1098–T’s (Tuition Payments Statement)Tax Information Hope Scholarship Credit became effective January 1, 1998, and allows up to a $1,500 maximum tax credit per year for the first two years of post secondary education for each individual student. The Lifetime Learning Credit began July 1, 1998, and allows up to a $2,000 cumulative maximum tax credit per year for all students in a taxpayer’s family. Qualified Tuition and Related Expenses Qualified tuition and related expenses are tuition and fees (except for Health Service, Transportation, and Student Insurance fees) a student must pay to be enrolled at or attend Abraham Baldwin Agricultural College. The following are not qualified tuition and related expenses:
Specific Instructions for Form 1098-T Each institution must choose whether to report payments received or amounts billed for qualified tuition and related expenses. Abraham Baldwin Agricultural College has chosen to report amounts billed for qualified tuition and related expenses (Box 2). We also report any scholarships/grants you received (free money not required to be paid back to include Out of State Tuition Waivers as they are considered a scholarship) on the 1098-T form (Box 5). We do not report out of pocket payments received (Box 1) on the 1098-T form. This includes cash, check, credit card, and loan payments. For more information about the deduction or credit see IRS Publication 970, Tax Benefits for Education [PDF], Form 8863, Education Credits, and the Form 1040 or 1040A instructions. Following is an explanation of the information ABAC reports:
Access Your 1098-T Effective tax year 2016, students will have access to 1098-T detailed information via a printer friendly PDF version of the form available via eStallion. Students and Authorized Users will receive an email when 1098-T forms are available online. Student Access:
Authorized User Access:
**Students must give the Authorized User access to view the 1098-T.**
Prior Year (2011 – 2015) 1098-T1098 – T’s (Tuition Payments Statement) in the past were processed by our Third Party Contract ACS Education Services, Inc. We have access to these 1098-T’s and produce a copy upon the student’s request. Please contact our office at 229-391-4924 or studentaccounts@abac.edu to have a hard copy printed and mailed. |