What is Form 1098-T?
Form 1098-T is an IRS information return that educational institutions provide to students and the IRS, reporting qualified tuition and related expenses paid during the tax year, scholarships or grants received, and adjustments to prior year amounts. Box 1 shows payments received for qualified tuition and related expenses, while Box 5 reports scholarships or grants credited to the student's account. Students use this information to calculate eligibility for the American Opportunity Tax Credit or Lifetime Learning Credit on their federal tax returns. The form must be furnished to students by January 31 following the tax year and includes adjustments to prior-year amounts in Boxes 4 and 6.
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