Form 1098-T - New IRS Reporting Requirements for Tax Year 2018

Dear Amherst College Student:

In previous years, your Form 1098-T included a figure in Box 2 that represented the qualified tuition and related expenses (QTRE) we billed to your student account for the calendar (tax) year. Due to a change to institutional reporting requirements under federal law, beginning with tax year 2018, we will report in Box 1 the amount of QTRE you paid during the year.

Depending on your income (or your family’s income, if you are a dependent), whether you were considered full or half-time enrolled, and the amount of your qualified educational expenses for the year, you may be eligible for a federal education tax credit. (You can find detailed information about claiming education tax credits in IRS Publication 970, page 9.)

The dollar amounts reported on your Form 1098-T may assist you in completing IRS Form 8863 – the form used for calculating the education tax credits that a taxpayer may claim as part of your tax return.

Amherst College does not provide personal tax advice, but should you have questions, you should seek the counsel of an informed tax preparer or adviser.

Below is a blank sample of the 2018 Form 1098-T, that you will receive in January 2019, for your general reference. For more information about Form 1098-T, visit https://www.irs.gov/pub/irs-pdf/f1098t_18.pdf.

  Form 1098-T

Important: Spring 2019 Monthly Payment Plans

If you have a payment plan for Spring 2019 and made a payment to your payment plan in 2018, the payment(s) will be reflected on your 2018 Form 1098-T. However, due to system constraints, your payment plan will not be reflected on your student account statement/tuition bill until the first week of January 2019. At that time, please review your bill in AC Data to confirm that your payment plan amount reflects the amount due on your statement/tuition bill.