frequently asked questions

IRS FORM 1098T

1. What is the Taxpayer Relief Act of 1997 (TRA97)?
2. What is the 1098T form and what is included on it?
3. Who will receive the 1098T?
4. When will the 1098T be mailed?
5. Who will mail the 1098T and who will answer students' questions?
6. What is an eligible education institution?
7. Who can claim a Hope or Lifetime Learning Tax credit?
8. How can I receive a duplicate 1098T?
9. How does a student obtain a corrected 1098T?
10. What options are available for receiving this form electronically?

1. What is the Taxpayer Relief Act of 1997 (TRA97)?

A: The Taxpayer Relief Act of 1997 established two new education tax credits. The Hope Tax Credit is for students who are enrolled in one of the first two years of postsecondary education. These students need to carry at least a half-time workload while pursuing an undergraduate degree, certificate, or other recognized credential. The Lifetime Learning Tax Credit is for students who take one or more classes from a college or university pursuing an undergraduate or graduate degree, certificate, other recognized credential, or to acquire or improve job skills.

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2. What is the 1098T form and what is included on it?

A: The 1098T form is used by eligible educational institutions to report information about their students to the IRS as required by the Taxpayer Relief Act of 1997. Eligible educational institutions are required to submit general student enrollment information and financial data for the corresponding tax year. The information required is student name, address, social security number of tax identification number, enrollment status, academic status, amount billed for qualified tuition or amounts paid for qualified tuition (but NOT both), scholarships or grant amounts, and, if applicable, adjustments to prior year qualified tuition and/or adjustments to prior year scholarships.

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3. Who will receive the 1098T?

A: For tax reporting for 2007, all domestic Lesley University students who were officially registered and taking courses for academic credit in at least one of the following semesters will receive the 1098T: summer 2007, fall 2007 or spring 2008.

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4. When will the 1098T be mailed?

A: The IRS form 1098T will be mailed no later than February 1st to the student’s permanent address.

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5. Who will mail the 1098T and who will answer students' questions?

A: Lesley University has contracted with TCRS (Tax Credit Reporting Service), a division of ACS, to compile and mail the 1098T forms to our students.  Students' questions should be directed to TCRS at 877.467.3821.

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6. What is an eligible educational institution?

A: An eligible educational institution generally includes any accredited public, nonprofit, or proprietary post-secondary institution.

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7. Who can claim a Hope or Lifetime Learning Tax credit?

A: An eligible taxpayer may claim them.  An eligible taxpayer may be the student or, if the student is a dependent for federal income tax purposes, the person (ie., parent) claiming the student as a dependent.  A student who is a dependent cannot claim the tax credit on his or her own tax return.

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8. How can I receive a duplicate 1098T?

A: Electronic delivery of the 1098T can be downloaded from the TCRS web site at www.1098T.com.  You can also contact TCRS directly at 877.467.3821 for a duplicate copy.

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9. How does a student obtain a corrected 1098T?

A: Students who require a corrected 1098T should contact the Student Accounts Office at Lesley University via email at studentaccounts@lesley.edu or via telephone at 617.349.8760 to initiate a correction.

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10. What options are available for receiving this form electronically?

A: You can visit www.1098T.com and consent to electronic delivery for future 1098T forms.  Consenting to electronic delivery allows for faster delivery.  Once the forms are complete, you will receive an email from TCRS to your designated email address directing you to the web site for form review and retrieval.

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