Tax Forms

All students who were enrolled and billed for qualifying tuition and related expenses for the calendar year 2012 will be mailed a 1098T form from Assumption College by 1/31/13. This form will be mailed to the student at their home address on record. In order to provide this information the student would need to have their social security number on their student record kept by the Registrar. The student can verify and make any needed changes regarding their social security number or address through the Registrar’s office. 

Assumption College uses ECSI to print and mail the 1098-T’S. If you need to request another copy please contact them directly.
ECSI 1098T hotline number is 866-428-1098. 

All eligible educational institutions, such as a college or university in which you are enrolled, and an insurer who makes reimbursements or refund of qualified tuition and related expenses to you, must furnish this statement to you. You or the person who claims you as a dependent may be able to claim an education credit on Form 1040 or 1040A for qualified tuition and related expenses. Assumption College will be reporting billed qualified tuition and related expenses along with the amount of any scholarships or grants that were applied to the student’s account during the calendar year. 

Assumption College can only answer questions on how the form was prepared. Questions regarding your eligibility should be directed to your tax preparer. For more information about any education credits see IRS Publication 970 Tax Benefits for Education, Form 8863, Education Credits the form 1040 or 1040A. These can be found at www.irs.gov

Explanation of 1098-T form

Box 1 Payments received for qualified tuition and related expenses.
Box 2 Amounts billed for qualified tuition and related expenses.
Box 3 If this box is checked, your education institutions has changed its reporting method for 2012.
Box 4 Adjustments made for qualifying tuition for a prior year that was previously reported on a 1098T.
Box 5 Scholarships or grants
Box 6 Adjustments to scholarships or grants for prior year that was previously reported on a 1098T
Box 7 checked if the amount in box 1 or 2 includes amounts for an academic period beginning January – March 2012
Box 8 Checked if at least half-time student
Box 9 checked if a graduate student
Box 10 Insurance contract reimbursement/refund

Frequent asked questions regarding 1098-T’S

What is a 1098-T form?

In accordance with the Taxpayer Relief Act of 1997 (TRA97), a 1098T is a required IRS Tax form that each institution must provide to is Students/Taxpayers. 

Why did I get this form?

Assumption College is required to send you this form so that you can use it to determine if you are eligible and what dollar amount you can claim for either the American Opportunity Credit or Lifetime Learning Credits. 
For more information on these credits visit the IRS website. www.irs.gov/uac/Tax-Benefits-for-Education:-Information-Center

What is the 1098-T form used for?

The information on the 1098-T form is provided to assist each Student/Taxpayer in preparing the IRS Form 8863 – which is used to claim the American Opportunity Credit or Lifetime Learning Credits. Once complete, the form 8863 should be attached to the Student/Taxpayer’s income tax return. 

Do I have to use this form?

No, only if you are looking to take the American Opportunity Credit or Lifetime Learning Credits when filing your income taxes. 

The amount in Box 5 scholarships and grants exceeds the amount in box 2 billed qualified tuition and related expenses?

On the 1098T form Assumption College is reporting charges billed during the calendar year and scholarships and grants disbursed during the calendar year. Since the spring semester is billed in November and scholarships and grants for the spring semester are typically disbursed to the student’s account in January, this sometimes causes the amount in box 5 to exceed box 2. You would need to contact the IRS or tax professional to determine the taxability of any scholarships or grants you have received. 

Can someone at the school give me tax advice?

Assumption College can only provide information on how the form was prepared. We cannot provide tax advice. For tax advice you would need to contact a qualified tax professional. 

Did we send a copy to the IRS?

Yes, Section 6050S 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 eligibility for the American Opportunity or Lifetime Learning education tax credits. The annual deadline for Assumption to file the required tax information electronically is March 31 although data may be submitted earlier.