Tax Information for Form 1098T

The Taxpayer Relief Act of 1997 made available two tax credits to the individuals who pay tuition to post secondary institutions, the HOPE and Lifetime Learning Tax Credits. While this tax credit may be available to you, please note that there are restrictions as to who is eligible. Each taxpayer should consult his/her tax advisor or the IRS.

Hope Scholarship Tax Credit

  • For first and second year undergraduate students.
  • 100% tax credit for the first $1,000 of tuition and required fees less grants, scholarships and other tax-free educational assistance and 50% tax credit for the second $1,000 of tuition and required fees less grants, scholarships and other tax-free educational assistance.
  • A credit is available for payments made in the same calendar year for tuition and required fees less grants, scholarships and other tax-free educational assistance for college and vocation school enrollment beginning on or after January 1, for the same calendar year.

Lifetime Learning Tax Credit

  • For individuals who want to go back to school, change careers, or take a course to upgrade their skills, and for college students past their second year, graduate and professional degree students.
  • A 20% tax credit for the first $10,000 of tuition and required fees.
  • The credit is available for payments made in the same calendar year for tuition and required fees less grants, scholarships, and other tax-free educational assistance for college or vocational school enrollment beginning on or after January 1, for the same calendar year.

Additional Information
Each student who was enrolled half time or more during the year will receive a 1098T. Enclosed with the 1098T is a sheet that outlines all charges and payments. The types of information which may appear on a 1098T form are listed below.

  • Academic Services
    Charges such as Dissertation Processing and Learning Disabilities.
  • Refunds
    Check disbursements, cash withdrawals, credit card reversals, returned checks, transfers to phone, enrollment, and room deposits.
  • Other Charges
    ID replacement cards, computer lab, health center, and returned check fees. Telephone, vehicle registration and violation, library fines and charges. Housing key & lock charges, housing damage charges and Student Affairs fines.
  • Registrar Fees
    Add/drop, late registration, interterm and summer withdrawal, and late graduation petition fees.
  • Third Party Payments
    Payments from another source such as organizational support, outside assistance, rehabilitation, and ROTC payments.

Student 1098T forms are available online for current and previous years. In addition, you can also print some additional information from this site regarding your 1098T.

If you would like to view a list of charges and credits on your student account, log on to BSI.

General information is available from the Account Services area by e-mail at accounting@biola.edu or by calling (562) 903-4760.

Further information can be found in the IRS Publication 970 (PDF Format). The IRS may be reached directly 1-800-829-1040 and you can visit their website at www.irs.gov