Each year by January 31, EVMS mails an IRS Form 1098-T to all students who had qualified tuition and other related education expense billed to them during the previous calendar year.
The 1098-T reports amounts billed for qualified education expenses for the tax year (Box 1). An important reminder is that spring tuition and fees are often paid in December. For example, the 2011 1098-T would list fall 2011 and spring 2012 tuition and fees. Spring 2011 tuition and fees would be listed on the 2010 1098-T form if they were paid in 2010.
The Scholarships and Grants (Box 5) are reported in the tax year that they were disbursed to the student's account. For example, the 2011 1098-T Form would list spring 2011 financial aid (disbursed by Financial Aid after the start of the semester) and fall 2011 financial aid (disbursed by Financial Aid after the start of the semester).
Students can view their student account history on the student portal, which helps in determining amounts paid in a tax year.
Please refer to IRS Publication 970, Tax Benefits for Education for additional resources. The Tax Treatment of Scholarship and Fellowship Payments table is located within that publication.
This form is informational only and should not be considered as tax opinion or advice. It serves to alert students that they may be eligible for federal income tax education credits.
Receipt of Form 1098-T does not indicate eligibility for the tax credit.
Important: It is the responsibility of each taxpayer to determine eligibility for the credits and how to calculate them.
Yes. Section 6050-S of the Internal Revenue Code, as enacted by the Taxpayer Relief Act of 1997, requires institutions to file information returns to assist taxpayers and the Internal Revenue Service in determining eligibility for the American Opportunity and Hope and Lifetime Learning education tax credits.
Forms are mailed at the end of January of each year for the previous tax year, which runs from January 1 to December 31.