar amount of payments received for qualified tuition during the tax year. Below that box, put the amount billed during the tax year for qualified tuition.
4. In box 3, indicate if your institution has changed their reporting methods for the current tax year.
5. If any adjustments apply to the student's tuition, state them in box 4.
6. If the student received any scholarships or grants, write that amount in box 5.
7. If any provided scholarships or grants have been adjusted during the tax year, write in the amount in box 6.
8. If the total tuition amount stated in above boxes include tuition for the following semester in the next tax year, indicate so in box 7.
9. Indicate if the student is a graduate student in box 8 and finally if any insurance contract reimbursement occurred during the tax year.
10. Once completed, submit the Form 1098-T to the IRS and send a copy to the student while also keeping a copy for the school's records.