1098T Tax Forms are issued annually to The King’s College students who paid qualified tuition and fees during the tax year from January 1 to December 31. Forms are mailed on or before January 31 of the following year. If you have not received your 1098T form, you may request a duplicate by calling 212-659-3608 after January 31st.
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.
The Following are not qualified tuition and related expenses:
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, insurance, medical expenses (including student health fees), transportation, and similar personal, living, or family expenses.
Box (1): Payments Received for Qualified Tuition & Related Expenses
The IRS gives institutions the option of providing information in Box (1) or Box (2). The King’s College has opted to provide information in Box (2).
Box (2): Amounts Billed for Qualified Tuition & Related Expenses
Box (2) will show the total tuition and related fees required for enrollment or attendance at an eligible educational institution. These tuition and related fees are those that were billed between January 1 and December 31 of the tax reporting year, which includes the qualified tuition and related fees incurred in the Spring, Summer and Fall semesters of the tax reporting year.
Box (3): This box will not be checked as the College has not changed its reporting method.
Box (4): Adjustments Made for a Prior Year:
This box represents any reductions to tuition made in the current reporting year for a prior year already reported.
Box (5): Scholarships and Grants:
Box (5) includes scholarships and grant aid awarded payments received from third parties (excluding family members and loan proceeds). It also includes payments from government and private entities, religious organizations and non-profit entities and posted to your student account during the reporting period.
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.
Box (7) will be checked if:
The amount in Box (1) or Box (2) includes amounts for an academic period beginning in the January to March after the current reporting year. This is because the educational tax credits are allowed for qualified education expenses paid by December 31 for an academic period beginning in the first three months of the following year.
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) will be checked if the student was enrolled exclusively in a program leading to a graduate degree, certificate or other graduate credential.
Box (10): The reporting institution is not required to provide information in this box.