Please contact the IRS directly or your tax advisor to determine if you qualify for an educational credit.
At the end of January, Saint Mary's College is required to provide students with IRS Form 1098T for the prior calendar year. This form is used by the taxpayer in the computation of any eligible tax credit related to the American Opportunity/Hope Credit and Lifetime Learning Credit. The forms are mailed to U.S. citizens or permanent residents for whom reportable transactions (qualified tuition and related expenses) are reported for calendar year 2014 (regardless of when it was paid). All forms are mailed to the student's address on file. An electronic form is available for review and printing through the student's GaelXpress account.
Please Note: This form is informational and serves to alert students that they MAY be eligible for federal income tax education credits. Receipt of the Federal 1098T form does NOT indicate eligibility for the tax credit. Your personal financial records serve as official supporting documents for your federal income tax return. The information on the Federal 1098T form is only provided to assist you.
For the tax year 2014, amounts have been reported in Box 2 (Amounts billed for qualified tuition and related expenses). Qualified tuition and related expenses do NOT include the cost of insurance, room and board, transportation/travel, and other miscellaneous fees.
Box 5 will reflect scholarships or grants, if applicable. Box 5 will also include any payments from the Veteran's Administration (including Vocational Rehab, GoArmy, etc.) posted in calendar year 2014. Amounts reported on the 1098T are based on the date the tuition and scholarship/grant were posted. Box 4 and Box 6 will reflect any adjustments for a prior year related to tuition and scholarships/grants.
PLEASE NOTE: SMC employees are NOT professional tax advisors and CANNOT give tax advice. Please contact a personal tax advisor for assistance. You may also contact the IRS directly at www.irs.gov or (800) 829-3676 / (800) 829-1040.