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 contacting Student Financial Services at 646.237.8902 or FinancialServices@tkc.edu after January 31st.
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 2018, we will report in Box 1 the amount of QTRE you paid during the year.
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 in IRS Publication 970, page 9.)
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. (Form, Instructions)
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.
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.
Qualified Tuition and Related Expenses include, but are not limited to (please see IRS Publication 970 referenced previously for additional IRS details): Tuition, Student Activity Fees, Technology Fees, Course Material Fees, Program Fees.
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, fines, late payment fees, insurance, medical expenses (including student health fees), transportation, and similar personal, living, or family expenses.
Box (1): Payments Received for Qualified Tuition & Related Expenses
Shows the total payments received by an eligible educational institution in 2018 from any source for qualified tuition and related expenses less any reimbursements or refunds made during 2018 that relate to those payments received during 2018.
Box (1) includes all payment types for qualified tuition and related expenses, including all grants reported in Box (5).
Box (2): Reserved for future reporting.
Shows whether your educational institution changed its reporting method for 2018. It has changed its method of reporting if the method (payments received) used for 2018 is different than the reporting method (amounts billed) for 2017. You should be aware of this change in figuring your education credits. 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:
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 to Pub. 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 Pub. 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 non-profit 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) 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 Pub. 970 for how to report these amounts.
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.
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).
The following links will direct you to the IRS website where you may view the form and instructions for calendar 2018: