Taxes Information

Taxes Information - 1098-T

What is the 1098-T form?

Tuition-paying students at eligible colleges or other post-secondary institutions should receive a copy of Internal Revenue Service Form 1098-T from their school each year.  Eligible institutions include most colleges, universities, and vocational schools that are eligible to participate in the Department of Education’s student aid programs. 

Lumos is a Private, Avocational school and doesn’t provides a 1098-T for to the students

This form provides information about educational expenses that may qualify the student—or the student’s parents or guardian, if the student is still a dependent—for education-related tax credits.

Who gets the 1098-T form?

Schools must send Form 1098-T to any student who paid “qualified educational expenses” in the preceding tax year. Qualified expenses include:

  • tuition,
  • any fees that are required for enrollment,
  • and course materials required for a student to be enrolled.

If someone else pays such expenses on behalf of the student (like a parent), the student still gets “credit” for them and receives the 1098-T. Schools must send the form to the student by January 31 and file a copy with the IRS by February 28.

Reporting qualified expenses

Education expense reporting and the Form 1098-T have been updated over the years 2017, 2018, and 2019.

In 2017, schools could report a student’s qualified expenses one of two ways: based on how much the student actually paid during the year, or based on how much the school billed the student during the year.

  • If the school reports the amount paid, it puts that figure in Box 1 of the form. If it reports the amount billed, it does so in Box 2.
  • A school generally has to use the same reporting method every year. If it changes its method—which requires IRS approval—it puts a check mark in Box 3. This box is here primarily for the IRS’s information, not the student’s.

In 2018, the form was changed to reflect only amounts actually paid for qualified tuition and related expenses.

  • Schools use Box 1 to report the payments received.
  • Box 2 is no longer used.
  • Box 3 still provided a check box to indicate a change in the method of reporting from the amount billed to the amount paid method.

In 2020, with only one method available for the current and prior years, the check box for changing methods is no longer needed, so Box 3 is no longer used.

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