1098-t Information

Financial Aid

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 the amount you paid Cox College, as well as other related information.
  • All information and assistance that Cox College can provide to you are contained in this notice.

Qualified Tuition and Related Expenses:

Included

  • Tuition
  • Student Services Fee
  • Lab Fees
  • Technology Fee
  • ATI/HESI Testing Fee

Not Included

  • Course Related Books & Equipment
  • Pre-entrance Testing Fees

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 tax year. Please consult a professional tax preparer for more detailed information.

Tax Benefits for Education – 1098-T

As required by the Internal Revenue Service (IRS), Form 1098-T is mailed by Jan. 31 to all students who had qualified tuition and other related educational expenses billed to them during the previous calendar year.

The 1098-T form is informational only and should not be considered as tax advice. 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. 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. 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. 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.

FORM 1098-T FREQUENTLY ASKED QUESTIONS:

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