1098-T Tax Forms
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What is a 1098-T?
The 1098-T form reports the amount of tuition and related fees that Alverno College billed you during the previous calendar year. The purpose of the form is to determine if you are eligible for the Hope Scholarship Credit or the Lifetime Learning Credit.
Alverno College reports this information directly to the IRS; therefore the 1098-T is for your information only and does not need to be attached to your tax return.
When will I receive a 1098-T?
1098-T forms will be available by January 31st each year for eligible students.
- Registered students with IOL access can view and print their 1098-T in IOL. An email notification will be sent when the 1098-Ts are available.
- Students no longer enrolled at Alverno will receive their 1098-T forms via mail.
Why didn't I receive a 1098-T?
You may not receive a 1098-T if:
- You enrolled for the spring 2012 term in November 2011. In this case, these tuition charges would have appeared on your 2011 1098-T.
- If you do not have a valid SSN or address on file. In this case, update your information with the Registrar and then contact our office to have a form generated.
What are the Hope and Lifetime Learning tax credits?
The Hope Credit can be claimed only for two tax years and applies only to the first two years of post-secondary education. Students must be in a degree-seeking program and enrolled at least half-time during at least one semester that begins during the tax year.
The Lifetime Learning Credit applies to tuition and fees for undergraduate, graduate and continuing education coursework to acquire or improve job skills.
Please note that just because you receive a 1098-T, it does not automatically mean you qualify for a Hope or Lifetime Learning tax credit.
If you have questions about how to compute your educational tax credits, you should consult your tax professional or refer to the IRS. Alverno College cannot provide tax advice.
The following links may be helpful for finding further information on 1098-T forms and tax credits:
IRS Web site: http://www.irs.gov/
IRS Publication 970: http://www.irs.gov/pub/irs-pdf/p970.pdf
IRS Form 8863, Education Credits: http://www.irs.gov/pub/irs-pdf/p970.pdf
IRS Telephone Assistance Hotline: (800) 829-1040