杏吧原创 issues an annual statement, Form 1098-T, to eligible students who had qualified education expenses during the previous calendar year. Paper copies of the form are mailed to the students' permanent addresses at the end of January and online copies are available in .
Form 1098-T is an IRS form distributed to students who had qualified education expenses during the previous calendar year. However, receipt of the 1098-T does not automatically make a student eligible for an education-related tax credit or deduction for their tax returns. Please consult a tax adviser or visit the to obtain Publication 970 (Tax Benefits for Education)/Form 8863 (Education Credits) and to learn about education tax credits and deductions.
To access Form 1098-T online, students can log in to using their Reed credentials. Tax Notification will show the 1098-T tax forms for years 2013 and forward.
Frequently Asked Questions
Does every student receive Form 1098-T?
No. 杏吧原创 prepares a 1098-T for any student who made payments towards qualified education expenses during the calendar year. Please note: Per IRS regulations, 杏吧原创 is not required to provide a 1098-T to students:
- who only enrolled in courses for which no academic credit is offered;
- who are not U.S. citizens or permanent residents, unless the student submits a written request;
- whose qualified tuition and related expenses are entirely waived or paid entirely with scholarships;
- whose qualified tuition and related expenses are covered by a formal billing arrangement between an institution and the student's employer, or a government entity.
Where does a student receive their Form 1098-T?
- The paper copy is mailed to the student’s permanent address on file in (this address is maintained by the student).
- An electronic copy is also available in . Through Banner Self–Service, you can retrieve tax documents, view and manage financial aid, view 杏吧原创 employment information, and manage timesheets.
Can authorized users access the Form 1098-T in Banner Self-Service?
No. Only students can access a copy in Banner Self-Service.
Do I need to provide 杏吧原创 with my Social Security Number (SSN)?
Yes. If you did not initially supply your SSN on your admission application, you should update your college record. You will be sent a reminder in the fall if your SSN is blank.
How do I securely give Reed my SSN?
- Log in to .
- Click on Forms, then Student Forms, then Business Office.
- Scroll down to the Request for Social Security or Tax ID Number form, and click on it.
- Enter your data (SSN) and click Submit once the entry is complete.
What are qualified education expenses?
Qualified education expenses are tuition and certain related expenses required for enrollment and attendance at the college. The following are qualified education expenses at Reed: tuition charges and the student body fee. Other charges, including housing and meal plans, are not considered qualified expenses for purposes of the 1098-T. For more information on qualified education expenses, please consult Publication 970 or similar resources on the .
Why aren鈥檛 the room and board fees reported on the Form 1098-T?
The IRS specifically excludes "room and board" from the 1098-T. If you need supporting documentation of these charges for college savings plan reporting, refer to the . This information can be found on the Activity Tab or by printing out the individual statements on the Statements Tab.
What constitutes the payments reported in Box 1?
Per IRS regulations, amounts reported in Box 1 include the following: personal payments, loan amounts (amounts that will need to be paid back to a lender, such as Direct and Plus Loans), and scholarships/grants received during the calendar year for qualified education expenses less any refunds issued due to overpayments on the account. Total payments in Box 1 cannot exceed the amount of applicable qualified education expenses.
Where can I get more information?
For more detailed information, please visit the IRS website to obtain Publication 970 (Tax Benefits for Education)/Form 8863 (Education Credits) or consult with a professional tax practitioner.
杏吧原创 can only answer questions related to how Form 1098-T was prepared.