Did you know you could earn more than just college credit? The money you spend on taking classes could potentially earn you tax credits as well.
As an STLCC student, you may be eligible to claim an education tax credit. IRS Form 1098-T shows information reported to the IRS regarding billing information from STLCC for education expenses during the tax year. For more information about claiming education tax credits, visit the IRS website.
What is an IRS Form 1098-T Tuition Statement
The 1098-T is a form STLCC files with the IRS. This form includes information such as:
Payments Received for Qualified Tuition and Related Expenses
The IRS requires the college to provide information regarding payments received (Box 1) or amounts billed (Box 2). The reporting method for STLCC is amounts billed (Box 2). For 2018 the reporting method for STLCC is payments received (Box 1).
Amounts Billed for Qualified Tuition and Related Expenses
Box 2 of the form will show qualified tuition and related expenses billed during the
calendar year (Jan. 1 through Dec. 31, 2017). If you registered for an academic period beginning January-March 2018 in the 2017 calendar year, these amounts will be included as amounts billed on your 2017 tax form and Box 7 of your tax form will also be checked.
Generally, qualified education expenses are amounts billed in 2017 for tuition and fees required for the student's enrollment or attendance at an eligible educational institution.
Scholarships or Grants
Box 5 of the form reports the total of scholarships and/or grants administered and processed by STLCC during the calendar year. The amount reported in Box 5 does not include student loans or work study.
The amount of any scholarships or grants reported for the calendar year may reduce the amount of any allowable tuition and fee deduction or education credit you’re entitled to for the 2017 tax year.
Additional Information Reported
Box 8 shows whether you are considered to be carrying at least one-half the normal full-time workload for your course of study at STLCC for at least one academic period during the calendar year.
If you have additional questions regarding your 1098-T Tuition Statement, please contact:
STLCC Student Accounts Department
*NOTE: St. Louis Community College cannot provide professional tax advice. Please consult with a tax professional if you have tax related questions and/or require assistance with filing your taxes.