IRS FORM 1098T F.A.Q.
INTERNAL REVENUE SERVICE FORM 1098T
FREQUENTLY ASKED QUESTIONS
PURPOSE: The purpose of form 1098T is to allow students or their parents to take a tax credit on their income tax returns for their out-of-pocket qualified educational expenses. Obviously, if all your tuition and fees were paid by federal grants (such as Pell, Veterans, SEOG, Kentucky CAP, KEES, employer benefits, private scholarships granted by the college, etc.), you have no out-of-pocket expenses, and you will not receive a 1098T.
Please note that the 1098-T provides information on the qualified tuition & fees paid and the scholarship & grant amounts that have been applied to your student account. This information can be used to determine eligibility for certain educational tax credits (e.g. Hope, American Opportunity, and Lifetime Learning tax credits) and is NOT to be used to calculate the amount of your scholarship & grant aid that is taxable. Tax credits are subject to change from year to year, based on updates in tax laws.
YOUR SOCIAL SECURITY NUMBER: Form 1098T requires the college to request a social security number from students who will receive this form. The college has sent requests to those students whose social security numbers were not already provided in their student records. If you receive a form without your social security number on it, you will need to fill in your number on your form yourself when you submit your tax return. The college takes reasonable precautions to protect your social security number from inappropriate distribution.
VERIFICATION: Simmons College transmits all 1098T forms to the Internal Revenue Service (“IRS”) so that it can verify the accuracy of individual tax returns when people take certain education credits, which lower their tax bills. Otherwise, anyone could fill out a form 1098T and claim credits that they were not entitled to. This is why it is important that you provide Simmons with your social security number.
WHICH STUDENTS GET A 1098T: Not all students will receive a form 1098T. You will receive this form ONLY IF you, yourself, or your parents (if you are their dependent) paid tuition and fees to Simmons that exceed the total of tax-free aid you received. If all your tuition and fees were covered by some form of financial aid (whether federal, state, local, employer, or private college scholarships), you will NOT receive this form, since it does not pertain to you.
HOW YOU RECEIVE YOUR FORM 1098T: To make it convenient for you, Simmons is providing two ways for you to receive your form 1098T, IF you are eligible to receive it.
• Simmons will send your form 1098T via U. S. mail, first class postage prepaid, at the home address that you provided when you registered. Please be sure to notify the registrar or admissions office to update your home address if you move. Each year, much confusion is created when students don’t update their mailing address.
• A sealed duplicate copy will be available with the receptionist at Simmons Administration and Library building, 1000 South 4th street, beginning February 1, following the prior tax year. In order to obtain your duplicate copy, you must show the receptionist a proper form of identification to verify your identity. Obviously, we cannot allow someone else to pick up your form for you because it contains confidential information.
BOOKS: Simmons College does not have a mandatory book purchase program through the college that would allow us to add your book expenses to our form 1098T. Consult your tax preparer as to whether you can add in the unreimbursed cost of books you purchased. Regardless, if your Pell or scholarship refund paid for your books, you cannot include your books toward qualified educational expenses.
HELP FILING YOUR TAX RETURNS AND TAKING YOUR EDUCATIONAL CREDITS.
For information on educational tax credits, see https://www.irs.gov/pub/irs-pdf/p970.pdf . You or your parents must consult with your own tax preparer for information on applying and using your education tax credits. Only a qualified tax prepared or attorney may give you personal tax advice.
HOUSING. According to IRS guidelines, room and board expenses do NOT qualify as educational expenses for which you could take an education tax credit, and they are not reported on form 1098T.
WHAT IF I PAID OUT OF POCKET TUITION AND FEES AND DID NOT GET A FORM 1098T?
If you did not receive a form 1098T and believe that you should have, click [HERE].
Remember, your out-of-pocket tuition and fees must total more than your grants, scholarships, and other forms of tax-free financial aid. If you got a Pell grant refund or scholarship payment refund, you are likely not eligible to receive form 1098T.