Tax Information
Tax Benefits for Education
Students may be eligible to receive tax benefits for education in the form of credits, deductions, savings plans, scholarships/fellowships or exclusion from income. Currently, there are two education credits available: American Opportunity Credit and the Lifetime Learning Credit.
1098-T Tax Forms
Educational institutions as described in the Higher Education Act that are eligible to participate in the Department of Education's student aid program are required to file form 1098-T (Student Tuition Statement) with the IRS no later than January 31, if the institution received payment for qualified tuition and related expenses that were billed to a student in the tax year.
1098-T FORMS ARE POSTED ONLINE (on or about January 20, but no later than January 31)
Current students: May access the form from the Bursars tab in goStockton.
Alumni & Former Students: Alumni & Former students who still have an active GoPortal account (1-year after your last active course enrollment) may access the form from the Stockton Self-Service page.
Students/parents may use the 1098-T form to determine eligibility for tax credits.
Currently, institutions have the option of reporting payments received OR amounts billed for qualified tuition and related expenses. Stockton reports amounts (payments) received for qualified tuition and expenses (Box 1). Box 2 will be blank.
| Box 1 Amounts Received for Qualified Tuition and Related Expenses |
Stockton reports amounts (payments) received for qualified tuition and expenses. |
| Box 2 Amounts Billed for Qualified Tuition and Related Expenses |
The amount of qualified tuition and related expenses billed to a student in the tax year.** |
| Box 3 Change of Reporting Method Checkbox |
This box will be checked ONLY if the reporting method is different from the reporting method in the previous tax year. Stockton continues to report based on qualified tuition and related expenses. |
| Box 4 Adjustments Made for a Prior Year |
An amount will appear ONLY if there were changes to the amount reported for qualified tuition and related expenses for a prior tax year. |
| Box 5 Scholarships or Grants |
An amount will appear ONLY if the student received a scholarship or grant in the reporting year (i.e., Pell Grants, outside scholarships, military benefits, employer provided assistance administered by Stockton). |
| Box 6 Adjustments to Scholarships or Grants for a Prior Year |
An amount will appear ONLY if there were changes to the amount reported for scholarships or grants for a prior tax year. |
| Box 7 If Amounts in Box 1 or 2 Include Amounts for an Academic Period beginning Jan-Mar in the next year |
This box will be checked if the student registered for classes in the tax year, but the classes do not start until January-March in the next tax year. |
| Box 8 Check if at Least Half-Time Student |
This box will be checked if the student was enrolled for at least 6 credits in a term in the tax year. |
| Box 9 Check if a Graduate Student |
This box will be checked if the student was enrolled in a graduate or doctoral program in the tax year. |
| Box 10 Insurance Contract Reimbursements or Refunds |
This box will be blank since Stockton is not an insurer. |
**The tax year follows the calendar year (January-December). As a result, the academic
year (September-August 2025) runs across two tax years.**
EXAMPLE:
Continuing students register for Spring 2025 classes (the next tax year) during the
pre-registration period that begins in October 2024 (current tax year). Bills are
posted in November 2024 (current tax year), but payment is not due (or made) and the
course does not begin until January 2025 (the next tax year). As a result, qualified
tuition and expenses for the Spring 2025 term will appear on the 1098-T form for 2024
because they were BILLED in the current tax year (November 2024).
1098-T FAQ:
The Form 1098-T is a statement that colleges and universities are required to issue to certain students. It provides the total dollar amount paid by the student for what is referred to as qualified tuition and related expenses (or “QTRE”) in a single tax year.
There are potentially many reasons for this discrepancy.
First, the amount in Box 1 only represents amounts paid for qualified tuition and related expenses (QTRE) and does not include payments made for room and board which, though important, are not considered mandatory education expenses for tax purposes.
Secondly, Form 1098-T reports amounts that the student paid in a certain year, and the pay date does not necessarily correspond to the dates that the classes were attended.
For example, tuition for the Spring semester is typically billed in the prior year so a student may have paid tuition for the Spring semester in November even though classes don’t start until January. The best and most accurate source of information about the amounts that you paid for qualified tuition and related expenses will be your account statement.
No, the University does not include amounts paid for books in Form 1098-T. You should consult with your tax advisor to determine if payments for books, equipment or fees should be considered when preparing your income tax returns and determining eligibility for education tax credits or deductions.
Some May graduates will not be issued a Form 1098-T because there is a possibility that payments for QTRE for Spring were made on or before December 31 of the preceding calendar year. If a student paid for the Spring semester and any other outstanding QTRE charges in the preceding calendar year, then the student would not receive a Form 1098-T.
We are unable to provide tax advice. For guidance you may want to consider IRS Publication 970 in addition to the IRS’s guide to Choosing a Tax Professional.
Please contact ECSI toll-free at 1.800.437.6931
