1098-T Tax Year
The Student Accounting Office issued all eligible 1098-T forms starting January 31, 2021. Students who do not receive their expected form can send an inquiry to our office at firstname.lastname@example.org (Please use the subject: 1098T FORM REQUEST)
Receive your 1098-T Electronically!
Understanding your 1098-T
Form 1098-T will report the payments made for tuition and related expenses versus the amounts billed for tuition and related expenses. The 1098-T also reports financial aid awarded to students enrolled in courses at WCM during the calendar year for which they receive academic credit.
The information reported on the 1098-T form helps students evaluate whether he or she is eligible for an education tax credit. For information on what is reported on this form, see the Specific Instructions for Form 1098-T on the IRS website.
What is the 1098-T Form?
The 1098-T form is used by eligible educational institutions to report information about their students to the IRS as required by the Taxpayer Relief Act of 1997. Eligible educational institutions are required to submit the student's name, address, and taxpayer's identification number (TIN), enrollment and academic status. Beginning with 2003, educational institutions must also report amounts to the IRS pertaining to qualified tuition and related expenses, as well as scholarships and/or grants, taxable or not. A 1098-T form must also be provided to each applicable student. While it is a good starting point, the 1098-T, as designed and regulated by the IRS, does not contain all of the information needed to claim a tax credit. There is no IRS requirement that you must claim the tuition and fees deduction or an education credit. Claiming education tax benefits is a voluntary decision for those who may qualify.
Why did I receive a 1098-T and what am I supposed to do with it?
In January of each year, Weill Cornell Medical College mails Form 1098-T to all students who paid qualified tuition and other related educational expenses billed to them during the previous calendar year. This form is informational only and should not be considered as tax opinion or advice. It serves to alert students that they may be eligible for federal income tax education credits. Receipt of Form 1098-T does not indicate eligibility for the tax credit. To determine the amount of qualified tuition and fees paid, and the amount of scholarships and grants received, a taxpayer should use their own financial records.
NOTE: It is up to each taxpayer to determine eligibility for the credits and how to calculate them.
Did you send a copy of this form to the IRS?
Yes. Section 6050S of the Internal Revenue Code, as enacted by the Taxpayer Relief Act of 1997, requires Weill Cornell Medical College to file information returns to assist taxpayers and the Internal Revenue Service in determining eligibility for the Hope and Lifetime Learning education tax credits.
Why isn't there an amount in box 2?
Starting with the 2018 1098-T form, the IRS has mandated that all institutions report on payments received for qualified tuition and related expenses (Box 1). We will no longer be reporting on amounts billed for qualified tuition and related expenses (Box 2) on the 1098-T, so this box will be blank.
What is the Hope Credit and the Lifetime Learning Credit and what are allowable tuition and fee tax deduction for each?
Not all students who pay qualified expenses are eligible for a tax credit. For example, both credits have an income cap. Students who have a Modified Adjusted Gross Income (MAGI) greater than or equal to $62,000, or $ 124,000 for those filing a joint return, are not eligible for the Hope or Lifetime Learning credit.
The information provided may help you determine if you may be eligible for a tax credit. If you are eligible for both, it will help you decide which to claim. Each student can only claim one of these tax credits per year. You are also prohibited from claiming a tuition and fees deduction and an education tax credit for the same student for the same year. Publication 17 includes a number of useful real-life examples. Publication 970 explains tax benefits for education: http://www.irs.gov/publications/p970/index.html
I paid my qualified tuition and related expenses with student loans. Can I still claim a Hope or Lifetime Learning Tax Credit or Higher Education Tuition and Fees Deduction?
Yes. Loan funds should be considered in the same manner as cash payments when calculating a Hope or the Lifetime Learning Tax Credit or the Higher Education Tuition and Fees Deduction. However, any scholarships, grants, or other non-taxable aid must be deducted from the amount of qualified tuition and related expenses paid. The credit is claimed in the year in which the expenses are paid, not in the year in which the loan is repaid.
If I pay college tuition and fees with a scholarship, can I claim an education credit on Form 8863 for those payments?
No. You cannot claim a credit for the amount of higher education expenses paid for by tax-free scholarships. Weill Cornell Medical College will not issue a form 1098-T if your grant and scholarship are greater than your tuition and you did not have an out of pocket payment. For more information, please visit the IRS website.
How do I get a reprint of my 1098-T form?
If you did not receive a 1098-T due to a change of address, or you misplaced the form, we can provide you a copy. Please contact the Student Accounting Office by email: email@example.com
Can I get a copy of a prior year 1098-T?
Yes, provided that a form was issued to you. Please contact the Student Accounting Office by email: firstname.lastname@example.org