Important information about your 1098-T
The Internal Revenue Service (IRS) has mandated a reporting change affecting IRS Form 1098-T. Starting with tax year 2018, we are required to report Payments Received for Qualified Tuition and Related Expenses. This is recorded in Box 1 of the 1098-T form and is a significant change to the prior year reporting method. We no longer report the Qualified Tuition and Related Expenses previously recorded in Box 2. We continue to report Prior Year Adjustments (Box 4), Scholarships and Grants (Box 5) and Adjustments to Scholarships and Grants for a Prior Year (Box 6).
It is important to emphasize that the purpose of the 1098-T is to support any claim for education credit. The amount reported in Box 1 is for informational purposes and might be different than the amount you actually paid and are deemed to have paid. To learn more, see IRS Publication 970 – Tax Benefits for Education.