1098-T Fundamentals

1098-T Fundamentals

Form 1098-T is a Tuition Payment Statement and is the information return that colleges and universities are required to issue for the purpose of determining a student's eligibility for educational tax credits.

You should keep the 1098-T for your records. The University sends your 1098-T information to the IRS electronically. The information contained in the 1098-T will help you to determine if you or your parent can claim an educational tax credit.

Availability of the 1098-T Form

Your 1098-T will be available no later than January 31 of each year, unless it falls on the weekend.

You will receive the form electronically. By signing the Payment Agreement and Initial Disclosure form, you are authorizing St. Catherine's to provide the form electronically on your KatePay account.

Specifics

The university does not report to the IRS using Box 1, so you will never have an amount included in Box 1, but you can obtain payment information by logging onto your KatePay account and printing your billing statements or viewing your activity.

St. Catherine University's IRS reporting method uses Box 2 (Tuition & Fees) and records in Box 5 (Scholarships & Grants).

Box 4 shows any adjustment made for a prior year for qualified tuition and related expenses that were reported on a prior year Form 1098-T. Box 6 shows adjustments made to scholarship or grants for a prior year.