The College of New Jersey

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Tax Credits for Higher Education

Tax Information

Tax Credits for Higher Education – Form 1098-T

Colleges and universities use Form 1098-T to report information about tuition, fees, scholarships, and grants posted to a student’s account to the Internal Revenue Service (IRS) as required by the Taxpayer Relief Act of 1997. The reported information is used to determine eligibility for educational tax credits such as the American Opportunity Credit. For more information on tax benefits for education, review Publication 970 on the IRS website at www.irs.gov.

In addition, TCNJ is required to provide each eligible student with a copy of their Form 1098-T on an annual basis. This form is informational only and serves to alert students that they may be eligible for federal income tax education credits. A copy of Form 1098-T is furnished to students every January.

REPORTING CHANGES ON 1098-T FORM FOR CALENDAR YEAR 2018

Due to a change in reporting requirements, under federal law by the IRS, beginning with tax year 2018, The College of New Jersey is required to report the amount PAID for qualified tuition and related expenses. The college will no longer report the amount BILLED on your annual 1098-T form.  Therefore, Box 2 (Amount Billed) will remain empty on your 1098-T Form and Box 1 (Payments received for qualified tuition and related expenses) will be populated with the amount paid during the calendar year.

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