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» 1098-T: Tax Statement

Effective in calendar (tax) year 2018, the IRS (Internal Revenue Service) has changed the reporting requirements for form 1098-T. In previous years, your 1098-T may have included a figure in Box 2 that represented the qualified tuition and related expenses Chapman University billed to your student account for the calendar (tax) year.

Per the new IRS regulations, colleges and universities will no longer use Box 2. All “amounts paid” will be in Box 1 for qualified tuition and expenses. For more information, please visit the IRS website to learn more about this.

The Tax Year begins on January 1 and ends December 31.

Chapman University works with ECSI to provide Chapman University students their 1098-T statements. 1098-T statements will be available electronically or mailed by January 31 to the current address on record at the time of processing.

There are two established education tax credits both by the Taxpayer Relief Act of 1997 (TRA-97): American Opportunity Credit and the Lifetime Learning Credit.

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.

Additional Resources:

IRS Website

Qualified Educational Expenses per IRS


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