1098-T Tax Forms
In previous years, your Form 1098-T included a
figure in Box 2 that represented the qualified tuition and related expenses
(QTRE) we billed to your student account for the calendar
(tax) year. Due to a change to
institutional reporting requirements under federal law, beginning with tax year
2018, we will report in Box 1 the
amount of QTRE you paid during the year.
Depending on your income (or your family’s income,
if you are a dependent), whether you were enrolled full- or half-time, and the
amount of your qualified educational expenses for the year, you may be eligible for a federal education
tax credit. (You can find detailed
information about claiming education tax credits in IRS Publication 970
The dollar amounts reported on your Form 1098-T may
assist you in completing IRS Form 8863 (Education Credits/American Opportunity
and Lifetime Learning Credits), the form used for calculating the education tax
credits that a taxpayer may claim as part of your tax return.
Illinois Valley Community College is unable to provide you with individual tax
advice, but should you have questions, you should seek the counsel of an
informed tax preparer or advisor.
Below is a blank sample of the 2018 Form 1098-T that you will receive postmarked
no later than January 31, 2019, for your general reference.
For more information about Form 1098-T.
note: The information on the following
pages is not intended to provide comprehensive tax advice. Please consult a tax professional for further
information regarding educational tax credits and deductions.
IRSPublication 970 Tax Benefits for Education (PDF) (page 9)
NationalAssociation of Student Financial Aid Administrators Tax Credit Information