The Federal Government has instituted an Education Credit for students that attend an Institution of Higher Learning. The credit is based on Tuition & Fees billed for each calendar year.
The student or the person, who can claim the student as a dependant, may be able to claim an Education Credit on Form 1040 or 1040A for the qualified Tuition & Related Expenses that were actually paid during the calendar year. Institutions may report either payments received in box 1 or amounts billed in box 2. The amount shown in box1 or box 2 may represent an amount other than the amount actually paid in the calendar year.
Lincoln University uses the amounts billed in box 2. For more information about the credit see Publication 970 Tax Benefits for Education, Form 8863, Education Credits, and the Form 1040 or 1040A Instructions.
The 1098T form is the government form that will be issued to each student that qualifies for this credit. The forms will be mailed out on January 31st of each year. They are mailed directly from our provider Heartland to your mailing address. If you haven’t received after the due date, please call them directly at 888-549-3274.
Students will be able to view online and print their 1098T forms for the tax year 2009 and beyond.