The American Opportunity and the LifeTime Learning Credits

 

Holloway Hall

Amounts Reported on the 1098-T

Detailed Information for Amounts Reported

Students can access their Gullnet account to obtain a detailed listing of all amounts billed for each academic semester.  Only 2013 academic semesters are included in the amounts reported on the 2013 1098-T.

Information Included in 1098-T

The University is required to provide student information to the student and to the IRS related to the tax credits. We report the following information:

Name
Permanent Address
Social Security Number

Reporting Boxes

All amounts reported on this form are reported as positive amounts.  Each box is designated for certain information per IRS regulations so that all amounts, even refunds, are reported positively.

Box 1:  Not used as Salisbury University reports amounts billed, see box 2.

Box 2:  Amounts Billed for Qualified Tuition and Related Expenses.  This includes all tuition and mandatory fees.  Room and board is NOT a qualified expense.  For example, a full time in state student will be billed $15,400.00 for tuition and mandatory fees for 2013.  Specific mandatory course fees are also included in this box.  Examples of these types of fees are the $15.00 art materials fee charged for most base level art courses, and the $25.00 laboratory materials fee charged for base level science courses.  Tuition waivers, such as those granted graduate assistants, reduce the amount of tuition billed reported in this box.

Box 3:  Institutions are required to report either amounts paid for qualified tuition and fees or amounts billed for qualified tuition and fees.  If an institution decides to switch from one to the other reporting method, this box will be checked.

Box 4:  Tuition reductions and refunds issued in 2013 for tuition paid in a previous tax year.  Only amounts paid in previous years (and therefore reported in Box 2 of that year's form) and refunded in 2013 will appear in this box.

Box 5:  Net Grants and Scholarships received in 2013.  Examples of scholarship amounts that will appear in this box are Pell and other Federal grants, State grants and scholarships and Salisbury University Fund grants.  Loan amounts are not reported on any box on the form and are not used to compute the amount of tax credit.

Box 6:  Reductions to Grants and Scholarships received in the previous tax year.  Only grants and scholarships received in previous years (and therefore reported in Box 4 of that year's 1098-T) and then revoked/cancelled in 2013 will appear in this box.

Box 7:  Used to indicate the amounts in boxes 1 or 2 include amounts for academic periods from January to March of 2013.  Salisbury University does not include these amounts on the 2013 form.

Box 8:  Half-time student status

Box 9:  Graduate student status

Box 10:  Insurance contract reimbursement or refund.

Salisbury University is providing this information as a service to its students, but please keep in mind it is not an authority on taxation. Therefore, the University is not responsible for any misrepresentation of the IRS regulations. You should consult a tax advisor to determine if you qualify for the credit or for any other related questions.
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