A school generally has to use the same reporting method every year.If it reports the amount billed, it does so in Box 2. If the school reports the amount paid, it puts that figure in Box 1 of the form.In 2017, schools could report a student's qualified expenses one of two ways: based on how much the student actually paid during the year, or based on how much the school billed the student during the year. Reporting qualified expensesĮducation expense reporting and the Form 1098-T have been updated over the years 2017, 2018, and 2019. Schools are required to send the form to the student by January 31 and file a copy with the IRS by February 28. If someone else pays such expenses on behalf of the student (like a parent), the student still gets "credit" for them and receives the 1098-T. course materials required for a student to be enrolled.Schools are required to send Form 1098-T to any student who paid "qualified educational expenses" in the preceding tax year. This form provides information about educational expenses that may qualify the student-or the student's parents or guardian, if the student is a dependent-for education-related tax credits. Eligible institutions include most colleges, universities, and vocational schools that are eligible to participate in the Department of Education’s student aid programs. Tuition-paying students at eligible colleges or other post-secondary institutions should receive a copy of Internal Revenue Service Form 1098-T from their school each year. A check mark in Box 8 indicates that the student is enrolled at least half-time, while a check mark in Box 9 indicates that the student is enrolled in a graduate program.Box 5 shows the amount of scholarships and grants that were paid directly to the school for the student's expenses, which may reduce the amount of a student’s qualified expenses.Schools use Box 1 of the form to report the payments received.Eligible post-secondary institutions are required to send Form 1098-T to tuition-paying students by January 31 and file a copy with the IRS by February 28.Subscribe: Apple Podcasts | Spotify | iHeartRadio
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