1098-T Information

What is Form 1098-T?
Form 1098-T is a tax document that is used to report qualified tuition and related expenses in a given tax year and is provided as a guide in the preparation of your taxes. Its purpose is to assist you in determining your eligibility for an education tax credit on your federal income tax return. The Taxpayer Relief Act of 1997 allows certain taxpayers who pay qualified tuition and related expenses to an eligible educational institution to claim an American Opportunity Credit or a Lifetime Learning Credit against their federal income tax liability. 

When will I receive my Form 1098-T?
Rollins mails original 1098-T forms to the permanent address on file for each student by January 31^st, as federally required. Students may also access their 1098-T information through MyRollins.

What expenses qualify for the credit?
Tuition, fees and related expenses paid to the institution as a condition of enrollment or attendance are considered qualified expenses.

Qualifying Expenses Include:

• Tuition
• Course fees (physical education fees, lab fees, art course fees, etc.)
• Required association fees (All Crummer Programs)
• Graduation fees

Qualifying Expenses Do Not Include:

• Room and board
• Bookstore charges
• Fines (parking fines, library fines, etc.)

More information about qualified expenses may be found in IRS Publication 970.

What information is reported on the Form 1098-T?

Box 1.  As required by the Internal Revenue Service (IRS), Rollins reports payments received for qualified tuition and related expenses for the tax year ending December 31, 2023. 

Box 2. Is intentionally left blank.

Please Note: IRS tax form instructions provide that education credits and deductions for a taxpayer's 2023 individual tax return are based upon qualified educational expenses paid during the 2023 calendar year.

Box 3. Is intentionally left blank.

Box 4. Shows any adjustment made for a prior year for qualified tuition and related expenses that were reported on a prior year Form 1098-T. This amount may reduce any allowable education credit that you claimed for the prior year (may result in an increase in tax liability for the year of the refund). See "recapture" in the index to Publication 970 to report a reduction in your education credit or tuition and fees deduction.

Box 5. Shows the total of all scholarships or grants administered and processed by the eligible educational institution. The amount of scholarships or grants for the calendar year (including those not reported by the institution) may reduce the amount of the education credit you claim for the year.

Box 6. Shows adjustments to scholarships or grants for a prior year. This amount may affect the amount of any allowable tuition and fees deduction or education credit that you claimed for the prior year. You may have to file an amended income tax return (Form 1040X) for the prior year.

Box 7. Shows whether the amount in box 1 includes amounts for an academic period beginning January-March 2024. See Publication 970 for how to report these amounts.

Box 8. Shows whether you are considered to be carrying at least one-half the normal full-time workload for your course of study at the reporting institution.

Box 9. Shows whether you are considered to be enrolled in a program leading to a graduate degree, graduate-level certificate, or other recognized graduate-level educational credential.

Box 10. Shows the total amount of reimbursements or refunds of qualified tuition and related expenses made by an insurer. The amount of reimbursements or refunds for the calendar year may reduce the amount of any education credit you can claim for the year (may result in an increase in tax liability for the year of the refund).

I lost my 1098-T. Can I get another copy?
Rollins will issue one original Form 1098-T. In the event this form is misplaced or lost, you may request a copy of Form 1098-T by sending an e-mail to sas@rollins.edu. The student may also access the form electronically in MyRollins.

Whom may I contact if I need assistance?
You are urged to contact a tax professional, such as a licensed income tax preparer or Certified Public Accountant (CPA), to assist you with determining whether you are eligible to claim Education Tax Credits and to determine the amount of any credit for which you may be eligible. Representatives from Rollins College will not provide income tax advice.