Form 1098-T

1098-T Tax Forms are issued annually to students of The King’s College who paid qualified tuition and fees during the tax year from January 1 to December 31. We mail these forms on or before January 31 of the following year. If you have not received your 1098-T, you may request a duplicate by contacting Student Financial Services at 646-237-8902 or financialservices@tkc.edu after January 31.

The King’s College is unable to provide you with individual tax advice, but should you have questions regarding requirements for, or how to calculate, any education credit, you should seek the counsel of an informed tax preparer or adviser.

What Counts as “Qualified Tuition and Related Expenses”?

Qualified tuition and related expenses are tuition and fees required for a student to be enrolled at, or attend an eligible educational institution. These can include student activity fees, technology fees, course material fees, and program fees. See IRS Publication 970 for more details.

Qualified tuition and related expenses do not include:

  • Amounts paid for any course or other education involving sports, games, or hobbies, unless the course or other education is part of the student’s degree program.
  • Charges for room, board, fines, late payment fees, insurance, medical expenses (including student health fees), transportation, and similar personal, living, or family expenses.

Understanding Your 1098-T

In previous years, your 1098-T included a figure in Box 2 that represented the qualified tuition and related expenses (QTRE) we billed to your student account for the calendar (tax) year. Due to a change to institutional reporting requirements under federal law, beginning with tax year 2019, we will report in Box 1 the amount of QTRE you paid during the year.

 

Box (1): Payments Received for Qualified Tuition & Related Expenses

Box (1) shows the total payments received by an eligible educational institution in 2019 from any source for qualified tuition and related expenses less any reimbursements or refunds made during 2019 that relate to those payments received during 2019.

Box (1) includes all payment types for qualified tuition and related expenses, including all grants reported in Box (5).

Box (2)

Box (2) is reserved for future reporting.

Box (3)

Box (3) is reserved for future reporting.

This box will be checked as the College has changed its reporting method due to the change in reporting requirements under federal law.

Box (4): Adjustments Made for a Prior Year

Box (4) shows any adjustment made by an eligible educational institution for a prior year for qualified tuition and related expenses that were reported on a prior year Form 1098-T. This amount may reduce any allowable education credit that you claimed for the prior year (may result in an increase in tax liability for the year of the refund). See “recapture” in the index of IRS Publication 970 to report a reduction in your education credit or tuition and fees deduction.

Box (5): Scholarships and Grants

Box (5) shows the total of all scholarships or grants administered and processed by the eligible educational institution. The amount of scholarships or grants for the calendar year (including those not reported by the institution) may reduce the amount of the education credit you claim for the year.

TIP: You may be able to increase the combined value of an education credit and certain educational assistance (including Pell Grants) if the student includes some or all of the educational assistance in income in the year it is received. For details, see IRS Publication 970.

This includes scholarships and grant aid awarded payments received from third parties (excluding family members and loan proceeds). It also includes payments from government (e.g. PELL, FSEOG, VA, TAP) and private entities, religious organizations and nonprofit entities and posted to your student account during the reporting period. All institutional scholarships awarded in the calendar year are also reported in this box.

Box (6): Adjustments Made to Scholarship or Grants for a Prior Year

Box (6) represents any reductions made to scholarships or grants in the current reporting year for a prior year.

This amount may affect the amount of any allowable tuition and fees deduction or education credit that you claimed for the prior year. You may have to file an amended income tax return (Form 1040X) for the prior year.

Box (7)

Box (7) will be checked if the amount in Box (1) includes amounts for an academic period beginning in the January to March after the current reporting year. See IRS Publication 970 for how to report these amounts.

Box (8)

Box (8) will be checked if the student was enrolled at least half-time (minimum of six credits) during any academic period beginning in the reporting year.

Box (9)

Box (9) will be checked if the student was enrolled exclusively in a program leading to a graduate degree, certificate or other graduate credential.

Box (10)

Shows the total amount of reimbursements or refunds of qualified tuition and related expenses made by an insurer. The amount of reimbursements or refunds for the calendar year may reduce the amount of any education credit you can claim for the year (may result in an increase in tax liability for the year of the refund).

More Resources

Depending on your income (or your family’s income, if you are a dependent), whether you were considered full or half-time enrolled, and the amount of your qualified educational expenses for the year, you may be eligible for a federal education tax credit. You can find detailed information about claiming education tax credits on page 9 of IRS Publication 970.)

The dollar amounts reported on your Form 1098-T may assist you in completing IRS Form 8863, the form used for calculating the education tax credits that a taxpayer may claim as part of your tax return. View instructions from the IRS.

View a Sample 1098-T

View Instructions for Forms 1098-T and 1098-E

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