1098-T Statement and Tax Credits
NEW FOR 2018
In previous years, your 1098T included a figure in Box 2 that represented the Qualified Tuition and Related Expenses (QTRE) we billed to your student account for the calendar (tax) year. Due to a change to institutional reporting requirements under federal law, beginning with tax year 2018, we will report in Box 1 the amount of QTRE you paid during the year.
Depending on your income (or your family's income, if you are a dependent), whether you were considered full or half time enrolled, and the amount of your qualified educational expenses for the year, you may be eligible for a federal educationtax credit. You can find detailed information about claiming education tax credits in IRS publication 970, page 9)
The dollar amounts reported on your form 1098T may assist you in completing IRS form 8863 - the form used for calculating the education tax credits that a taxpayer may claim as part of your tax return.
Vassar College is unable to provide you with individual tax advice, but should you have any questions, you should seek the counsel of an informed tax preparer or adviser.
Read more about federal tax benefits for higher education.
The 1098-T Form
The 1098-T form is used by educational institutions to report information about their U.S. resident students to the IRS as required by the Taxpayer Relief Act of 1997. Vassar reports certain enrollment and identifying information regarding U.S. resident students for whom Vassar has received payments of "qualified education expenses" for the corresponding tax year. Included in the 1098-T form are payments received and financial assistance received for the corresponding tax year. Educational institutions are not required to provide 1098-T forms to students who are non-resident aliens for tax purposes. As a result, you may not receive a 1098-T form from Vassar if you are an international student.
Receive your 1098T Electronically
If you would like to receive your 1098-T form electronically, then please give your consent by filling out the TaxSelect Electronic Consent (1098-T) form.
View Your 1098T Online
Have you not receive a 1098T?
It may be for one of the following reasons:
1. You have graduated. All students who graduate in May, we bill for the spring tuition in the prior term, that would have been included in your prior year 1098T
2. If your scholarships/Grants are more than tuition bills, then Vassar is not required to send a 1098T form per IRS.
3. If you are not a US citizen or Permanent Resident, then Vassar College is not required to send a 1098T form
If you need the figures that would have been on the 1098T, then contact us and we can provide that information.