1098-Ts will be provided by January 31st.
1098-T Electronic Consent
Rensselaer has partnered with Transact to offer students the opportunity to receive their 1098-T Tuition Statement electronically. Please visit Transact via sis.rpi.edu to consent to electronic delivery.
If electronic consent is not received prior to January 1st, the 1098-T will be mailed to the student's permanent address on file as of the date the 1098-T is created. Unfortunately, consent after January 1st cannot be retroactively applied for the prior tax year.
Tax Credits
Two tax credits, the American Opportunity Tax Credit and the Lifetime Learning Credit, took effect to help families reduce out-of-pocket expenses for tuition and certain expenses paid to a post-secondary institution that participates in federal student aid programs.
The American Opportunity Tax Credit (AOTC) is a credit for qualified education expenses paid for an eligible student for the first four years of higher education. You can get a maximum annual credit of $2,500 per eligible student. If the credit brings the amount of tax you owe to zero, you can have 40 percent of any remaining amount of the credit (up to $1,000) refunded to you.
The amount of the credit is 100 percent of the first $2,000 of qualified education expenses you paid for each eligible student and 25 percent of the next $2,000 of qualified education expenses you paid for that student.
The Lifetime Learning Credit (LLC) is for qualified tuition and related expenses paid for eligible students enrolled in an eligible educational institution. This credit can help pay for undergraduate, graduate and professional degree courses — including courses to acquire or improve job skills. There is no limit on the number of years you can claim the credit. It is worth up to $2,000 per tax return.
Frequently Asked Questions
It is strongly recommended that you elect paperless delivery for this form. Simply:
- Login to SIS, click Student Account Detail.
- Select Account Summary by Semester.
- Click Transact link at the top of the page.
From the menu on the left, select Tax Forms, then click the Sign Up link under the paperless delivery section.
You may also permit authorized payers to have access to your 1098-T form! If you are claimed as a dependent on another tax filer’s return, you (and they) will find this helpful.
From the My Account tab, find the Payers section, select the edit button (pencil), then Allow access to tax forms, then save. PLEASE NOTE: This step needs to be completed for previously authorized payers.
We also encourage you to setup yourself as an authorized payer with a non-RPI email address. This will ensure that you will have easy access to your 1098-T forms (and your student account, in general) after you graduate.
If electronic consent is not received prior to January 1st, the 1098-T will be mailed to the student's permanent address on file as of the date the 1098-T is created.
Regardless of delivery method selected, students and authorized payers will always have online access to their 1098-T via Transact.
Amounts Paid for Qualified Tuition and Related Expenses (QTRE)
BOX 1 of IRS Form 1098-T reports the qualified tuition and related expenses as defined by the IRS paid during the calendar year. Sometimes this is referred to as qualified education expenses, although the two are not always interchangeable. Consult a tax professional for an explanation.
Please note, IRS Publication 970 states that "the amount on form 1098-T might be different from the amount you actually paid and are deemed to have paid." Further IRS Form 8863 instructions state that "The amount of qualified Tuition and related expenses reported on Form 1098-T may not reflect the total amount of the qualified tuition and related expenses paid during the year for which you may claim the tax credit. You may include qualified tuition and related expenses that are not reported on IRS Form 1098-T when claiming one of the related credits if you can substantiate payment of these expenses."
Qualified Tuition and Related Expenses INCLUDED
- Tuition
- Activity Fees
- Health Center Fee
- Freshman Orientation Fee (if applicable)
Please note that the timing of each charge and payment/scholarship are important regarding which year they are reported in. Most students have charges assessed in December for the Spring term which begins in the next calendar year. During the tax year, many students had payments larger than their QTRE, the BOX 1 amount may have Spring QTRE included in the 1098-T calculation. Also, in many of those same circumstances, the student also received scholarships and grants for Spring that did not post until January. This may cause the 1098-T to have a lesser amount or zero in BOX 1, but BOX 5 would be populated. Please consult a tax preparer regarding what this means to your individual tax situation.
Adjustments Made for a Prior Year
BOX 4 of IRS Form 1098-T reports adjustments made to qualified tuition and related expenses calculated in a prior year. The amount reported in Box 4 represents a reduction in tuition billed during a prior calendar year. For example, if you were billed in December and later had a reduction in the QTRE charges in the tax year (i.e. withdrawal, courses dropped), Box 4 reports the decrease in billed tuition due to the withdrawal or drop. The amount reported in Box 4 for adjustments to qualified tuition and related expenses may reduce any allowable education credit you may claim for the prior year. See your tax advisor and/or IRS Form 8863/IRS Publication 970 for more information.
Note: It is possible for the other boxes to be empty and only have a number in BOX 4. This means, as stated above, that there was a reduction in qualified tuition and related expenses calculated on the 1098-T that was reduced after December 31st but had no other reportable activity for the tax year. Please consult a tax advisor and/or IRS Form 8863 and IRS Publication 970 for assistance.
Scholarships and/or Grants
BOX 5 of IRS Form 1098-T reports the total of third-party sponsorships, scholarships or grants administered or processed by the Office of the Bursar and/or the Office of Financial Aid during the calendar year.
Please note that the timing of each charge and scholarship are important regarding which year they are reported in. Most students have charges assessed in December for the Spring term which begins in the next calendar year. During the tax year, many students had payments larger than their QTRE, the BOX 1 amount may have Spring QTRE included in the 1098-T calculation. Also, in many of those same circumstances, the student also received scholarships and grants for Spring that did not post until January. This may cause the 1098-T to have a lesser amount or zero in BOX 1 but BOX 5 would be populated. Please consult a tax preparer regarding what this means to your individual tax situation.
Per IRS instruction, Veteran's Education Benefit amounts received are included in BOX 5.
Adjustments to Scholarships or Grants For a Prior Year
BOX 6 of IRS Form 1098-T reports adjustments made to scholarships or grants reported on a prior year Form 1098-T that was in BOX 5. The amount reported in BOX 6 represents a reduction in scholarships or grants reported for a prior calendar year. The amount reported in BOX 6 for adjustments to scholarships or grants may affect the amount of the education credit you may claim for the prior year. See IRS Form 8863 for how to report these amounts.
Additional Information Reported
BOX 7 indicates, if checked, that BOX 1 includes amounts for an academic period beginning in the next year. For example, if you registered and/or paid for the upcoming Spring Semester during December, this box will be marked.
BOX 8 shows whether you are considered to be at least one-half of the normal full-time workload for at least one academic period during the calendar year.
BOX 9 shows whether you are considered to be enrolled in a program leading to a graduate level degree or certificate.
Additionally, the links below may be helpful in understanding the instructions, purpose, and applicability of the 1098-T for your individual tax situation. All information that Rensselaer Polytechnic Institute can provide you is either on the 1098-T form or is included on this webpage. We are not allowed to discuss tax implications, how this form may relate to you, or give tax advice. Please consult your tax preparer with all questions related to this document. Some helpful links to the IRS at the bottom of this page may provide more information related to how form 1098-T may affect you. Please seek guidance from a tax professional.
Only taxpayers qualify for these credits. If you do not pay taxes and are claimed as a dependent on someone else's tax return, they may qualify for a credit.
There are certain limitations specific to each of these credits. The college you attend cannot determine if you qualify for one of these tax credits or the amount of the credit due you. If you believe you might qualify, you should obtain the following and review all the criteria carefully.
The tax credit amounts are determined by the amount you paid for eligible tuition and related expenses and your income.
https://www.irs.gov/credits-deductions/individuals/education-credits-aotc-llc
IRS Publication 970 explains which tuition and fee expenses qualify and which payments qualify for the tax credits.
To receive either tax credit, you must account for and document the amount you have paid for tuition and expenses on IRS Form 8863 and file it with your federal income tax return. You do not file Form 1098-T with your tax records.
We provide Form 1098-T to document your enrollment, whether or not you are a graduate student and summary financial information. To calculate your tax credit, refer to your own records (tuition bills, receipts etc.) and consult IRS Publication 970 or your tax professional. Keep Form 1098-T with your tax records.
See IRS Publication 970 and IRS Form 8863 for more information. To obtain copies, call 800/TAX-FORM or go to www.irs.ustreas.gov. You may also want to consult a professional tax advisor or resource.