Explanation of Your IRS Form 1098-T Tuition Statement
- The IRS Form 1098-T is an informational form filed with the Internal Revenue Service.
- The IRS Form 1098-T that you receive reports amounts billed to you for qualified tuition and related expenses, as well as other related information.
- All information and assistance that Cox College can provide to you is contained in this notice.
Box 1: Payments Received for Qualified Tuition and Related Expenses
The IRS gives the option of reporting information in either Box 1 or Box 2 of form 1098-T. Cox College has opted to report in Box 2.
Box 2: Amounts Billed for Qualified Tuition and Related Expenses
Box 2 will reflect qualified tuition and related expenses billed during the 2012 calendar year (January 1, 2012 through December 31, 2012). Please note, if you registered for the Spring 2013 semester in October, November, or December of 2012, these amounts are considered unofficial billing charges until authorized at the start of the Spring 2013 semester. Therefore, these are authorized and posted as official to your student account in January 2013, and will not be included on your 2012 1098-T form. For purposes of the Form 1098-T provided by Cox College, the following categories of charges are included or not included as qualified tuition and related expenses:
Qualified Tuition and Related Expenses
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Box 5: Scholarships or Grants
Box 5 of Form 1098-T reports the total of scholarships and/or grants administered and processed by the Cox College Financial Aid Department during the calendar year. The amount of any scholarships or grants reported for the calendar year may reduce the amount of any allowable tuition and fee deduction or education credit that you are entitled to for the 2012 tax year. Please consult a professional tax preparer for more detailed information.