The Form 1098-T is an information form that colleges and universities are required to issue to certain students. It provides the total dollar amount paid by the student for what is referred to as Qualified Tuition and Related Expenses (QTRE) in a single tax year. The primary purpose of the IRS Form 1098-T is to let you know that Georgian Court University has provided required information to the IRS to assist them in determining who may be eligible to claim the tuition and fee deduction or an education credit.
Share a copy with your tax preparer and keep a copy for your records. Since the University sends your 1098-T information to the IRS, there is no need to attach a copy of the form to your tax return. The information contained in the 1098-T will help you determine if you may claim the American Opportunity or the Lifetime Learning education tax credits. The IRS is using Form 1098-T as starting point for the IRS to review your tax information. That does not mean you should only use Form 1098T. Ultimately, you are responsible for what is in your tax return and you have the support (checks and account statements/calendar-year statement) to support what you reported. Therefore, your calendar-year statement will be the best and most accurate source of information. This is true regardless of whether you receive a 1098-T or not. The calendar-year statement is available on Self-Service. Click on Finances – Statement – choose statement dated 1/1/ of the current year.
All 1098-T forms are postmarked on or before January 31 and mailed to your address on file.
The amount in Box 1 represents only the amounts paid for Qualified Tuition and Related Expenses (QTRE) less any refunds issued due to over-payments on the account. Total payments reported in Box 1 cannot exceed the amount of applicable QTRE. These payments do not include room and board, insurance, books/supplies, parking permit/fines, orientation/graduation/late fees. When claiming educational credits and deductions on your income tax return, you will need to report amounts paid and your calendar-year statement will be the best and most helpful resource. The calendar-year statement is available on Self-Service. Click on Finances – Statement – choose statement dated 1/1/ of the current year.
Your Box 1 payments are limited by the amount of Qualified Tuition and Related Expenses (QTRE) billed during the calendar year. Your payment made in November/December may not increase the amount reported in Box 1 by the full amount of your payment because of the QTRE limitation. However, even though your November/December payment may not be included in Box 1, that payment may still be eligible toward your educational tax benefit calculation if you use your own financial records and/or statements to substantiate your claim. Your calendar-year statement will be the best and most helpful resource. The calendar-year statement is available on Self-Service. Click on Finances – Statement – choose statement dated 1/1 of the current year. Please see IRS Publication 970 for additional information.
With the spring tuition bill due the first week in January, please consider the due date as well as the IRS regulations when determining whether to pay your spring bill prior to or after December 31st. You may want to consult with your tax advisor before making this decision.
The 1098-T form is not meant to be an indicator of income. The form is an informational return for your personal records, and is not required to be submitted with your tax return. The 1098-T contains information to assist the IRS and you in determining if you are eligible to claim educational related tax credits such as the American Opportunity Credit and Lifetime Learning Tax Credit. The 1098-T does not indicate whether you received a taxable scholarship or fellowship. It is the sole responsibility of the student to report and pay taxes on the taxable portion of any scholarship, fellowship, or grant received. The difference may or may not be taxed depending on the source of funds. Please refer to IRS Publication 970 and consult with your tax preparer if you have additional questions regarding how the 1098-T relates to your specific tax preparation.
No, the University does not include amounts paid for books in Box 1. You should consult with your tax advisor to determine if payments for books, equipment or fees should be considered when preparing your income tax returns and determining eligibility for education tax credits or deductions.
Only the portion of the CARES Act HEERF Funds that you requested to be applied to your account as a payment.
Box 7, if checked, indicates that the amount reported in Box 1 includes amounts for an academic period beginning in the next calendar year. For example, if you registered and paid for the upcoming Spring semester during November or December, this box will be checked.
Box 8, if checked, indicates that you were “enrolled at least half-time” for one or more semesters during the tax year. At Georgian Court, “at least half-time” means that you were enrolled in 6 or more credit hours for the semester. The University checks this box if you attended “at least half-time” for any semester of your enrollment during the tax year.
Box 9, if checked, indicates that you were enrolled in a graduate program for one or more semesters during the tax year. The University checks this box if you attended as a graduate student for any semester of your enrollment during the tax year.
These statements are available on Self-Service. Click on Finances – Statement – choose statement dated 1/1/ of the current year.
No. The University electronically files the information with the IRS. We recommend that you keep this information for your tax records.
No. The address shown on Form 1098-T is irrelevant for IRS income tax filing purposes. The single most important information on the form is your Social Security Number.
You must come to the Office of Student Accounts with your original Social Security card. We will make a copy and update your records.
The University in not required, by the IRS, to furnish a 1098-T in the following instances:
- Payments for courses for which no academic credit is offered, even if the student is otherwise enrolled in a degree program.
- Enrolled student is a nonresident alien, unless requested by the student.
- Students whose qualified tuition and related expenses are entirely waived or paid in full with grants/scholarships.
- Students for whom you do not maintain a separate financial account and whose qualified tuition and related expenses are covered by a formal billing arrangement between an institution and the student’s employer or a governmental entity, such as the Department of Veterans Affairs or the Department of Defense.
If you did not receive a 1098-T and feel you should have, please contact us at email@example.com or 732-987-2240. Leave your full name, Student ID# and a brief message including ‘I did not receive my 1098-T’.
When determining your eligibility for education related tax credits and deductions, you will need to report the amount you paid for qualified education and related expenses. Therefore, your calendar-year statement will be the best and most accurate source of information. This is true regardless of whether you receive a 1098-T or not. The calendar-year statement is available on Self-Service. Click on Finances – Statement – choose statement dated 1/1/ of the current year.
View the IRS information at IRS FAQ about Education Credits
Note: Georgian Court University is not in a position to dispense tax advice, assist with tax preparation, or determine your eligibility. Please direct all such inquiries to your tax advisor or the IRS at 800-892-1040 or https://www.irs.gov/.