Students at Summer orientation at Trone

Taxes & Insurance

Tuition Statements,  Form 1098-T

1098-T forms are provided to all students with qualified tuition and related expenses each January. The form reports amounts billed based on transaction date. Accordingly, spring semester charges are reported in the previous calendar year if you register prior to January 1.

All qualified tuition amounts reported for the last calendar year are reported in box 2. Scholarships and grants, shown in box 5, are reported in the same manner. This information is being furnished, as required, to the Internal Revenue Service.

You should also know 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, you likely have taxable income.

We can address questions about the amounts reported on your 1098-T, Specific questions regarding eligibility of the Hope Scholarship, Lifetime Learning or American Opportunity tax credit should be referred to your tax advisor.

Students may view and print duplicate copies of their 1098-T by logging into their MyFurman account, selecting the “student financial information” menu and the “view 1098T” option.

American Opportunity and Lifetime Learning Credits, Form 8863

Federal tax credits available to eligible students. Consult current IRS publications to learn more.

Tax Benefits for Education, Publication 970

Federal tax benefits which may be available for those saving for or paying higher education costs.  Find out more from the IRS.

IRS website, irs.gov

The definitive site for all US tax information.