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1098 Tax Form

What is the 1098T Tax Form?
 
The 1098T form is a Tuition Statement that includes information that colleges and universities are required to issue for the purpose of determining a student's eligibility for education tax credits. The 1098T form issued by Anna Maria College reports the amount of mandatory tuition and fees (qualified expenses) billed to you by Anna Maria College over the course of the previous calendar year, from January 1st to December 31st  as well as any "free" money (scholarships/grants) disbursed to your student account. This form is intended to assist you or your parents in preparation of your federal income tax return.
 
Tuition, fees and related expenses paid to the institution as a condition of enrollment or attendance are considered qualified expenses. Expenses for books and supplies generally do not qualify for the credit. More information about qualified expenses may be found in Publication 970, Tax Benefits for Education. In addition, qualified educational expenses which are paid for by tax free funds are not eligible for the credit. Therefore, if your tuition was paid entirely by Pell Grant, a tax free scholarship or VA educational assistance, you will not be eligible for the credit. You can learn more by reading Publication 970, Tax Benefits for Education.
 
Note: Just because you receive a 1098T does not automatically mean you qualify for a credit. If you have questions about how to compute your education tax credit, you should consult your tax professional or refer to the IRS. Your accountant, tax preparer, or the Internal Revenue Service (www.irs.gov) can best advise you in the utilization of this form when preparing your taxes.
 
If you have questions about how to compute your education tax credit, you should consult your tax professional or refer to the IRS. Anna Maria College is not able to provide tax advice.  Please refer to the contact information below:
  • IRS website:  www.irs.gov
  • IRS Telephone Assistance Hot line: 1 (800) 829-1040 
Click here for 1098T Instructions for 2015.
 
The forms are available online through the Online Resources Portal and will be mailed to the home address on file and postmarked by Friday, January 30, 2015.