1098T Tuition Statement Information
Tax Benefits for Education
Several tax benefits are available to help families meet the cost of postsecondary education. Two of those benefits are tax credits known as the Lifetime Learning Credit or the American Opportunity Credit (formerly named the Hope Lifetime Learning Credit). These tax credits directly reduce the amount of federal income tax owed. Post University has provided the required Internal Revenue Service Form 1098-T (Tuition Payments Statement) electronically to every student enrolled during the previous tax year to verify a student’s enrollment for at least half time and/or as a graduate.
Post University cannot provide you with tax advice or assistance in determining whether you are eligible to claim a tax credit or how to claim a tax credit. To determine whether you, or the person who may claim you as a dependent, are eligible to claim either tax credit, please contact a tax professional or refer to IRS Publication 970 (Tax Benefits for Higher Education). If you need more information, please contact the IRS at 800.892.1040 or visit their website at www.irs.gov/taxtopics
For additional questions please send an email to [email protected]. In the subject line write ‘1098-T Question’. Please include your name, student ID# and what information you requesting on your 1098T.
More detailed information is also available at the following websites:
Frequently Asked Questions about the Educational Tax Incentives
If I receive Form 1098-T, does it mean I qualify for the American Opportunity Credit or Lifetime Learning Tax Credits?
Not necessarily. The University is required to provide Form 1098-T to individuals for who qualified tuition and fees were received during the calendar year. Determination of eligibility is the responsibility of the taxpayer.
What is the American Opportunity Credit?
You may be able to claim an American Opportunity Credit of up to $2,500 for qualified tuition and other educational expenses. The credit is available for the first 4 years of postsecondary education and 40% of the credit (up to $1,000) is refundable for many taxpayers. Students must be enrolled at least half-time during at least one academic period that begins during a tax year.
Is it possible to qualify for both the American Opportunity Credit and the Lifetime Learning Credits, and if so, may I choose which one I would like to claim?
Yes, a student may qualify for both the American Opportunity Credit and the Lifetime Learning Credits at the same time. However, the qualifying expenses are the basis for claiming the American Opportunity Credit or Lifetime Learning Credit, but not both. In general, students who qualify for both the American Opportunity Credit and the Lifetime Learning Credit may find the American Opportunity Credit to be more beneficial.
How do I determine which expenses will qualify for the American Opportunity Credit and Lifetime Learning Credits?
Each individual must determine which, if any, of the expenses paid may be used in the calculation of the education tax credits. Generally the only qualified expenses are tuition and fees for enrollment or attendance less the net of scholarships, grants, and VA benefits. Please note that any amounts paid for room and board, insurance, medical fees, transportation, and similar living expenses are not considered eligible. If you have additional questions regarding these qualifications please contact your tax preparer.
Frequently Asked Questions about the 1098T
What is Form 1098-T (Tuition Payments Statement)?
Form 1098-T has been provided to assist in determining if you, or the individual who may claim you as a dependent, are eligible to claim an income tax credit on the previous year income tax return. You have received a 1098-T form if you have had any financial activity at Post University.
The Tax Relief Act of 1997 states that educational institutions are required to file informational returns with the IRS indicating payments received, for qualified tuition and related expenses. The 1098-T form the student receives electronically is the information that was sent to the IRS by Post University. The form is an informational return for your personal records, and is not required to be submitted with your tax return.
What is Post University’s Tax ID Number?
Post University’s Federal Filer’s identification number is 20-1003413.
Why is Box 2 blank?
The 1098-T no longer reflects amount billed. The Internal Revenue Service’s tax regulation indicates that a university is required to report any payments received for qualified tuition and related expenses less any related reductions in charges. Box 2 will always be blank.
Why are all my boxes blank?
If all of the boxes on your 1098-T reflect 0.00, you did not have any qualified tuition or related payments applied to your account between January 1 and December 31 of that tax year.
For example, if you are a Spring graduate but you registered for your courses during pre-registration in December, that semester’s tuition charges were on your previous year’s 1098-T form.
What if my social security number is incorrect?
Changes to your social security number must be made through the Office of the Registrar ([email protected]) or call (203)-591-7123. You will need to provide a scanned copy of your social security card in order to process this request.
A corrected 1098-T will be sent to both the student and IRS from the Financial Aid department.
How does grant money provided by the Federal CARES Act factor into my 1098T?
Funding provided as part of the CARES Act is not included in the 2020 1098T tax form.
What if I need help accessing the Student Portal?
The Advising team is happy to assist you with accessing the Student Portal, which is where the 2020 1098T form is available. You can contact the team at 203.568.1652 or [email protected].