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The 1098-T Hope and Lifetime Learning tax credit tuition statements are mailed to students in January. The data is also available to view online through Student Online Services. Students can also view prior year 1098-T tax information online.
Great online resource for tax credit information: Tax Breaks for Higher Education.
The main purpose of the form 1098T is to help students determine if they are eligible to receive two tax credits: the American Opportunity credit and the Lifetime Learning credit. We follow Internal Revenue Code section 6050S and the corresponding regulations in reporting Form 1098T. A Tuition Statement is issued each year a student is enrolled in credit hours at the university. OSU reports Amounts Billed in Box 2 and not Payments Received in Box 1 as allowed by IRS regulations.
It is the taxpayer's responsibility to determine the amount of qualified tuition and fees paid, and to determine whether they are eligible for any tax credits.
To assist the student and the IRS in determining if the student qualifies for these tax credits, the university is required to indicate whether the student was enrolled at least half time for one term during the calendar year. The IRS also requires the university to indicate if the student was enrolled exclusively in graduate level courses. If this indicator is marked, it could mean the student is not eligible for the American Opportunity credits.
What is the information reported in the boxes?
What are some examples of qualified tuition and related expenses?
Qualified Tuition & Related Expenses
For more information please review Education Tax Credits and IRS Publication 970, for tax year 2016, when it becomes available.
Oregon State University employees cannot offer tax advice. However, if you have questions about the information provided on the 1098T form you may contact us.
The following are some of the resources available for tax information: