Qualified tuition and related expenses Qualified tuition and related expenses are tuition and fees a student must pay to be enrolled at or attend an eligible educational institution. The following are not qualified tuition and related expenses: Amounts paid for any course or other education involving sports, games, or hobbies unless the course or other education is part of the student's degree program or is taken to acquire or improve job skills.
Additional information For more information about reporting on Form T, see Regulations section 1. Box 1: Payments received for qualified tuition and related expenses This box will contain the sum of all tuition, course fees, and activity fees paid towards a student's qualifying charges during a calendar year, less any amounts by which are refunded to the student.
Box 2: Amounts billed for qualified tuition and related expenses This box will be left blank since the IRS has directed all intuitions to report amounts paid instead of amounts billed. Box 3: Reporting method This box will be left blank since SSU has not changed its current method of reporting from the previous year. Box 4: Adjustments made for a prior year The amount in this box should be the sum of all reductions in tuition refunded or not related to qualified amounts in a prior year. Box 5: Scholarships or grants This box contains the sum of all scholarships SSU administered and processed for the student's account during the calendar year.
Box 6: Adjustments to scholarships or grants for a prior year Decreases or refunds of scholarship amounts related to scholarships reported in a previous year are included in this box.
Box 7: January- March periods This box will be checked if the amount reported in Box 1 includes tuition or qualified amounts paid towards a student account in the current year that pay for a semester beginning in the next calendar year. Why is this number so important? Because you might be able to deduct some or all of it from your income on your federal tax return, which could reduce the amount you pay in income tax—good news!
You can find your student loan interest paid amount on your E Student Loan Interest Statement. Most borrowers will receive only an email letting them know when their tax information is available online. You'll have one E for each account listed on your Account Summary.
To file your taxes, you don't need a physical copy of your E. Check with a tax advisor to determine how much of the interest paid on your student loans in the previous year is tax deductible. If you have more than one account, you'll need to look at multiple statements and add the numbers together for your total deduction. Eligible or qualified charges include: Non-qualified charges include the following: In-State tuition charges Out-of-State tuition charges Plus other eligible fees including the following: Technology fees Student activity fees Consolidated fees Change of program fees Late payment fees Late registration fees Room and board or similar living expenses Transportation Meals Books Family expenses Courses taken for no credit unless taken to improve job skills Expenses paid at any time other than in the current year, January 1 to December 31 Insurance Medical expenses.
I will be a first time student in Spring and made my payment for tuition and fees during , will I be issued a Form T?
If I made a payment for the Spring term in the calendar year, will I see it on my Form T? I am an international student, how may I obtain a Form T for tax reporting purposes? Will I receive a Form T if I made qualified payments but withdrew from classes? Does the Form T notate if financial aid covered my tuition and fee charges? If I must file an amended tax return due to a corrected Form T, will I be compensated for the additional charges?
CUNY does not compensate students or parents for these costs. Helpful Resources:. Accessing My Form T. Why didn't I receive a Form T?
I have not received my Form T in the mail or I misplaced it. Can I get another copy? How can I get a copy of a prior year Form T? Adjusting My Form T. Why is Box 1 is blank, but there are amounts in Box 5? Each box is determined by the calendar date that items were applied to your account. This timing would cause your Spring term to be split between two tax years.
What if the amounts in Box 1 and Box 5 exceed tuition charges billed, and my tax software is counting it as income? The T form is not meant to be an indicator of income. Please consult with your tax preparer if you have additional questions regarding how the T relates to your specific tax preparation. What if my social security number is incorrect? Changes to your social security number must be made with the Office of the Registrar Registrar shu.
The form you received has already been sent to the IRS, so we are unable to make any changes. For additional questions please send an e-mail to Bursar shu. Additional Information: More detailed information is also available at the following websites:. Javascript must be enabled for the correct page display. Seton Hall University Office of the Bursar. Tax Benefits for Education Several tax benefits are available to help families meet the cost of postsecondary education.
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