The American Opportunity and Lifetime Learning Tax Credits (1098-T)
Explanation of IRS Form 1098-T
- The IRS Form 1098-T is an information form filed with the Internal Revenue Service.
- The IRS Form 1098-T that you received reports amounts paid for qualified tuition and related expenses, as well as other related information.
- You, or the person who may claim you as a dependent, may be able to take either the tuition and fees deduction or claim an education credit on Form 1040 for the qualified tuition and related expenses that were actually paid during the calendar year.
- There is no need to attach Form 1098-T to your tax return.
- There is no IRS requirement that you must claim the tuition and fees deduction or an education credit. Claiming education tax benefits is a voluntary decision for those who may qualify.
- The 1098-T tuition statement is used to calculate tax credit amounts for the American Opportunity and Lifetime Learning credits only. It is not intended for use to document expenses to calculate any other education tax benefits, including tuition and fees deductions, and education savings account withdrawals.
Salisbury University posted 1098-T forms to GullNet on Thursday, January 23, 2020. Printed forms were mailed Friday, January 24th and Monday, January 27th. Please allow 2 weeks for delivery of the form via the United States Postal Service.
The Buckley Amendment
The Buckley Amendment, effective November 1974, prohibits the University from releasing student information to anyone other than the student. Electronic authorization via a FERPA release completed on GullNet or written authorization from the student must be provided for other interested parties. Written authorization can be emailed to 1098T@salisbury.edu or mailed to:
ATTN: American/Life Time
P.O. Box 2195
Salisbury, MD 21802-2195
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.