Forms are presented in 3 ways:
- Paper copies mailed in student name to home address by Jan. 31st each year
- Viewable in student portal MyRoanoke (pdf format may be printed) by student's log in under Student Financial Information
- Accessed from website, https://www.my1098t.com/; parents may log in with student SSN (directions on site)
- May graduates are generally billed in November of previous year for their spring semester so while payments may be received after January 1 - there usually will not be a 1098T form for that year. Reference is made on a previous year's form that a portion of the qualified billing is for a term that begins Jan. - March of the following year. Most tax software now allows you to report from either year's form.
- You, or the person who may claim you as a dependent, may be able to take either the tuition and fees deduction or claim the American Opportunity or Lifetime Learning Credit on your federal tax return for qualified tuition and related expenses that were actually paid in a given year.
- The education tax credits took effect in 1998 to help families reduce the amount they pay out-of-pocket for tuition and related expenses at a postsecondary institution. Today the American Opportunity and Lifetime Learning Tax Credits continue to provide valuable tax benefits to millions of taxpayers. For more information about the education tax credits, see IRS Publication 970. To receive either tax credit, taxpayers must account for and document the amount paid for tuition and other expenses on IRS Form 8863 and file it with their federal income tax return.
- Institutions may choose to report either payments received (Box 1) or amounts billed (Box 2), for qualified education expenses, not both. Roanoke College reports Box 2 amounts. However the amount in Box 2 might be different from what was actually paid. When calculating the credit, use only the amounts you paid.
- Please refer to your tax advisor for specific tax questions. If you did not receive a 1098T form and believe you qualify to receive one from Roanoke College or have general questions related to information supplied on your 1098T, please contact the Business Office at 540-375-2255.