1098-T Tax Form
Questions? Call ACS Hotline - 1-877-467-3821
Please log onto www.1098-t.com where you will be able to access and print your tax forms for all applicable years. The Tax form will also be mailed directly to you by ACS, our third party servicer, by January 31st of every year.
The 1098-T Tax Form is used by eligible educational institutions to report information about their students to the IRS as required by the Taxpayer Relief Act of 1997.
A 1098-T will be produced for all students at Touro College who have had a transaction (tuition, scholarship or payment) on their account for a tax calendar year. The 1098-T Tax form is used to claim a tax credit for out of pocket tuition and fee payments made for the relevant tax calendar year.
Eligible educational institutions, such as Touro College, are required to submit the student's name, address, and taxpayer's identification number, enrollment and academic status. The IRS instructs institutions to report either payments received (Box 1) or amounts billed for qualified tuition and related expenses (Box 2) on the 1098-T. Touro College reports qualified tuition and related expenses that were billed during the tax year (Box 2) and scholarships and grants (Box 5), therefore, Box 1 - Payments Received for Qualified Tuition and Related Expenses, will be blank.
This form is informational only. It serves to alert students that they may be eligible for federal income tax education credits. It should not be considered as tax opinion or advice. there is no IRS requirement that you must claim the tuition and fees deduction or education credit. Claiming education tax benefits is a voluntary decision for those who may qualify. It is up to each taxpayer to determine eligibility for the credits and how to calculate them. Please refer any questions on how to calculate them to your accountant / financial advisor.