Why did I receive Form 1098-T?
Lafayette College is required to send you this form so that you can use it to determine if you are eligible and what dollar amount you can claim for deducting qualified tuition expenses, or qualifying for the American Opportunity Credit or Lifetime Learning Tax Credit.
Why doesn’t the amount in Form 1098-T Box 2 equal the amounts I paid to Lafayette during the year?
The IRS requires the College to only include qualified tuition and expenses billed in Box 2. Therefore, Box 2 does not include charges for insurance, room and board, which – though important – are not considered “qualified” (deductible for income tax purposes). Second, Form 1098-T Box 2 includes amounts that the College billed you in a calendar year, which may not equal the total amount you actually paid during the calendar year.
Which semesters billed are included in Form 1098-T Box 2?
Typically, charges are posted (billed) to student accounts in July for the Fall semester and December for the Spring semester. Thus, for most students, Box 2 will include qualified tuition and fees billed for the Fall and Spring semesters.
Why are charges for term that occurs in the following calendar year included in Box 2?
The College reports amounts billed in Box 2, regardless of when the term take place, in accordance with IRS regulations.
How can I view the calculations for Qualified Tuition in Box 2 or Scholarships and Grants in Box 5?
Visit the Student Accounts office in Marquis Hall.
I graduated last year. Why didn’t I receive a 1098-T?
Box 2 of the 1098-T only includes qualified tuition and fees billed. The charges billed for your senior year occurred in the prior calendar year. For example, a student who graduated in Spring 2015 was billed for the Spring 2015 semester in December 2014. Therefore, the tuition and qualified expenses billed for the student’s final Spring 2015 semester were included in the 2014 1098-T, Box 2.