- What is the 1098-T form?
- What are the Hope Scholarship Tax Credit and the Lifetime Learning Tax Credit?
- Where can I view my 1098-T information?
- Why is there nothing represented in Box 1 on my 1098-T?
- What charges are considered "qualified" or "eligible" charges?
- What charges are considered "non-qualified" charges?
- What is the timeline for the 1098-T?
- Why do my Spring semester charges not appear on my 1098-T?
- My 1098-T was mailed to the wrong address. How do I obtain a copy?
- Why was my 1098-T mailed to the wrong address?
- Do I actually submit the 1098-T with my tax return?
- How are VA Benefits reported on my 1098T form?
- I still have questions. Who can I contact?
What is the 1098-T form?
The 1098-T form, also referred to as the "Tuition Payment Statement", is mailed to the student by Georgia Tech to assist you, the taxpayer, in determining if you are eligible to claim tax credits such as the Hope Scholarship Tax Credit or the Lifetime Learning Tax Credit for educational expenses.
What are the Hope Scholarship Tax Credit and the Lifetime Learning Tax Credit?
To review information about these two Tax Credit options as a result of the Tax Relief Act of 1997, you may access IRS Publication 970, "Tax Benefits for Education".
Where can I view my 1098-T information?
You may view your 1098-T through www.1098t.com. Follow the instructions for obtaining a password.
Why is there nothing represented in Box 1 on my 1098-T?
The IRS gives institutions of higher education the option of reporting either payments received (Box 1) or qualified charges billed (Box 2). Georgia Tech elects to report qualified charges billed (Box 2).
What charges are considered "qualified" or "eligible" charges?
Eligible or qualified charges are in-state or out-of-state tuition charges required for a student to be enrolled at or attend Georgia Tech and receive academic credit for the completion of course work leading to a degree. Certain fees are also qualified charges, including athletic, recreation, student activity, technology, USG institutional and testing fees.
What charges are considered "non-qualified" charges?
Non-qualified charges include books, housing, meal plans, health fee, insurance, or transportation fees or costs. Other examples of non-qualified charges include expenses incurred for a course to enhance job skills, improve language skills, or study abroad, unless a degree program requires studying abroad.
What is the timeline for the 1098-T?
Georgia Tech reports charges billed to the account within the calendar year (January 1st-December 31st).
Why do my Spring semester charges not appear on my 1098-T?
Students automatically charge their accounts when registering for classes. If you registered during early registration (typically October or November), your account was charged at that time, making those charges eligible to claim during the calendar year in which they were incurred.
Often a student receives the HOPE scholarship. If so, it will apply to the student account in January for the spring semester, therefore charges appear on the previous year's 1098-T, while the HOPE scholarship appears on the current 1098-T.
My 1098-T was mailed to the wrong address. How do I obtain a copy?
To obtain a 1098-T form, you may access: www.1098t.com. Follow the instructions for obtaining a password.
Why was my 1098-T mailed to the wrong address?
1098-T forms are mailed to the student's permanent residence listed in OSCAR. If your 1098-T was mailed to the wrong address, please make sure all information in OSCAR is currently up-to-date. You may update address information in OSCAR by clicking:
- PERSONAL INFORMATION
- UPDATE ADDRESS INFORMATION
Do I actually submit the 1098-T with my tax return?
There is no requirement for the 1098-T to be attached along with your tax return. This document may be kept for your personal records.
How are VA Benefits reported on my 1098T form?
Beginning in 2012, VA Benefits received under the Post 9/11 GI Bill are now reported as scholarships on the 1098-T form in Box 5. Although VA benefits are not considered a resource when need is calculated, the IRS has recently defined Box 5 to include payments received from governmental entities. The definition of Box 5 is:
The total amount of any scholarships or grants administered and processed during the calendar year for the payment of the student's costs of attendance. Scholarships and grants generally include all payments received from 3rd parties (excluding family members and loan proceeds). This includes payments received from governmental and private entities such as the Department of Defense, civic, and religious organizations, and nonprofit entities.
For more information you may access http://www.irs.gov/pub/irs-pdf/i1098et.pdf.
I still have questions. Who can I contact?
Any further questions can be directed to a representative in the Bursar's Office via email at: firstname.lastname@example.org or phone @ 404-894-4618. You may also want to consider viewing the following Web sites for more detailed information:
- http://www.irs.gov (type 1098-T in search box)
- IRS Publication 970, "Tax Benefits for Education"
Georgia Tech is not authorized to offer any personal tax advice. Please address all questions and concerns regarding personal tax matters to a tax consultant/advisor or the IRS directly @ 1-800-829-1040.