Education Tax Credits - 1098-T
Dear Dickinson Students and Families,
In previous years, the student's 1098-T included a figure in Box 2 that represented the qualified tuition and related expenses (QTRE) Dickinson College billed to your student for the prior calendar year. Due to a change to institutional reporting requirements under federal law, beginning with tax year 2018, Dickinson College is required to report in Box 1 the amount of QTRE you paid during the prior calendar year. This means you will no longer see an amount in Box 2, but rather see an amount in Box 1 (Payments received for qualified tuition and related expenses.)
How will this change impact your eligibility to file for the tuition credit for 2018? Beginning with the 2018 tax year, the IRS reporting regulations require only payments received and posted in tax year 2018 to be reported in Box 1 of the 2018 1098-T form. Any payments made in 2018 for qualified charges (tuition and fees) for the Spring 2019 semester, will NOT be captured on the 1098-T form in the tax year 2019. Only payments made in the tax year for which the 1098-T form is generated will be reported in Box 1 for that given tax year. This may impact your tax credit eligibility.
You can find detailed information about claiming education tax credits in IRS Publication 970, page 9 by visiting www.irs.gov.
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.