Tax Information for Form 1098T

In February 2009, the American Recovery and Reinvestment Act was signed into law, modifying the Taxpayer Relief Act of 1997. The new Act created the American Opportunity Tax Credit to assist parents and students in paying for college expenses over the next two years. While this tax credit may be available to you, please note that there are restrictions as to who is eligible. Each taxpayer should consult the IRS or his/her tax advisor.

American Opportunity Tax Credit

  • Modifies the existing Hope Credit for tax years 2009 and 2010.
  • Adds required course materials to the list of qualifying expenses.
  • Allows the credit to be claimed for four post-secondary education years instead of two.
  • Maximum annual credit of $2,500 per student.
  • 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 or 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.
  • Maximum annual credit of $2,000 per student.
  • 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 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, enrollment and room deposits.
  • Other Charges
    ID replacement cards, computer lab, health center, returned check fees, 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