In previous years, your 1098-T included a figure in Box 2 that represented the qualified tuition and related expenses we billed to your student account for the calendar (tax) year. Due to a change to institutional reporting requirements under federal law, beginning with tax year 2018, we will report in Box 1 the amount of qualified tuition and related expenses you paid during the year. Below is a sample of a 1098T:
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.
UCC is unable to provide you with individual tax advice, but should you have questions, you should seek the counsel of informed tax preparers or advisers.
UCC transitioned to the electronic delivery of student 1098T forms with full implementation in 2015. IRS regulations state that each student who wishes to receive their 1098T electronically must also provide his/her consent electronically:
For additional information contact the IRS at 1-800-829-1040.
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