Education Tax Credits - 1098-T
Dear Dickinson Students and Families,
In preparation for the IRS required change in the reporting method for the tuition statement 1098T which was to take effect January 1, 2017; Dickinson College implemented a change to invoicing for the spring semester. The spring 2017 semester tuition and fees will be invoiced January 5, 2017 with a due date of January 27, 2017. This change will align the tuition and fees charged with the payments received, including financial aid, for the spring semester within the same tax year.
In early December, the IRS decided to delay this required change in reporting methods until January 1, 2018. At that time, Dickinson was already committed to the change in our billing for the spring semester tuition and fees on January 5, 2017 with a due date of January 27, 2017.
Your tax year 2016 1098T tuition statement will reflect charges for tuition and related expenses, scholarships and grants or any adjustments to either of those categories.
Please consult a tax advisor with regard to filing for the American Opportunity Act or Lifetime Learning Credit reported using the tax form 8863 or the tuition and fees deduction reported using the tax form 8917. You can also visit www.irs.gov for additional tax benefits for education information.
W-9S FORM Information
Please complete the W-9S Taxpayer Identification form to complete your ITIN (Individual Taxpayer Identification Number) or SSN (Social Security Number) as required by the IRS (Internal Revenue Service) in order for you to file the tax form 1098T. Please mail the completed and signed form to:
Attn: Student Accounts
PO Box 1773
Carlisle, PA 17013-2896
Web site for information regarding education tax credits and the 1098-T tuition statement:
http://www.irs.gov/ and search for Publication 970 -- Tax Benefits for Education or tuition and fee deductions. The IRS Publication 970 can answer your educational tax credit questions or http://www.irs.gov/uac/Tax-Benefits-for-Education:-Information-Center.
The College sends IRS Form 1098-T tuition statement to the student's permanent home address prior to January 31 of each year. This statement reflects the amount Dickinson College billed or adjusted for tuition and related fees (not room and board) to the student for the tax/calendar year. It also reflects the amount of any scholarship/grant awarded or adjusted to the student for that same tax year.
The IRS also requires Dickinson College to obtain the student's taxpayer identification number (social security number - SSN or individual taxpayer identification number - ITIN) to file the 1098-T form. If your student is notified by the Student Accounts Office to complete the IRS form W9-S, please access the IRS website listed above and download the form W9-S. Complete PART 1 of the form and sign the form to serve as verification. Please return the completed form to the Student Accounts Office, PO Box 1773 Carlisle, PA 17013-2896; by fax to 717-245-1850; or email to Student Accounts. You may also call the office between the hours of 8:30 am and 4:30 pm, Monday through Friday by dialing 717-245-1953.
IRS Form 1098-E is sent to students/parents with educational loans from loan servicing agencies. This statement provides the interest paid for the tax year for educational loans. Although this interest may be deductible, lending institutions are not required to send them out if the interest amount is less than $600.00 for the tax/calendar year.