Tax Benefits for Education
Students may be eligible to receive tax benefits for education in the form of credits, deductions, savings plans, scholarships/fellowships or exclusion from income. Currently, there are two education credits available: American Opportunity Credit and the Lifetime Learning Credit.
1098-T Tax Forms
Educational institutions as described in the Higher Education Act that are eligible to participate in the Department of Education's student aid program are required to file form 1098-T (Student Tuition Statement) with the IRS no later than January 31, if the institution received payment for qualified tuition and related expenses that were billed to a student in the tax year.
1098-T FORMS ARE POSTED ONLINE
(on or about January 20, but no later than January 31)
Current students may access the form from the Bursars tab in goStockton.
Graduated students may access the form from the Bursars tab in goStockton.
Former students (attended but didn't graduate) may access the form from Self-Service Web Services.
For access to Self-Service Web Services, complete and submit the Student ID & PIN Request form to the Registrar's Office. The forms are also mailed to the student's address on file.
Students/parents may use the 1098-T form to determine eligibility for tax credits.
Currently, institutions have the option of reporting payments received OR amounts billed for qualified tuition and related expenses. Stockton reports amounts billed for qualified tuition and expenses (Box 2). Box 1 will be blank.
Amounts Received for Qualified
Tuition and Related Expenses
|Stockton does not report amounts (payments) received for qualified tuition and expenses.|
Amounts Billed for Qualified Tuition
and Related Expenses
|The amount of qualified tuition and related expenses billed to a student in the tax year.**|
Change of Reporting Method Checkbox
|This box will be checked ONLY if the reporting method is different from the reporting method in the previous tax year. Stockton continues to report based on qualified tuition and related expenses.|
Adjustments Made for a Prior Year
|An amount will appear ONLY if there were changes to the amount reported for qualified tuition and related expenses for a prior tax year.|
Scholarships or Grants
|An amount will appear ONLY if the student received a scholarship or grant in the reporting year (i.e., Pell Grants, outside scholarships, military benefits, employer provided assistance administered by Stockton).|
Adjustments to Scholarships or
Grants for a Prior Year
|An amount will appear ONLY if there were changes to the amount reported for scholarships or grants for a prior tax year.|
If Amounts in Box 1 or 2 Include
Amounts for an Academic Period beginning Jan-Mar in the next year
|This box will be checked if the student registered for classes in the tax year, but the classes do not start until January-March in the next tax year.|
Check if at Least Half-Time Student
|This box will be checked if the student was enrolled for at least 6 credits in a term in the tax year.|
Check if a Graduate Student
|This box will be checked if the student was enrolled in a graduate or doctoral program in the tax year.|
Reimbursements or Refunds
|This box will be blank since Stockton is not an insurer.|
**The tax year follows the calendar year (January-December). As a result, the academic year (September-August 2016) runs across two tax years. The amount reported in Box 2 includes qualified tuition and expenses that were billed to a student in the tax year, even if payment was not made or the course did not begin until the next tax year.
Continuing students register for Spring 2017 classes (the next tax year) during the pre-registration period that begins in October 2016 (current tax year). Bills are posted in November 2016 (current tax year), but payment is not due (or made) and the course does not begin until January 2017 (the next tax year). As a result, qualified tuition and expenses for the Spring 2017 term will appear on the 1098-T form for 2016 because they were BILLED in the current tax year (November 2016).