Dear Student:
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, payments and financial aid for the calendar year. The amount reported in box 1 is the total amount of qualified tuition and required fees that were paid on your account in the calendar year; payments include payments received on your account, scholarships and grants applied to your account, and loans (or refunds) applied to your account. If you have an amount in box 3, it is an adjustment for qualified tuition and required fees that were reported on a prior year form 1098-T. The amount reported in box 5 is the amount of scholarships and grants received during the calendar year.
We strongly encourage you to consult with a tax advisor if you should make adjustments on your tax return to these amounts that differ from the amount reported. Dominican University will report the 1098T information to the IRS for the calendar year by March 31.
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 Krystle Noel at the following:
E-mail: knoel@dom.edu
Phone: 708.524.6487
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.