IRS Form 1098-T

As required by the Internal Revenue Service (IRS), Form 1098-T will be available on Jan. 31 for all students who had qualified tuition and other related educational expenses billed on their account during the previous calendar year.

The 1098-T is informational only. It serves to alert students that they may be eligible for federal income tax education credits such as the Lifetime Learning Credit and the Hope Credit as part of their Federal Income Tax Return. IRS Publication 970 "Tax Benefits for Higher Education" as well as Chapter 35 of IRS Publication 17 provide additional information on these credits.

NYIT is prohibited from offering tax advice. You must consult your own tax professional for advice. Here is general information, which does not include tax advice.

General Information:

  • The 1098-T 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, taxpayer's identification number (TIN), enrollment status, amounts pertaining to qualified tuition and related expenses, and scholarships and/or grants, taxable or not.

    The current 1098-T reports only those transactions that posted to your student account during the previous calendar year (2015). So, if charges for the 2016 spring semester were billed to your student account during 2016, they will be included in the 1098-T for 2015.
  • The single most important information on the form is your social security number. You can add or correct your social security number by completing this form and bringing it with your original or a certified copy of your social security card to the Office of the Registrar. You may also mail the form with a certified copy of your social security card to the Office of the Registrar if you are unable to come in person. The original or certified copy must be issued by the Social Security Administration.
  • Generally, foreign students cannot claim a credit.  However, some foreign students may be eligible if they are a “U.S. person.”  Review IRS forms, instructions, and publications for guidance. 

     You are a "U.S. person" if you are:

    • a U.S. citizen, or
    • a Lawful Permanent Resident ("green card" holder), or
    • a resident alien for tax purposes, by virtue of passing the Substantial Presence Test for the year

    Otherwise, you are a nonresident alien (also known as a "foreign person") for tax purposes. For further information, please review IRS Publication 519 (U.S. Tax Guide for Aliens). 

  • We sent a copy of your 1098-T to the IRS. Section 6050S of the Internal Revenue Code, as enacted by the Taxpayer Relief Act of 1997, requires institutions to file information returns to assist taxpayers and the IRS in determining eligibility for the Hope and Lifetime Learning education tax credits.
  • Sign in to the MyNYIT Portal and access your account via NYITConnect:

    • View and print your current or historical 1098-T forms filed by NYIT. If you misplace your copy, you can always view and print an electronic copy.
    • Opt-out of paper copies of the 1098-T.  
    • Authorize another individual to view your electronic 1098-T by adding a “Parent Pin.”

    Your paper 1098-T will be mailed to the billing and/or home address on file at NYIT. If your address has changed, it will not affect you when you file your tax return. The address shown on the 1098-T is irrelevant for IRS income tax filing purposes.  However, you should update your address in NYITConnect so that NYIT has up-to-date information. 

    If you do not see a 1098-T:

    • Verify that your student account has a valid SSN assigned to it by contacting the Office of the Registrar at 516.686.7580. Once a valid SSN has been recorded, email the 1098Tdepartment@nyit.edu for 1098-T processing.
    • The 2015 1098-T only includes only charges that posted to your student account during the 2015 calendar year. For example, charges were posted in 2014 for the spring 2015 semester, and would have been reported on your 2014 1098-T.
     
  • Why isn't there an amount in box 1?
    The IRS instructs institutions to report either payments received (Box 1) or amounts billed for qualified tuition and related expenses (Box 2) on the 1098-T. Once an institution has selected one of these options, they cannot change reporting methods between calendar years without IRS permission. NYIT reports qualified tuition and related expenses that were billed during the tax year (Box 2); therefore, Box 1 - Payments Received for Qualified Tuition and Related Expenses will be blank.

    For purposes of box 2, what educational expenses are considered as qualified tuition and related expenses?
    Qualified tuition and related expenses refer to tuition and required fees, such as segregated fees and lab fees, that a student must pay to be enrolled at or attend an eligible education institution. Tuition waivers and remissions are considered reductions to qualified tuition and expenses. Qualified expenses do not include:
    • Amounts paid for any course or education involving sports, games or hobbies unless the course or other education is required as part of the student's degree program or is taken to acquire or improve job skills.
    • Charges and fees for room, board, insurance, transportation, personal, living and other family expenses.
    • The cost of books and equipment are generally not qualified expenses because eligible educational institutions usually do not require that the cost of the books or equipment be paid to the institution as a condition of the student's enrollment or attendance at the institution.  However, some campuses may have a mandatory textbook fee or rental program which may be included as a qualified related expense.

    Do the "amounts billed" figures in box 2 of my 1098T equal the "qualified expenses" I can claim on my IRS Form 8863 as I file my taxes?
    Not necessarily. NYIT is required to provide the "amounts billed" and "scholarship or grant" figures to help you determine the amount of qualified expenses you can claim on your IRS Form 8863. Per Internal Revenue Code Section 25A, taxpayers may claim an education tax credit only with respect to qualified tuition and related expenses paid (not billed) during the calendar year. You will need to review your payment records to determine the actual qualified expenses paid. Remember that qualified amounts paid by student loans may count as payments eligible for these purposes. Scholarships and grants received may reduce your eligible payment amounts. See IRS Publication 970 for information to determine your qualified expenses paid amount.

    What amounts appear in box 4 - adjustments made for a prior year?
    This shows the amount of any tuition and fees reductions in the current calendar year for charges that were billed in a previous calendar year.

    How did NYIT figure out what amounts to include in box 5 - scholarships or grants?
    The figure in Box 5 includes scholarships, grants and, if applicable, payments made by a third party under formal billing arrangements (i.e. outside scholarships, employer provided educational assistance (regardless of taxability), military, etc.) which have been administered by NYIT.  If you received other forms of outside scholarships and grants not administered by NYIT, it is your responsibility to adjust the figure accordingly. Third party payments do not include payments made by your parent or other individuals.

    If you are being taxed on employer-provided educational assistance, why should this be considered a scholarship or grant?
    NYIT does not determine whether your education benefits are being taxed by your employer. As such, scholarships and grants are increased by 100% of any employer-provided payments under a formal billing arrangement and it is up to you to adjust your qualified tuition and related expenses accordingly based on the taxability of your employer benefits.

    What amounts appear in box 6 - adjustments to scholarships or grants for a prior year?
    This shows the amount of any scholarship, grant, and if applicable, third party reductions in the current calendar year for aid that was credited in a previous calendar year.

    Why is there no check mark in box 8 - at least part-time?
    This box will not be checked if you were not enrolled at a half-time status during an academic period which is either enrolled or billed during the calendar year. NYIT checks this box if you were half-time or more for at least one term beginning during the year. This information is important in determining eligibility for the Hope Credit.

    What is the purpose of box 9 – graduate student?
    Box 9 will be checked if you were enrolled as a graduate student for at least one academic period during the calendar year. If box 9 is checked, it alerts the IRS to the fact that the Hope Scholarship Credit is not allowable for the student's qualified expenses because the student is beyond the first two years of post-secondary education and that the Lifetime Learning Credit may be allowable.
 
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