Everything You Need to Know About Form 1098-T
What is Form 1098-T?
Form 1098-T provides students with information about tuition and related expenses. It is used to claim education credits on a federal tax return.
Who Should File Form 1098-T?
- Colleges, universities, and eligible institutions that receive tuition payments.
- Students who paid qualified educational expenses and want to claim tax credits.
When to File Form 1098-T?
- Schools must send Form 1098-T to students by January 31 each year.
- The IRS copy must also be filed by February 28 (March 31 if e-filed).
Key Information Required
- Student’s name, address, and SSN.
- School’s name, address, and EIN.
- Qualified tuition and related expenses.
- Scholarships and grants received.
- Adjustments to prior years, if applicable.
Why is Form 1098-T Important?
- Helps students or parents claim education tax credits.
- Documents tuition and scholarships for accurate tax reporting.
- Required for eligibility of certain federal education credits.
How to File Form 1098-T
- Schools prepare the form and send copies to students and the IRS.
- Students use the form’s information when completing their tax return.
Processing Time
Form 1098-T is provided annually; students typically receive it in January.