Chapman University reports to the IRS required information about students who were billed for at least one credit hour in any semester and if a student is not billed tuition and fees for the preceding year, a student will NOT receive a 1098-T.
The Tax Year begins on January 1 and ends December 31. Spring and Interterm tuition and fees are billed in November, Summer is billed in May and Fall is billed in July.
Chapman University partnered with Educational Computing Systems (ECSI) to provide Chapman University students their 1098-T statements. 1098-T statements will be mailed by January 31 to the current address on record at the time of processing.
The IRS requires financial information to be supplied in the boxes of the 1098-T form. Your school can choose to use Box 1 (Payments) or Box 2 (Amount Billed) for qualified tuition and related expenses. Chapman University elected to report information for Box 2 (Amount Billed). Box 2 represents the total amount billed during the tax year. Financial Aid i.e. grants and scholarships excluding any loans are reported in Box 5. Please note, not ALL boxes need to be populated, in many cases boxes 3, 4, 5, 6 and 7 will be empty and box 5 will ONLY be populated if you received scholarships or grants, during the tax year. In some circumstances Box 7 will be marked, which indicates the amount reported in Box 2 contains pre-paid qualified tuition and fees for the upcoming academic period. In addition, to the required information by the IRS; Chapman University also provides financial supplemental information, which displays the total amounts of payments received during the tax year.
Neither your school nor its Tax Credit Reporting Service (ECSI) can provide individual income tax advice. After reviewing this information, if you have any 1098-T tax related questions, regarding your tax credit, your eligibility, reporting your tax credit on your tax return, or any other 1098-T specific concerns, please consult your tax professional or the IRS at 1-800-829-1040 or www.irs.gov.