Furman University is required to provide form 1098T to all students with qualified tuition and related expenses.  Furman reports amounts billed based on transaction date.  For students who pre-register for the upcoming winter term in November or December, the billing date will fall in a different tax year than the actual date of attendance. Therefore, a student who pre-registers for winter term 2008 before January 1, 2008 will show qualified tuition amounts for the tax year 2007, which is reported in box 2.  Scholarships and Grants, shown in box 5, are reported in the same manner.  This information is being furnished to the Internal Revenue Service.

In general, if the amount in Box 2 of the 1098T form exceeds the amount in Box 5, you may be eligible for a tax credit or deduction.  If the amount in Box 5 exceeds the amount in Box 2, the student may have taxable income.

If you have a question about the amounts reported on form 1098T, please contact our office at 864.294.2500 or e-mail Sandra.silvers@furman.edu.  Specific questions regarding eligibility of the Hope Scholarship or Lifetime Learning tax credit should be referred to your tax advisor.

For more information, please refer to these websites: