The 1098-T Tuition Payment Statements are mailed each year by January 31st, for transactions on record the previous calendar year. By this date, students may also access the tax information in Banner WEB.
Your student ID number and password is required for login access to the Banner System. After login, click on the following: Student Services & Financial Aid, Student Records, and then Tax Notification. Enter the tax year, and then submit.
Customer service is our goal. We are willing to do everything we can to assist students. But we cannot give tax advice or assist students, parents or guardians in calculating tax credits. Detail for each amount reported is available on: Banner WEB. After login, click on the following: Student Services & Financial Aid, Student Records, and then Tax Notification. Enter the tax year, and then submit.
The Taxpayer Relief Act of 1997 created 5 new tax benefits for expenses paid for higher education, effective for the 1998 tax year. (Two of these were Education Tax Credits: See Chart: Information on 1997 Education Tax Incentives, IRS Publication 97-60)
- TRA97 requires that institutions of higher education report certain information to the IRS and students via FORM 1098-T for help in determining available tax credits. The credits are non-refundable, meaning that they can only be applied to taxes due, but will not be refunded if the credit amount exceeds the total tax on the person's return. Careful! Don't confuse the Hope credit with the Georgia HOPE scholarship.
HOPE/AMERICAN OPPORTUNITY TAX CREDIT
- Credit Amount: Can claim a maximum of $2,500 of the qualifying expenses posted for an eligible student to attend an eligible institution
- Qualifying Expenses: Tuition and Fees REQUIRED for enrollment at an eligible educational institution posted for the calendar year.
- Eligible Institution: Generally, offers Title IV student financial aid (VSU is eligible)
- Eligible Student: You, your spouse, or eligible dependent, subject to the following:
- Student enrolled in one of the first four years of post-secondary education.
- Student enrolled in a program that leads to a degree, certificate, or other recognized credentials. Does NOT include continuing education classes or programs according to IRS Notice #98-59.
- Student taking at least one-half of the normal full-time workload for course of study.
- Student free of felony conviction for possessing or distributing a controlled substance.
Qualified Expenses do not include books (FLEX), room and board, insurance, equipment, health fees, transportation, or other similar personal, living, or family expenses. (See IRS Publication 970)
LIFETIME LEARNING TAX CREDIT
- Credit Amount: 20% of the first $10,000 of qualifying expenses posted for all eligible students to attend an eligible institution(s).
- Qualifying Expenses: Tuition and Fees REQUIRED for enrollment at an eligible educational institution(s) paid for the calendar year.
- Eligible Institution: Generally, offers Title IV student financial aid (VSU is eligible).
- Eligible Student: You, your spouse, and/or eligible dependent.
- Allowed for one or more courses.
- NOT limited to the first two years of post-secondary education.
- No limit on the number of years for which the Lifetime Learning credit can be claimed.
- Expenses for graduate school are eligible.
- Qualified Expenses do not include books (FLEX), room and board, insurance, equipment, health fees, transportation, or other similar personal, living, or family expenses (See IRS Publication 970).
OTHER IMPORTANT INFORMATION
- For each eligible student, you can select for any tax year, only one of the credits or a tax-free withdrawal from an education IRA.
- FERPA applies! Federal law prohibits us from giving out information to parents unless we have student's written consent on file in the Registrar's Office.
- Special Note for non-U.S. Citizens: Most alien individuals present in the U.S. on a F-1 Student Visa cannot claim education credits. Generally speaking, the time spent by an alien individual studying in the U.S. on a F-1 Student Visa would not count toward determining whether he or she was a resident alien under the substantial presence test for federal tax purposes. Thus, if you are an alien individual with a F-1 Student Visa, you are probably a nonresident alien. In general, if you are a nonresident alien for any part of the year, you do no qualify for the education credit. if you are a U.S. resident filing Form 1040, and your parents do not claim you as a dependent, and you meet all of the other requirements for the credit, you may qualify for the credit. Please see FAQ 10 below for additional information.
FREQUENTLY ASKED QUESTIONS
Please explain the forms I received from VSU.
VSU is required by the Tax Reform Act of 1997 to send each student a form 1098-T to help them determine if they are eligible for one of the Education Tax Credits.
Form 1098-T will be sent to the IRS and student.
IMPORTANT NOTES from Valdosta State University: Educational institutions are required to report in box 1 or Box 2 but not both. Box 2 contains qualified charges posted to student accounts during the calendar year for the previous Spring Semester through the current Spring Semester. Box 4 reports any qualified charge adjustments posted to student accounts during the calendar year for any term before the current Spring Semester. Detail for each amount reported is available on: BannerWEB. After login, click on the following: Student Services & Financial Aid, Student Records, and thenTax Notification. Enter the tax year, and then submit.
What does “Qualified Tuition and Related Expenses” (AKA “Qualified Charges”) mean?
Qualified Tuition and Related Expenses refers to those charges that are allowed to be claimed toward a tax deduction or educational tax credit on your taxes (Section 1.25 A-2 (b)(1)(2)(d) IRS Tax Code). The following fees are included in qualified expenses: Tuition Charges / Institutional Fees / Student Activities Fee / Technology Fee / Miscellaneous Course Fees related to your degree program.
Why is the Amount Billed (box 2) different than what I actually paid?
All of the following can affect the difference in what you paid and what is reported in Box 2:
- Refunds you receive from VSU are deducted from the amount billed (Section 1.25 A-5 (f)(1) IRS Tax Code.
- The amount billed includes only charges that are charged to your account during the calendar year (Section 6050S IRS Tax Code).
- There are some charges that are not “qualified” according to the IRS, meaning they may not be counted toward the tax deduction or tax credit. Housing, meal plans, FLEX, transportation and parking, health fees, athletics fees, medical insurance, and all other personal living expenses are some examples of charges that are NOT allowed to be included, even if the charges are mandatory for enrollment (IRS Publication #970).
- Contract payments and exemptions (fee waivers) are subtracted from amount billed (Section 1.25 A-5 (c)(1) IRS Tax Code).
Why is the Scholarship and Grants amount (box 5) different than the total of my scholarships and grants?
There are some scholarships and grants that are not reported. For example, private scholarships are not included in this amount.
Why are some boxes on the form blank?
Box 1 will always be blank because we are suppose to report either Payments Received (box 1) OR Amount Billed (box 2), not both. VSU chooses to report Amounts Billed. Boxes 4 and 6 are for adjustments for prior years. Since this is the first year that amounts are required to be reported, there are no adjustments to be made for prior years. Box 10 is for insurance contracts.
How can I see the detail that makes up the amounts on my 1098-T and /or print a copy of my 1098-T?
Detail for each amount reported is available on: Banner WEB. After login, click on the following:Student Services & Financial Aid, Student Records, and then Tax Notification. Enter the tax year, and then submit. You may print this page. Your tax advisor can use this information to assist you with your taxes.
I lost my 1098-T form. How can I get another?
You may acquire another 1098-T form on Banner WEB as stated in FAQ #1 & #6. You may also contact the Bursary at 229-333-5725, 229-333-5718 or 229-333-5719 or email Debra McCrary.
Where can I get more information on TRA97 or the Education Tax Credits?
The IRS website is very helpful. As stated on your hard copy of the 1098-T, for more information, see IRS publication 970, Tax Benefits for Education and IRS Form 8863, Education Credits at http://www.irs.gov website. Also see the instructions on the Form 1040 or 1040A.
How do I file for these tax credits?
Attach IRS form 8863 “Education Credits (Hope and Lifetime Learning Credits)” to your tax return (1040). VSU staff cannot give tax advice or help in calculating individual credit amounts. Please see your tax advisor for assistance.
I am an international student and I didn’t receive a 1098-T. Why would this happen?
The IRS tax code states that nonresident alien individuals are not eligible to claim an education tax credit. Legal resident aliens may be eligible (section 25 A (g)(7) IRS Tax Code). If you feel you are eligible to receive a 1098-T, it is the your responsibility to provide VSU your Social Security Number (SSN) PRIOR to the 1098-T processing for the calendar year. If you are a legal resident alien and think you should have received a 1098-T, please contact the Office of Student Accounts so we can research this for you. Also, see the Special Note above under Other Important Information.
How do I update my address when I move?
Please contact the Registrar’s Office in the University Center (229-333-5727) or log into: BannerWEB. After login, click on the following: Personal Information, then Update Addresses and Phones, then follow the directions on the page. For assistance, email the Registrar's Office at email@example.com.
If you have any questions, please email Debra McCrary or call the University Bursary at 229-333-5718, 229-333-5719, 229-333-5725 or 1-800-618-1878 (option 6).