1098–T’s (Tuition Payments Statement)
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) 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.
Authorized User Access:
**Students must give the Authorized User access to view the 1098-T.**
Starting in January 2017, you will have the option to receive your 1098-T electronically through eStallion. You will be prompted upon login to eStallion. To consent to receiving your online electronic 1098-T, you must click the Accept Consent button on the Paperless 1098-T Option when prompted upon logging into eStallion. If you elect not to consent, a paper copy of your 1098-T will be mailed to you via US Mail. These will be issued by the IRS deadline of January 31, 2017.
Prior Year 1098-T
1098 – T’s (Tuition Payments Statement) in the past were processed by our Third Party Contract ACS Education Services, Inc. A call center is provided to answer any questions you may have regarding the Taxpayer Relief Act of 1997 or the 1098 – T you have received. If you feel the 1098-T is incorrect, please call the call center at 1-877-467-3821. The customer service staff will analyze your inquires. The call center will contact ABAC for validation.
The ACS website, www.1098-T.com, is provided with 1098 – T information. On this website you can access your 1098 – T and Supplemental information. From this site you can receive detailed information regarding the charges and credits that were included in each category.
When inquiring about a student’s 1098-T, it is not necessary to provide a Social Security number.
You can also access any 1098- T’s processed for 2011, 2012, 2013, 2014 and 2015 by using the ACS website.