1098T Tuition Statements are mailed to US citizens and Resident Alien students to their home address the end of January each year. The 1098T will report pertinent student account information for each term attended for the 2018 tax year. This can include Winter term 2018, Spring term 2018, Summer term 2018 and Fall term 2018 (School Year 17-18). The 2018 1098T will report amounts paid for qualifying tuition and expenses as well as scholarship and grants information for these terms.
IMPORTANT CHANGE FOR 2018
In previous years, your 1098-T included a figure in Box 2 that represented the qualified tuition and related expenses (QTRE) we billed to your student account for the calendar (tax) year. (Room and Board are not qualifying tuition and expenses). Due to a change to institutional reporting requirements under federal law, beginning with tax year 2018, we will report in Box 1 the amount of QTRE you paid during the year.
IMPORTANT NOTE: BOX 1 (Payments) cannot exceed amounts billed for qualified tuition and related expenses and depending on your payments made to Union, may only reflect amounts billed.
Depending on your income (or your family’s income, if you are a dependent), whether you were considered full or half-time enrolled, and the amount of your qualified educational expenses for the year, you may be eligible for a federal education tax credit. (You can find detailed information about claiming education tax credits in IRS Publication 970, page 9.)
The dollar amounts reported on your Form 1098-T may assist you in completing IRS Form 8863 – the form used for calculating the education tax credits that a taxpayer may claim as part of your tax return.
For more information about Form 1098-T, visit https://www.irs.gov/forms-pubs/about-form-1098-t
Union College is unable to provide you with individual tax advice, but should you have questions, you should seek the counsel of an informed tax preparer or adviser.
INTERNATIONAL STUDENT TAX REPORTING
TL-11A Canadian Tax Statements are sent to all Canadian students to their Union College campus box the end of January each year. The TL-11A will report terms of attendance in 2018 as well as total tuition and fees paid.
1042S Tax forms are sent to international students to their Union College campus box the end of February each year. Not all international students will receive this form as the 1042S only reports taxable income in excess of eligible education expenses including tuition, fees, and allowable living expenses.