What is IRS Form 1098‐T?
Form 1098‐T is a statement that colleges and universities are required to issue to certain students. It provides the total dollar amount paid by the student for what is referred to as qualified tuition and related expenses (or “QTRE”) in a calendar year.
What if I do not receive a Form 1098‐T?
The College is not required, by the IRS, to furnish a Form 1098‐T in the following instances:
- Payments for courses for which no academic credit is offered, even if the student is otherwise enrolled in a degree program.
- Enrolled student is a nonresident alien.
- Students whose qualified tuition and related expenses are entirely waived or paid entirely with grants/scholarships.
- Students for whom you do not maintain a separate financial account and whose qualified tuition and related expenses are covered by a formal billing arrangement between an institution and the student's employer or a governmental entity, such as the Department of Veterans Affairs or the Department of Defense.
When is my 1098‐T Form available?
Forms will be mailed by January 31 following the year being reported. The forms are mailed to the student billing address on file.
What should I do if I didn’t receive my 1098‐T Form in the mail?
The student can request a copy by contacting the Office of Student Accounts at Student‐Accounts@acphs.edu or (518) 694‐7205.
Why don’t the numbers on Form 1098‐T equal the amounts I paid during the year?
There could be many reasons for this discrepancy. First, the amount in Box 1 represents amounts paid for qualified tuition and related expenses (QTRE), such as tuition and fees required by the institution to be enrolled, and does not include payments made for other charges such as room and board, insurance, meal plans, or parking, for example, which are not considered mandatory education expenses for tax purposes, regardless of whether the fee must be paid for the enrollment of the student at the institution. Secondly, Form 1098‐T reports amounts that the student paid in a certain year, and the pay date does not necessarily correspond to the dates that the classes were attended. For example, tuition for the Spring semester is typically billed in December so a student may have paid tuition for the Spring semester in 2022 despite the fact that classes didn’t start until 2023. The best resource of information about the amounts that you paid for qualified tuition and related expenses will be your statements. Itemized charges, payments and aid/awards can be accessed in your Student Portal and selecting My Ledger. Statements can be requested by the student by contacting Student Accounts at Students‐Accounts@acphs.edu or (518) 694‐7205.
How to read your 1098‐T form
What does the amount in Box 1 represent?
This box shows the total payments received in the tax year from any source for qualified tuition and related expenses less any reimbursements or refunds made that relate to those payments received during the tax year.
What does the amount in Box 4 represent?
This box shows any adjustment made for a prior year for qualified tuition and related expenses that were reported on a prior year Form 1098‐T.
What does the amount in Box 5 represent?
This box shows the total of all scholarships or grants administered and processed.
What does the amount in Box 6 represent?
This box shows any adjustments to scholarships or grants for a prior year.
Why is Box 7 checked?
This shows that the amount in Box 1 includes amounts for an academic period beginning January‐March of the following tax year.
Why is Box 8 checked?
This shows that you are considered to be carrying at least one‐half the normal full‐time work load for your course of study at the reporting institution.
Why is Box 9 checked?
This shows that you are considered to be enrolled in a program leading to a graduate degree, graduate-level certificate, or other recognized graduate‐level educational credential.
Can I get a copy of a previous year’s 1098‐T?
Yes, provided that a form was generated and issued to you for the year requested. The student can contact the Office of Student Accounts at Student‐Accounts@acphs.edu or (518) 694‐7205.
How do I verify my address to ensure my form is sent to the right place?
1098‐Ts are sent to the Student Billing Address on file as of December 31 of the tax year of issue.
If you have additional questions related to tax preparation,
please understand that Albany College of Pharmacy and Health Science does not assist in tax preparation, act as a tax consultant for individuals or entities, provide tax advice, and cannot answer your tax questions. Please consult a tax professional or the IRS for questions relating to the 1098‐T form and tax preparation.