In accordance with the Taxpayer Relief Act of 1997, you may be mailed a 1098-T form or you may access the form at myDu/Resources/Student Accounts. The Act provides for tax credits if the student meets certain qualifications.
The American Opportunity and the Lifetime Learning Credit are credits against your federal income tax available to your parents or to you (if you are an independent student) for amounts paid on your behalf for your College expenses. In general, tuition and fees directly related to your education are allowed as a tax credit, whereas other fees are not included. Items not considered qualified tuition and related expenses include books and supplies, application fees, and graduation fees. Scholarships or grants are considered deductions and are reported separately. Refunds and other credits reduce the reported tuition and fees.
The dollar figures provided on the Form 1098T are determined by reviewing the institutional records of billings and credits for the calendar year. The amount reported in box 2 is the total amount of qualified tuition and related expenses billed to your account during the tax year, regardless of payment method. This may or may not reflect what you paid during the year. If you have an amount in box 3, it is an adjustment for qualified tuition and related expenses that were reported on a prior year form 1098-T. The amount reported in box 4 is the amount of scholarships and grants received during the tax year. If you have an amount in box 5, it is an adjustment to scholarships and grants for a prior year.
You should reference and compare your own documentation from the semesters attended and we strongly suggest you involve your tax advisor in reporting the appropriate amounts. Dominican reports the 1098T information to the IRS for the calendar year.
Additional information on the American Opportunity Credit and Lifetime Learning Credit is available in IRS Publication 970 at www.irs.gov/pub/irs-pdf/p970.pdf.
The filing form is available at www.irs.gov/pub/irs-pdf/f8863.pdf.
If you have any questions concerning information provided on the 1098T, please contact
Note: Dominican will discuss questions and concerns with the student only (or a parent/spouse if the student is a dependent). According to FERPA guidelines, student education records are considered confidential and may not be released without the written consent of the student.