Education Tax Credits - 1098-T
Dear Dickinson Students and Families,
Please note the important upcoming IRS Regulatory changes for the 1098T reporting and the impact to the student:
2017 1098T - Reporting spring 2017 and fall 2017 Qualified Tuition and Related Expenses in Box 2 (same method as in prior years). The form 1098T will be postmarked no later than January 31, 2018.
2018 1098T - IRS Regulations require Dickinson College to report in Box 1 all Payments Received up to the amount of the Qualified Tuition and Related Expenses. Box 1 reporting is effective beginning in the 2018 tax year and Box 2 reporting is no longer allowed by the IRS.
With the anticipation of this regulatory change from the IRS, beginning Janary 2017, Dickinson College aligned the spring 2017 billing and payments with the IRS Tax Reporting Year. This change will assist the taxpayers in receiving any potential tuition tax credit in the same tax year.
For the spring 2018 semester, Dickinson College will generate the spring 2018 tuition and fees invoice on January 4, 2018 with a due date of January 19, 2018. Invoices will be available to view through the Dickinson Gateway or the Proxy Portal no later than January 5, 2018. Payments for the spring 2018 semester should be made on or after January 5, 2018.
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.