1098-T and Tuition Tax Credits
Your 2017 1098-T Will be available by February 1, 2018
Under the American Recovery and Reinvestment Act (ARRA), many parents and students qualify for a tax credit, the American Opportunity Credit, to pay for college expenses.
To help determine the tax credit you may be eligible for, please review IRS Form 8863 - Education Credits, Instructions for Form 8863, and IRS Publication 970 - Tax Benefits for Higher Education.
For more information, please visit the IRS website.
IRS Form 1098-T Tuition Statement
The IRS Form 1098-T Tuition Statement reports the qualified tuition billed to you and the amount of scholarships and/or grants you received this calendar year. This form is used to assist you and your parents in calculating any educational tax credits you may be eligible for.
An institution may choose to report either payments received during calendar year 2017 (box 1), or amounts billed during the calendar year 2017 (box 2), for qualified education expenses. However, the amounts on Form 1098-T, boxes 1 and 2, might be different than the amount you actually paid and are deemed to have paid. In addition, the Form 1098-T should give you other information for that institution, such as adjustments made for prior years, the amount of scholarships or grants, reimbursements, or refunds, and whether the student was enrolled at least half-time or was a graduate student.
- (Box 2) Tuition and Fees paid - Puget Sound reports Amounts Billed during the calendar year, includes Spring 2017, Summer 2017 and Fall 2017.
- (Box 5) Scholarships and Grants received during the calendar year, includes Spring 2017, Summer 2017 and Fall 2017.
- We DO NOT report payments received during the calendar year 2017 (box 1)
- Puget Sound will begin reporting Payments (box 1 method) for calendar year 2018
You won't receive a 1098T if any of the following apply to you:
- You enrolled for courses for which no academic credit is offered, even if the student is otherwise enrolled in a degree program
- Students whose qualified tuition and fees are entirely waived or paid entirely with scholarships (Tuition Remission, Lillis and Matelich, VA/Yellow Ribbon)
- If the student withdrew and earned no academic credit, they are not eligible to claim the education tax credit even if they paid tuition for that semester.
Puget Sound has partnered with our Bill + Payment provider, TouchNet, to provide you with your Form 1098-T.
To view your paperless 1098-T:
- Login to myPugetsound
- Select Bill + Payment
- Click "View" on the latest 1098-T Statement link on the home page
- Click on the 1098-T Tax Statement year and click on "View" button in the Action column.
- You will be directed to a third-party 1098-T processor page hosted by ECSI. Click on the "View" button after selecting your tax year to view or print your 1098-T Statement.
Agree to receive a paperless version of your 1098-T
- Login to myPugetSound
- Select Bill + Payment
- If you have not already accepted the online consent to receive a paperless version of the 1098-T do so now by going to the Consents and Agreements section of My Account
- Click the Change button
- In the popup which appears choose Accept Consent
** Your student must give you permission to view her/his 1098-T via the Authorized Users tab in Bill + Payment **
24 hours after your student has given permission for you to view the 1098-T you can access it following the instructions above "View Your Paperless 1098-T".
If you have questions regarding the amounts shown on Form 1098-T, please contact us at 253.879.3214 or email firstname.lastname@example.org. Questions pertaining to the actual preparation and filing of your personal taxes should be directed to your personal tax adviser or Internal Revenue Service. Puget Sound does not provide tax or legal advice.
If you would like to receive your Form 1098-T through US mail, you do not need to do anything. It will be sent to your permanent address.