Student Financial Services
1098T Frequently Asked Questions
Q. What is this document used for?
A. You, or the person who may claim you as a dependent, may be able to take either the tuition and fees deduction or claim an education credit on Form 1040 or 1040A for the qualified tuition and related expenses that were actually paid in 2007.
NOTE: The #1 reason for confusion on the part of students and parents is that the 1098T reports activity for the CALENDAR year, not the ACADEMIC year.
Q. Why does my 1098T have no figures listed in the boxes?
A. Because the type of account activity we are required to report did not take place during calendar year 2007; however the student in question was enrolled at Simmons sometime during 2007. For instance, billing of spring 2007 charges and posting of grants and scholarships for spring happened in late 2006 and so are not part of the 2007 tax year, though the student attended for the 2006-2007 academic year.
Q. I don’t have my 1098T yet. Why not just quote a figure over the phone?
A. We’d prefer not to do so; you should have the 1098T form for your records. In addition, we don’t want to give out incorrect information.
Q. Am I eligible for a tax credit?
A. You should speak to your accountant or qualified tax advisor.
Q. What do I do if I lost or misplaced the form that was sent to me?
A. Just let us know and we can print another copy of the form.
Q. What if my address on the form is incorrect?
A. The address on the form should be your permanent address. If it is incorrect or has recently changed, you should file a change of address form with the College Registrar. Once the Registrar’s Office has updated the address in the system a revised 1098T with the correct address may be prepared for the student if they request it. However, as long as the SSN and financial information on the form are correct, Simmons is not required to submit the change of address info to the IRS.
Q: What if the dollar amount is incorrect?
A: Notify Accounting Services. A corrected 1098T will be issued to the student and a copy will be sent to the IRS.
Q. Do I need this form to file my taxes?
A. No, this does not have to be filed with tax returns.
NOTE: Additional information regarding the 1098T form is included in IRS Publication 970. Students and parents are encouraged to consult IRS publications and the IRS web site to obtain answers to 1098T, education tax credit, and related questions.
Please visit the website for more information
We are not permitted to give tax advice to students or parents.
Q: What if my SSN is incorrect?
A: The student should complete a W-9 form with the correct SSN. Accounting Services will issue a corrected 1098T to the student and submit a copy to the IRS.
