Colleges and universities are required to report information on enrolled students to the Internal Revenue Service. The information is reported on a 1098-T form. Payment of qualifying tuition related expenses (QTRE) - i.e. largely the tuition portion of the student bill, and does not include room and board expenses.
- 1098-T forms will be mailed to your home address by January 31st
- You may obtain a copy online: https://tra.maximus.com/
Your 1098-T will reflect amounts that were paid to your Colby-Sawyer College student account in the tax year to cover Qualified Tuition Related Expenses. Other charges, such as required textbook costs, may be qualified expenses but are not reported on the 1098-T because they were not billed to your student account.
Box 1) - will reflect the total payments from any source for qualified tuition and related expenses less any refunds.
Example of payment sources: Student payments, Merit Awards, Scholarships, Grants and Loans.
Box 5) - will reflect the total of Merit Awards, Scholarships and Grants.
Student Financial Services staff are not tax professionals and given the complexity of the tax code, we cannot provide tax advice or determine your eligibility for education tax benefits.
Resources
The resources provided here are designed to assist you in understanding the tax benefits that may be available to you as you prepare the previous fiscal year’s tax return.
- IRS Publication 970, Tax Benefits for Education
- IRS Education Tax Credits- AOTC/LLC
- Tax Information for Students
- IRS Form 8863-Education Credits, for use to figure and claim education credits (American Opportunity Tax Credit and Lifetime Learning Credit)