What is a form 1098-T?
The 1098-T is an IRS form entitled “Tuition Statement” that assist students in determining if they qualify for certain education related tax credits under the Taxpayer Relief Act of 1997 (TRA97). The IRS requires eligible educational institutions such as the University of La Verne to provide this statement to the students enrolled in eligible degree programs and to the IRS.
When will 1098-T forms be mailed?
Forms 1098-T will be mailed and postmarked by January 31st.
Where will the forms 1098-T be mailed?
Forms 1098-T will be mailed to your permanent address on file with the University, unless that address is not a valid address. Local addresses will be used, if available, when the permanent address is not valid.
What should I do if I haven’t received my form 1098-T?
Forms 1098-T will be mailed by January 31st, so you should receive your form 1098-T by the end of the first week of February. If you have not received a form 1098-T by the end of the first week in February, you can access the Form 1098-T electronically through MyLaVerne portal.
What do the amounts located on the form represent?
- Box 1. Payments Received for Qualified Tuition and Related Expenses: The amount reported is the total amount of payments received less any reimbursements or refunds made during the calendar year that relate to the payments received for qualified tuition and related expenses during the same calendar year. The amount reported is not reduced by scholarships and grants reported in box 5.
- Box 2: Reserved. Due to change to institutional reporting requirements under federal law, beginning in tax year 2018, we will report in Box 1 the amount of qualified educational expenses for the year. Amounts billed will no longer be reported.
- Box 4: Adjustments made for a prior year: Due to the change in institutional reporting requirements under federal law, for Tax Year 2018, this box will be blank.
- Box 5: Scholarships or grants: This box contains the sum of all scholarships the University of La Verne administered and processed for the student’s account during the calendar year. Scholarships and grants generally include all payments received from third parties. This includes payments received from governmental and private entities such as the Department of Veterans Affairs, the Department of Defense, civic and religious organizations and nonprofit entities. Tuition waivers and payments received from third parties that are applied to a student’s account for education expenses are included in this box. Please note that you may receive additional scholarships that the University does not administer and process. These should also be taken into consideration when determining your eligibility for the credits.
- Box 6: Adjustments to scholarships or grants for a prior year: Negative adjustments to scholarship amounts reported in a previous year are included in this box.
Why isn’t there an amount in Box 2?
Due to change to institutional reporting requirements under federal law, beginning in tax year 2018, we will report in Box 1 the amount of qualified educational expenses for the year. Amounts billed will no longer be reported.
I did not receive my 1098-T form, why?
- As per IRS regulations, colleges and universities are not required to file Form 1098-T or furnish a statement for students enrolled in courses for which no academic credit is offered. This includes our students in the online Professional Development programs.
- The Form 1098-T is provided by the University of La Verne to all students in a degree seeking program, who have provided their social security number to the Office of the Registrar. Please review the IRS regulations or contact your individual tax consultant concerning eligibility to claim tax education credit(s).
- If you did not provide the University of La Verne with a Social Security Number (or you do not have one), you will not have a 1098T form available to you. If you have recently obtained a SSN or TIN, you can contact the Registrar’s Office no later than December 15th, 2018 to provide that information by completing the W-9S form. Please click here to obtain the form.
I received payment from the Department of Veteran Affairs. How are my VA benefits reported on my Form 1098-T?
VA Benefits received are reported on your Form 1098-T as scholarships in Box 5 and Box 1.
Veteran Benefits stipulates that they are for financial aid purposes, VA benefits should not be considered as a resource (either as income or a scholarship) to the recipient when need is calculated. However, students receiving VA benefits may not use that amount to calculate American Opportunity or Lifetime Learning Credits. Therefore, the IRS has determined that these tuition benefits should be included in scholarships/grants reported in box 5 of Form 1098-T.
For more information from the IRS regarding these rules please click here and see page 2 under Specific Instructions for Form 1098T under Exceptions.
Where can I get help?
The University cannot offer legal or tax advice. Information concerning the tax benefits for education is available in IRS Publication 970 and may be downloaded at the IRS website. Questions concerning your eligibility should be directed to the IRS or your tax professional.
For more information, please visit the US Government’s IRS Web site at Tax Information for Students or call (800) TAX-1040 or (800) TAX-FORM.
For your convenience, a copy of your 1098-T can be found on MyLaVerne, and accessed as follows: