1098-T

The 1098-T form is used to assist students and families in determining if you are eligible for an Education Tax Credit or a Tuition and Fees Deduction. Hamilton College is required to produce the 1098-T by IRS regulations. The 1098-T form is provided each year on or before January 31. The information contained in the 1098-T will help you determine if you may claim one of the two tax credits, the American Opportunity Credit or the Lifetime Learning Credit, or a Tuition and Fees Deduction. To claim either credit, the 1098-T is provided to assist you in preparing IRS Form 8863 or IRS Form 8917 respectively.

Students can access their 1098-T at CashNet and they may give access to their authorized users. Please visit this page to retrieve forms from tax years 2018 forward.

Social Security Numbers

Per state, federal and IRS guidelines, Hamilton College will request that all students provide their Social Security Number (SSN) for reporting purposes. Having an accurate SSN on tax forms supports the tax deduction that a student or family may claim for qualified educational expenses on both federal and state income tax returns. Failure to provide Hamilton College with an SSN may result in a registration hold and/or being fined by the IRS in accordance with Internal Revenue Code Section 6723.

1098-T Data

The data reported on the 1098-T is based on the tax year (not the academic year). For the calendar/tax reporting year 2018 (and going forward), the IRS requires that the 1098-T Form reflect the amount of tuition and related expenses paid versus the amount of tuition and related expenses billed. For the calendar/tax reporting year 2018 (and going forward), the student’s 1098-T will reflect a dollar amount in Box 1 for “Payments received for qualified tuition and related expenses”. Box 2, “Amounts billed for qualified tuition and related expenses”, will be blank.

Tax Credits

The Taxpayer Relief Act of 1997 established two educational tax credits, the American Opportunity Credit and the Lifetime Learning Credit. To claim either credit, the 1098-T is provided to assist you in preparing IRS Form 8863.

Resources

Hamilton College will not provide individual income tax advice. We suggest that you contact your tax professional with any questions after reviewing this information and these resources.