1098T FAQs
Q: Why are my qualified payments not listed on the 1098T?
A: The IRS requires the reporting institution to report either a qualified expense or a qualified payment.
Biola has elected to report qualified charges.
Q: Why is the full amount of my tuition not on listed as a qualified charge?
A: The Health Center Fee is embedded in your tuition and is not considered a qualified expense.
Therefore your tuition has been reduced by the amount of this embedded fee.
Q: Since payments for room and board are not qualified payments, how do I calculate which payments are qualified?
A: Payments should be calculated based on guidelines in IRS Publication 970 (PDF Format)
under forms and publications. You may also find it helpful to review and print out your student account, which you can do by logging onto your BSI account.
Q: Why is Box 6 checked on my 1098T?
A: Box 6 denotes a charge for 2004 Interterm billed in 2003. The amount of the charge is included in Box 2.
Q: I went to Interterm in 2003 and was charged in 2002. How is this reported on my 1098T?
A: It is not reported on the 1098T, per IRS regulations. To determine any eligibility for tax credit,
please consult your tax advisor.
Q: I went to interterm in 2004 and was charged in 2003. How is this reported on the 1098T?
A: This charge is included in box 2. As tax credits are based on qualified payments please consult
your tax advisor for tax credit eligibility.
Q: I see an amount in box 3 or 5 of my 1098T. What do I do with this?
A: You maybe required to repay all or part of a Hope or Lifetime credit taken in a previous year.
Download IRS Publication 970 (PDF Format) for more information or consult your tax advisor.