Form 1098-T is a tuition statement that college students generally get from their colleges around the time taxes are being done. The form will show a student how much they have individually paid in college expenses.
What Expenses Qualify?
- Tuition and fees at an eligible college or university
- Some meal plans that are necessary for enrollment
What Doesn’t Qualify For 1098-T?
- Personal expenses
- Transportation fees
- Room and board
This 1098-T form can be used to claim education credits or a deduction on your tax return.
Important Dates For 1098-T
- Recipient Copy-January 31st
- IRS eFile-March 31st
- IRS Paper Filing-February 28th
If these dates fall on a holiday they will automatically move to the next day.