The Form 1098-T is intended to help students and families in determining if you are eligible for an Education Tax Credit. 1098-T statements are available on or before January 31st for the prior tax year. It provides the total dollar amount paid by the student for what is referred to as qualified tuition and related expenses (or “QTRE”) in a single tax year.
1098-T – Tuition Reporting Tax Form
2018 Tax year
Billed qualified tuition and related expenses (QTRE) will no longer be reported in Box 2. Due to a change in institutional reporting requirements under federal law, beginning with the tax year 2018, we will report in Box 1 the amount of QTRE paid during the calendar year. Box 2 will remain blank/will be greyed out.
Impact to your 2018 Form 1098T
For the tax year ending December 31st, 2018, the amount reported in Box 1 may include your Spring 2018 payments only if the payments were received in 2018. In this instance, due to the reporting changes, the same amount could be reported in Box 2 of your 2017 Form 1098-T (as an amount billed to your student account in 2017) and in Box 1 of your 2018 Form 1098-T (as a received payment in the calendar year 2018). CCSF is unable to provide you with individual tax advice, but should you have questions, please seek the counsel of an informed tax preparer or adviser.