Educational institutions, such as colleges and universities must furnish 1098-T Tuition Statements to its eligible students. It serves to alert students that they may be eligible for federal income tax education credits. Institutions may report either payments received for qualified tuition and related expenses in Box 1 or amounts billed for qualified tuition and related expense in Box 2. You, or the person who may claim you as a dependent, may be able to claim an education credit on your income tax return for the qualified tuition and related expense that were actually paid in the tax year.
Receipt of Form 1098-T does not necessarily mean you qualify for a tax credit. If you have questions about how to calculate your education tax credit, for additional information please consult your tax professional or refer to the IRS. FAU cannot and does not offer advice on tax matters.
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For additional questions please visit our 1098-T FAQ’s