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Claim your Educational Tax Refund with IRS Form 1098-T

Students who pay tuition to their college, university, vocational school, or other educational institution receive the IRS Form 1098-T every year. The IRS obliges eligible educational institutions to prepare and send this document to every student for the deduction of educational expenses. Any payment required to enroll in the institution and any costs for materials needed to attend classes may be deducted.

Any eligible educational institution is an institution that takes part in an aid program for students initiated by the Department of Education. To determine if your educational institution is eligible, the Department of Education’s database for all accredited institutions is available for reference.

What is IRS Form 1098-T?

IRS Form 1098-T, or the Tuition Statement, is a document for educational finances created by the IRS and must be filed by every eligible educational institution. A copy of the form must be sent to every student for whom a transaction was made. This transaction is reportable and may include only tuition payments and related expenses.

If a student participates in courses without academic credit, the college, institution or other educational establishment is not obliged to file this form. Nonresident aliens will not receive the statement, even if they’ve requested it. If a student’s grant or scholarship completely covers all expenses, or if a government agency or employer is responsible for all payments, Form 1098-T will not be filed by the institution attended.

What is the American Opportunity Tax Credit?

When students receive Form 1098-T, they (or their parents, if they claim the student as a dependent) have two available options. The IRS offers to either deduct all educational expenses or to claim the American opportunity tax credit. This credit may be worth up to $2,500. About 40% of the credit is refundable, even if a taxpayer owes no tax.

How to File IRS Form 1098-T?

The Tuition Statement has two copies: Copy A and Copy B. An institution is required to send the completed Copy A of the form to the Internal Revenue Service. Copy B must be forwarded and completed by the student or by an individual who claims the student as a dependent.

The individual filling the form needs to indicate their name, address, employer identification number and telephone number. Indicating the student’s name, address and taxpayer identification number is also required. The total amount of payments received for tuition fees and any related expenses, grants or scholarships must also be indicated on the form.

Students must receive their forms by January 31st, 2019. The educational institution must send their statement to the IRS by February 28, 2019.

 


 

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