What is a 1098-T form?
The 1098-T tax form helps you and the IRS determine whether you are eligible to claim an educational related tax credit. The Tax Payer Relief Act of 1997 states that a college or university that receives qualified tuition and related expenses on your behalf is required to file Form 1098-T with the Internal Revenue Service (IRS). A copy of Form 1098-T must also be furnished to you.
The information being reported to the IRS verifies your enrollment with regard to certain eligibility criteria for the Hope Tax Credit, the Lifetime Learning Tax Credit, and Higher Education Tuition and Fees Deduction. The form is provided for your personal records and is not required to be submitted with your tax return. For additional information on the American Opportunity and Lifetime Learning Credits, please refer to Publication 970 and Form 8863 on the IRS website.
What does the information provided in the boxes mean?
The IRS requires all colleges and universities to report payments for Qualified tuition and related expenses received (Box 1).
Qualified tuition and related expenses are defined as tuition and certain related expenses required for enrollment or attendance at an eligible educational institution. Student activity fees and expenses for course-related books, supplies, and equipment are included in qualified related expenses only if the fees and expenses must be paid to the institution as a condition of enrollment or attendance.
Unqualified expenses include university housing, meal plans, health insurance, transportation, or other similar personal, living, or family expenses.
- Box 4 reports net adjustments to the tuition and fee for the prior tax year.
- Box 5 reflects financial aid and scholarships paid to the student during the tax year.
- Box 6 shows adjustments for scholarships and/or grants for a term held in the prior tax year.
- Box 7 will be marked with a "Y" if the student made a payment in the tax year, but the class is scheduled for the next year.
- Box 8 verifies the student is enrolled at least half-time.
When will I receive my 1098-T form?
All eligible students will receive a 1098-T tax statement by January 31. If you were expecting a Form 1098-T and did not receive one, please contact the Bursar's office at 212 217.3744.
How do I view or print a duplicate 1098-T?
- Log in to MyFIT.
- Select the Student tab.
- Under Online Resources, select Student Records & Student Accounts.
- Select Tax Notifications.
- Enter the tax year for the year needed.
Do I qualify for an educational tax credits, since I received Form 1098-T from FIT?
Receipt of Form 1098-T does not guarantee eligibility of an educational tax credit. You are responsible for determining eligibility, perhaps with the assistance of a tax consultant. Questions relating to your individual tax return cannot be answered by FIT and should be discussed with your tax advisor.
How can I view my payments made to FIT?
- Log in to MyFIT.
- Click on the Student page.
- Click on Pay Student Account and View Bill.
- Select View Account Activity.
- View Transactions by Term.