Important Tax Information
1098T – 2019
The IRS requires us to report tax information by calendar year. The information relates to education credits for qualified tuition and related expenses. The 2019 1098-T will only reflect items that were applied to your Student Receivable Account from January 1, 2019 through December 31, 2019. Since the college does not bill tuition and fees per calendar year, your 1098-T may not look like you are expecting it to look.
Austin College reports Box 1 – Payments received for qualified tuition and related expenses. We do not report Box 2. Box 1 amounts are capped at the qualified tuition and related expense amount actually billed during the calendar year.
If you graduated in May of 2019, and were billed for 2019 spring in December of 2018, Box 1 will be blank. This is not an error. You need to use your actual statements to help determine the correct amounts to use when filing your taxes.
Please note, most current students were billed for the spring 2020 term in December 2019. These amounts are reported on the 2019 1098-T Form and Box 7 will be checked if this applies to you.
When figuring an education credit or tuition and fees deduction, use only the amounts you paid during the tax year for qualified education expenses. Review your statements on WebHopper to help determine the qualifying charges for 2019. To view statements logon and go to the Student Menu. You will find a link to View Account and Make Payments under the Financial Information section. This link will take you to the Make a Payment page. Open the Student Finance tab and choose Account Summary. You will find links to each of your term based statements listed after the Account Overview.
We recommend that you review IRS Publication 970, Tax Benefits for Education; and IRS Form 8863, Education Credits, to assist you when completing your 2019 tax return. You may obtain these publications from an IRS Office near you or download the information at http://www.irs.gov. Due to the complex nature of these tax regulations, you should contact your tax consultant with specific tax questions.
While Austin College staff will not be able to answer specific tax questions, the Business Office will be happy to answer any questions you may have regarding the transactions between you and Austin College. Please direct those questions to Marla Light at 903-813-2525 or firstname.lastname@example.org.