The 1098-T Form 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. You also have access to your RIT student account through eServices to obtain detailed account transactions for the calendar year.
RIT is unable to provide you with individual tax advice, but should you have questions, we recommend that you seek the counsel of an informed tax preparer or adviser. For more information about Federal Form 1098-T, see IRS Publication 970.
Box 1: The total payments received for qualified tuition and related expenses, less any related reimbursement or refunds.
Box 2: No Longer Used
Box 3: No Longer Used
Box 4: Reimbursements or refunds of qualified tuition and related expenses reported on a prior year Form 1098-T.
Box 5: The total of all scholarships or grants administered and processed by RIT. The amount of scholarships or grants for the calendar year (including those not reported by RIT) may reduce the amount of any allowable tuition and fees deduction or the education credit you may claim for the year.
Box 6: Reduction to the amount of scholarships or grants reported on a prior year Form 1098-T.
Box 7: If this box is checked, the amount in Box 1 included amounts for an academic period beginning in the next calendar year. See IRS Publication 970 for how to report these amounts.
Box 8: Indicates whether you are considered to be carrying at least one-half the normal full-time workload for your course of study at RIT.
Box 9: Indicates whether you are considered to be enrolled in a program leading to a graduate degree, graduate-level certificate, or other recognized graduate-level educational credential.
Box 10: The total amount of reimbursements or refunds of qualified tuition and related expenses made by an insurer. The amount of reimbursements or refunds for the calendar year may reduce the amount of any allowable tuition and fees deduction or education credit you may claim for the year.
Reporting to the IRS depends primarily on your SSN or ITIN. It is very important for you to have the correct information on file with RIT. If RIT does not have an SSN on file, or if your SSN is incorrect, complete and return, in-person, an IRS W-9 form to the RIT Registrar’s Office.
Section 65050S of the Internal Revenue Code, as enacted by the Taxpayer Relief Act of 1997, requires institutions to file information returns to assist taxpayers and the IRS in determining the amount of qualified tuition and related expenses (qualified expenses) for which an education tax credit is allowable under section 25A (American Opportunity and Lifetime Learning Education tax credits), as well as other tax benefits for higher education expenses.
No; this information will be provided by your loan servicer(s) on Form 1098-E.
Form 1098-E reports interest paid on Federal Perkins Loan provides detailed information.
Important: Information regarding immigration, employment, and tax substantial authority are the responsibility of each individual. Please keep in mind that no one from RIT, while in their official role at the university, can act as a tax consultant, give personal, legal, or tax advice, or represent an individual dealing with the Internal Revenue Service. Thus, any assistance the above information may provide is given as a courtesy to you, and as such, should not be construed in any way as the rendering of legal or tax advice.