IRS Form 1098-T

  • The 1098-T form is used by eligible educational institutions to report information about their students to the IRS as required by the Taxpayer Relief Act of 1997.  Eligible educational institutions are required to submit the student’s name, address, and taxpayer’s identification number (TIN), enrollment and academic status.  Beginning in 2003, educational institutions must also report amounts pertaining to qualified tuition and related expenses, as well as scholarships and/or grants, taxable or not.  The 1098-T must also be mailed to each eligible student unless he or she consents to receive an electronic version.  The 1098-T serves to alert students that they may be eligible for federal income tax education credits.  This form is informational only.  It should not be considered as tax opinion or advice.  While it is a good starting point, the 1098-T, as designed and regulated by the IRS, does not contain all of the information needed to claim a tax credit.  There is no IRS requirement that you must claim the tuition and fees deduction or an education credit.  Claiming education tax benefits is a voluntary decision to those who may qualify.