What is a form 1098-T?
The 1098-T is an IRS form entitled “Tuition Statement” that assist students in determining if he/she qualifies for certain education related tax credits under the Taxpayer Relief Act of 1997(TRA97). The IRS requires eligible educational institutions such as the University of La Verne to provide this statement to the students and to the IRS.
When will 1098-T forms be mailed?
Forms 1098-T will be mailed and postmarked by January 31st. You should receive your form 1098-T no later than the end of the first week in February.
Where will the forms 1098-T be mailed?
Forms 1098-T will be mailed to your permanent address on file with the University, unless that address is not a valid address. Local addresses will be used, if available, when the permanent address is not valid.
What should I do if I haven’t received my form 1098-T?
Forms 1098-T will be mailed by January 31st, so you should receive your form 1098-T by the end of the first week of February. If you have not received a form 1098-T by the end of the first week in February, access MyLaVerne at www.laverne.edu.
What do the amounts located on the form represent?
Box 2: Amounts billed for qualified tuition and related expenses: This includes tuition, and required fees such as academic service and lab fees. The gross amount of qualified tuition and related expenses is reported in Box 2, net of any current calendar year adjustments. Amounts such as dorms, meals, parking, books, late fees or deferment fees are not considered qualified tuition and related fees and are omitted from Box 2.
Box 4: Adjustments made for a prior year: The amount in this box is the total of all reductions for qualified tuition and related expenses billed in a prior year.
Box 5: Scholarships or grants: This box contains the sum of all scholarships the University of La Verne administered and processed for the student’s account during the calendar year. Tuition waivers and payments received from third parties that are applied to a student’s account for education expenses are included in this box. Please note that you may receive additional scholarships that the University does not administer and process. These should also be taken into consideration when determining your eligibility for the credits.
Box 6: Adjustments to scholarships or grants for a prior year: Negative adjustments to scholarship amounts reported in a previous year are included in this box.
Why isn’t there an amount in box 1?
The IRS instructs institutions to report either payments received (Box 1) or amounts billed for qualified tuition and related expenses (Box 2) on the 1098-T. Once an institution has selected one of these options, they cannot change reporting methods between calendar years without IRS permission. University of La Verne reports qualified tuition and related expenses that were billed during the tax year (Box 2) therefore, Box 1 – Payments Received for Qualified Tuition and Related Expenses, will be blank.
I did not receive my 1098-T form, why?
- As per IRS regulations, colleges and universities are not required to file Form 1098-T or furnish a statement for students enrolled in courses for which no academic credit is offered. This includes our students in the online Professional Development programs.
- The Form 1098-T is provided as a courtesy by the University of La Verne to all students in a degree seeking program, who have provided their social security number to the Office of the Registrar. Please review the IRS regulations or contact your individual tax consultant concerning eligibility to claim tax education credit(s).
I received payment from the Department of Veteran Affairs. How are my VA benefits reported on my Form 1098-T?
VA Benefits received are reported on your Form 1098-T as scholarships in box 5.
Veteran Benefits stipulates that they are for financial aid purposes, VA benefits should not be considered as a resource (either as income or a scholarship) to the recipient when need is calculated. However, students receiving VA benefits may not use that amount to calculate American Opportunity or Lifetime Learning Credits. Therefore, IRS has determined that these tuition benefits should be included in scholarships/grants reported in box 5 of Form 1098-T.
For more information from the IRS regarding these rules please click here and see page 2 under Specific Instructions for Form 1098T under Exceptions.
Where can I get help?
The University cannot offer legal or tax advice. Information concerning the tax benefits for education is available in IRS Publication 970 and may be downloaded at http://www.irs.gov/pub/irs-pdf/p970.pdf. Questions concerning your eligibility should be directed to the IRS or your tax professional.
For more information, please visit the US Government’s IRS Web site at:Tax Information for Students or call (800) TAX-1040 or (800) TAX-FORM.
For your convenience, a copy of your 1098-T can be found on MyLaVerne, and accessed as follows:
- Go to: www.laverne.edu
- Click on: MyLaVerne
- Click on: *La Verne Portal* and (login using your La Verne email user name and email password)
- Click on: *Financial Aid & Student Accts*
- Click on: *Student Account Services*
- Click on: *Tax Notification*
- Enter a Tax Year
- Click on: Submit