1098-T Tax Form Information
1098-T is an information form filed with the IRS. It is an annual statement that the federal government requires colleges and universities to issue to applicable students. 1098-T will disclose the total dollar amount paid by you, the student, for qualified tuition and related expenses in a single tax year.
You, or the person who can claim you as a dependent, may be able to claim an education credit on Form 1040 or Form 1040A, only for the qualified tuition and related expenses that were actually paid in the tax year. To see if you qualify for the credit, see Pub. 970, Tax Benefits for Education; Form 8863, Education Credits; and the Form 1040 or 1040A instructions.
There is no IRS requirement that you claim the tuition and fees deduction or an education credit; it is voluntary for those who qualify.
Where is my 1098-T?
1098-T’s forms are mailed or made available to view electronically if you have given electronic consent no later than January 31st.
What is the American opportunity tax credit?
The American Opportunity Credit is available to eligible taxpayers on a per-student basis if you have qualified expenses. The maximum amount that may be claimed is $2,500 of the cost of tuition, fees, and course materials paid during the taxable year. Also, 40% of the credit (up to $1,000) is refundable. This means you can get it even if you owe no tax. This is general information only and should not be considered tax advice. For additional information, please visit this IRS document concerning the American Opportunity Tax Credit.
What is the lifetime learning credit?
- If you choose check as your refund option, it will be mailed to you in approximately 7-10 days after the funds are received by TouchNet.
- It is important that you keep your home address up to date. You can update your address in BRUIN.
- Refund checks should be cashed promptly. Refund checks dated over 90 days will be stale-dated.
- Federal guidelines for Federal Title IV funds require Bellevue University to return funds from stale-dated refund checks to the federal program that generated the refund.
- Bellevue University may not be able to request the return of Federal Title IV funds.
- Upon request, Bellevue University can re-issue funds from stale-dated refund checks from sources other than Federal Title IV funds.