1098T Information

Gettysburg College is required to provide students with a 1098T form each year if the student was enrolled at least part-time for academic credit. This form is necessary to be eligible to claim either the Lifetime Learning Credit or the American Opportunity Credit on the federal tax return. These forms will be mailed each January by the last business date of the month.

Students may access the 1098T form online via Campus Experience > Finances > 1098T 

IRS information regarding why the 1098T form is important to students and parents can be found in Publication 5197.

Gettysburg College reports in Box 1 the amount of Qualified Tuition and Fees that were paid during the calendar year, not the school year.

A student may be eligible for a federal education tax credit, depending on the student’s income (or the family’s income, if the student is a dependent), if the student was considered a full or part-time student, and the amount paid for qualified educational expenses for the school year. Detailed information about claiming educational tax credits can be found in IRS Publication 970

Please note: Gettysburg College does not offer tax advice. Please contact a tax accountant for more information on claiming these credits.

• 1098T Related Information

  IRS details and definitions for Form 1098T are located in IRS Publication 970.

  Qualified Tuition and Related Educational Expenses:

  Qualified tuition and related expenses are tuition and fees required for a student to be enrolled at and attend an eligible educational institution. Qualified Tuition and Related Expenses include, but are not limited to: Tuition and Course Material Fees (books). Please see IRS Publication 970 for details and definitions.

  • Box (1): Payments Received for Qualified Tuition & Related Expenses
    Includes the total payments received by an eligible institution during calendar year 2021 from any source for qualified tuition and related expenses less any reimbursements or refunds made during calendar year 2021 that relate to the payment received during calendar year 2021. Please note: Box (1) includes all payment types for qualified tuition and related expenses which may include grants that are also included in Box (5).
  • Box (4) – Adjustments Made for a Prior Year Shows any adjustment made by an eligible educational institution for a prior year for qualified tuition and related expenses that were reported on a prior year Form 1098-T. This amount may reduce any allowable education credit that may be claimed for the prior year (may result in an increase in tax liability for the year of the refund). See “recapture” in the index to IRS Publication 970 to report a reduction in an education credit or tuition and fees deduction.
  • Box (5) – Scholarships and Grants
    Includes the total of all scholarships or grants administered and processed by the eligible educational institution during calendar year 2021. The amount of scholarships or grants for the calendar year (including those not reported by the institution) may reduce the amount of the education credit that may be claimed for the year.
    This includes scholarships and grant aid payments received from third parties (excluding family members and loan proceeds). It also includes payments from government (e.g. PELL, FSEOG, VA) and private entities, religious organizations and non-profit entities posted to the student account during the reporting period. All institutional scholarships awarded in the calendar year are also reported in this box.
  • IRS TIP: You may be able to increase the combined value of an education credit and certain educational assistance (including Pell Grants) if the student includes some or all of the educational assistance in income in the year it is received. For details, see IRS Publication 970.
  • Box (6) – Adjustments Made to Scholarships or Grants for a Prior Year
    An amount in this box represents any reductions made to Scholarships or Grants in the current reporting year for a prior year.
  • This amount may affect the amount of any allowable tuition and fees deduction or education credit that may be claimed for the prior year. An amended income tax return (Form 1040X) may be required for the prior year.
  • Box (7) will be checked if:
    • The amount in Box (1) includes amounts for an academic period beginning in the January to March after the current reporting year. See IRS Publication 970 for guidance on how to report these amounts.
  • Box (8): will be checked if the student was enrolled at least half-time during any academic period beginning in the reporting year.
  • Box (9): will be checked if the student was enrolled exclusively in a program leading to a graduate degree, certificate or other graduate credential.
  • Box (10):Shows the total amount of reimbursements or refunds of qualified tuition and related expenses made by an insurer. The amount of reimbursements or refunds for the calendar year may reduce the amount of any education credit that can be claimed for the year (may result in an increase in tax liability for the year of the refund).

  The IRS website where the form and instructions for calendar 2021 are located are listed below:
  1098T Form
  Instructions

  Additional information on educational tax credits, qualified tuition and fees, and Form 1098T may be available through a tax accountant or by referring to the information located on page 9 of IRS Publication 970