1098-T Tuition Statement - Tax Info

1098-t.png

 

FERPA applies! Federal law prohibits us from giving out information to parents unless we have student's written consent on file in the Registrar's Office. However, even with a FERPA permission on file, students are still responsible for providing a copy of their 1098-T to parents or any other person the student wishes to have a copy.

VSU is required by the Tax Reform Act of 1997 to send each student a form 1098-T to help them determine if they are eligible for one of the Education Tax Credits. Detail for each amount reported is available on BannerWEB.  Login, click on Student Main Menu > Legacy Banner > Student Services & Financial Aid > Student Account > Tax Notification > Select Tax Year > Enter Applicable Tax Year > Click Submit.

Qualified Tuition and Related Expenses refers to those charges that are allowed to be claimed toward a tax deduction or educational tax credit on your taxes (Section 1.25 A-2 (b)(1)(2)(d) IRS Tax Code). The following fees are included in qualified expenses: Tuition Charges / Institutional Fees / Student Activities Fee /Athletics Fee/ Technology Fee / Miscellaneous Course Fees related to your degree program.

There are some scholarships and grants that are not reported. For example, private scholarships paid directly to the student are not included in this amount.

Students may view and print the form 1098-T by logging into the Online Student Account Center. Detail for each amount reported is available through Banner. After login, click on the following: Legacy Banner > Student Services & Financial Aid > Student Account > Tax Notification. Enter the tax year, and then submit. You may print this page. Your tax advisor can use this information to assist you with your taxes.

The IRS website is very helpful. For more information, see IRS publication 970, Tax Benefits for Education and IRS Form 8863, Education Credits at http://www.irs.gov website.

 Attach IRS form 8863 “Education Credits (Hope and Lifetime Learning Credits)”  to your tax return (1040). VSU staff cannot give tax advice or help in calculating individual credit amounts. Please see your tax advisor for assistance.

The IRS tax code states that nonresident alien individuals are not eligible to claim an education tax credit. Legal resident aliens may be eligible (section 25 A (g)(7) IRS Tax Code). If you feel you are eligible to receive a 1098-T, it is your responsibility to provide VSU your Social Security Number (SSN) or Individual Tax Identification Number (ITIN) PRIOR to the 1098-T processing for the calendar year.  If you are a legal resident alien and think you should have received a 1098-T, please contact the Office of Student Accounts so we can research this for you.  

Most alien individuals present in the U.S. on an F-1 Student Visa cannot claim education credits.  Generally speaking, the time spent by an alien individual studying in the U.S. on an F-1 Student Visa would not count toward determining whether he or she was a resident alien under the substantial presence test for federal tax purposes.  Thus, if you are an alien individual with an F-1 Student Visa, you are probably a nonresident alien.  In general, if you are a nonresident alien for any part of the year, you do not qualify for the education credit.  If you are a U.S. resident filing Form 1040, and your parents do not claim you as a dependent, and you meet all of the other requirements for the credit, you may qualify for the credit.  

Please contact the Registrar’s Office in the University Center (229-333-5727) or log into: BannerRegistration. After login, click on the following: Legacy Banner > Personal Information > Update Address, then follow the directions on the page. For assistance, email the Registrar's Office at registrar@valdosta.edu.