IRS Form 1098-T: Tuition Statement
Higher Education Tax Credits
Students and families may be eligible to claim a tax credit or tuition and fees deduction on their federal income tax return for qualified tuition and related expenses paid during a calendar year. The American Opportunity Credit, the Lifetime Learning Credit, or Higher Education Tuition and Fees Deduction are tax benefit options designed to help students or their parents finance their post secondary education.
1098-T Forms
The tax laws authorizing these tax benefits require colleges and universities to report information on enrolled students to the Internal Revenue Service. The information is reported on a 1098-T form, a copy of which is mailed to the home billing address for all students in January.
An electronic copy of the 1098-T form is also available in your Transact Billing Portal. Students can access it here and parents can access it here .
Please note that the amounts reported on a student's 1098-T form represent the amount billed for qualified tuition and related expenses, and the amount of grants and scholarships awarded to the student that were administered by the University during the calendar year. If families and students need information regarding cash payment amounts made during the year, please refer to the Student Account Center to obtain a detailed statement of financial transactions.
More Information
For more information on these tax credits and guidance on reporting scholarships, please refer to the IRS Publication 970 - Tax Benefits for Higher Education.
Form 1098-T Tuition Tax FAQs
What is a 1098-T?
The IRS Form 1098-T is an information form completed by colleges and universities and filed with the Internal Revenue Service.
The IRS Form 1098-T that you received reports amounts billed to you for qualified tuition and related expenses (QTRE), as well as other related information.
When and where should I expect to receive my 1098T?
An electronic copy is available now in the Transact Billing Portal. Students can access it here and parents can access it here . It is also being mailed to the home billing address by the end of January.
Why doesn’t Box 1 match the amount I know I paid?
Payments for non-qualified charges, such as housing and meal expenses, are not included in the Box 1 total. Only payments received up to the amount of qualified charges billed are calculated.
Why is the spring 2024 semester reported on my 2023 form?
St. Lawrence University reports charges billed and payments received during the calendar tax year. Billing and payment activity often do not occur during the academic semester in which they are intended, and this can impact 1098-T reporting. For example, if a student registers in the fall of 2023 for the Spring 2024 semester, the spring 2024 charges will be billed in the 2023 tax year and will be reported on the 2023 tax form.
Does the 1098-T include charges for books?
No, the University does not include amounts paid for books in Form 1098-T. You should consult with your tax advisor to determine if payments for books, equipment or fees should be considered when preparing your income tax returns and determining eligibility for education tax credits or deductions.
I graduated in May; do I have a 1098-T?
Some May graduates will not be issued a Form 1098-T because there is a possibility that payments for QTRE for Spring were made on or before December 31 of the preceding calendar year. If a student paid for the Spring semester and any other outstanding QTRE charges in the preceding calendar year, then the student would not receive a Form 1098-T.
What do all the boxes on my 1098-T mean?
Please reference the About IRS Form 1098-T Tuition Statement page provided by the IRS for more information.
Am I eligible for a tax credit?
St. Lawrence University cannot provide personal tax advice to students as each student’s tax situation depends upon his/her own individual circumstances. Each student and/or their parents must determine eligibility for the tuition and fees deduction or one of the education credits (American Opportunity or lifetime learning credit).
For authoritative information, we recommend that you visit the IRS web site at About Form 1098-T, Tuition Statement
The tax rules regarding eligibility for, calculation of, and limitations on the tuition and fee deduction and education credits can be complex. For this reason, you may want to consult your tax advisor to determine whether you are qualified to claim the education expense tax credits and deduction.
I am not a US Citizen. What does 1098-T mean to me?
The Internal Revenue Service (IRS) does not require St. Lawrence University to file a Form 1098-T for foreign students who are not US residents for tax purposes. This is because non-resident alien students are not eligible for education tax benefits.
Why didn’t I receive my 1098-T?
If you did not receive an IRS Form 1098-T for the current calendar year, possible explanations are:
St. Lawrence University did not have a valid social security number on file for you. Call Student Financial Services at 315-229-5581 to verify your social security number or email sfs@stlawu.edu
The amount of qualified tuition and related fees billed during the calendar year was zero. See About IRS Form 1098-T Tuition Statement for more information regarding how billed tuition and related fees were determined.
St. Lawrence University did not have a current mailing address for you. Please call Student Financial Services at 315-229-5581 or email sfs@stlawu.edu to verify this information.
What is included in my 1098-T?
Payments Received
Box 1 of Form 1098T reports the total of payments received for qualified tuition and related expenses during the calendar year being reported, up to the Qualified Tuition and Related expensed. Payments received do not include amounts that are waived due to tuition and fee waivers.
Negative payments represent tuition refunds, which generally result when classes are dropped or withdrawn from. Tuition refunds, i.e. negative payments, must be subtracted from positive payments to calculate qualified tuition and related expenses paid during the calendar year. Refunds are first used to pay charges and are only paid to the student if in excess of charges.
Types of Payments Included
Direct payments by cash, check, or credit card
Financial aid credited to tuition and related expenses, including loans
Payments from outside sponsors
Credits posted to your student account by St. Lawrence University
Scholarships or Grants
Box 5 of Form 1098-T reports the total of scholarships or grants administered and processed by St. Lawrence University during the calendar year being reported. Please note, disbursements of scholarships and grants do not always occur during the semester in which they were intended for. The amount reported in Box 5 does not include:
Military/Veteran Benefit Payments
Scholarships, grants, reimbursements or other types of sponsorships not administered or processed by St. Lawrence University.
Student loans, for example subsidized, unsubsidized, PLUS, Perkins, and alternative loans.
Tuition waivers provided during the calendar year.
Work-study.
The amount of any scholarships or grants reported for the calendar year and other similar amounts not reported (because they are not administered and processed by St. Lawrence University) may reduce the amount of any allowable tuition and fee deduction or education credit that you are entitled to.
Billed Expenses (Charges billed are supplemental and not reported on the IRS form, but can impact the amount reported in Box 1. Payments received will only be up to the amount of qualified charges billed.)
My accountant says the University must provide me with a 1098-T.
The University in not required, by the IRS, to furnish a Form 1098-T in the following instances:
If payments are for courses for which no academic credit is offered, even if the student is otherwise enrolled in a degree program.
If the enrolled student is a nonresident alien, unless requested by the student.
Students whose qualified tuition and related expenses are entirely waived or paid entirely with grants/scholarships.
Students for whom you do not maintain a separate financial account and whose qualified tuition and related expenses are covered by a formal billing arrangement between an institution and the student's employer or a governmental entity, such as the Department of Veterans Affairs or the Department of Defense.
If you did not receive a 1098-T, but believe you should have, please contact Student Financial Services at 315-229-5581 or email sfs@stlawu.edu
My SSN is wrong on my 1098-T. Can I have a new one sent to me?
Please contact Student Financial Services at 315-229-5581 or email sfs@stlawu.edu