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Tax Credit 1098-T Tax Information

2018 1098-T Student Tax Form Update

This notification is to inform you of recent Internal Revenue Service (IRS) changes to the 1098-T reporting requirements.

IRS Change in 1098T Form Reporting Requirements Starting Tax Year 2018

In previous years, your 1098-T included an amount in Box 2 that represented the Qualified Tuition and Related Expenses (QTRE) Cabrini University billed to your student account for the calendar (tax) year. Due to a new IRS regulation, beginning in tax year 2018, all colleges and universities must now report payments received for QTRE in Box 1. Box 2, or amounts billed, can no longer be reported.

Impact of Reporting Change in calendar year 2018

The impact of this change for the tax year ending December 31, 2018, is that the amount reported in Box 1 (payments received) does not include your Spring 2018 payments if they were paid in December 2017. That amount was reported in Box 2 (charges billed) on the 1098-T for the tax year ended December 31, 2017, because tuition and fees for the Spring 2018 term were billed in that year. Since the same payments cannot be recorded twice simply because of a change in reporting method, Box 1 may not reflect the total amount paid by you for QTREs during the calendar year.

Important Notes re. Payment Processing related to the IRS 2018 1098T

  • The Spring billing statement was issued in late November 2018.
  • Payments received via mail in late December, when the University is officially closed, will be recorded on the student account in 2019. Therefore, payments received by the University during this time period will not be eligible for the 1098T tax reporting in the 2018 calendar year.
  • Electronic payments received via the Cabrini online billing and payment portal site will continue to be processed on the student’s account on the date the payment is made.

 

Cabrini University is required by the Internal Revenue Service (IRS) to issue Form 1098‑T (Tuition Statement) to any student enrolled during the academic terms in the current and prior calendar year, and billed in the prior year.

Form 1098‑T documents if your enrollment status is at least half-time, and whether you were enrolled as a graduate student during the reporting period.

  • The form also shows the amount paid for qualified tuition and related expenses and any scholarships or grants received
    between January 1 and December 31
    .
  • Additionally,      the form includes adjustments to payments, scholarships, and grants for      prior years.

The Taxpayer Relief Act of 1997 included two tax credits that may be available to persons who pay higher education costs: The Hope Credit and The Lifetime Learning Credit.

Cabrini cannot determine if you are eligible for either of these credits or the amount of credits for which you may qualify. Please consult your tax advisor or IRS Publication 970, Tax Benefits for Higher Education, for more information.

To determine the amounts of tuition and fees paid during the calendar year, please consult your records or go to your Cabrini Portal account.

The IRS offers free forms, publications, and other information at the local IRS office in your area. In addition, you may request forms and publications by contacting them at 1.800.TAX.FORM (1.800.829.3676) or www.irs.gov.

Cabrini students can elect to receive their Form 1098‑T electronically rather than via mail.  To do so:

  1. Log      into the Cabrini Portal at portal.cabrini.edu.
  2. Select      the Students tab at the top.
  3. Select      Review eBill/Payment
  4. Click      on Consents and Agreements
  5. 1098-T      will be listed – select 1098T button -  Click consent to receive your      1098-T electronically.

Please note that once consent is provided, Cabrini will not mail a paper 1098-T to the student.

You will only receive the form electronically through your Cabrini Portal account. Forms will be available each year by January 31. At any time you may withdraw your consent by following the preceding directions and checking the box to mail a paper statement.

Students may also view their current and past years’ 1098-T forms through their Cabrini Portal account online. To retrieve your tax information, follow these instructions:

  1. Log into the Cabrini Portal at portal.cabrini.edu.
  2. Select the Students tab.
  3. In the Student Records section, select “More BannerWeb Student Records.”
  4. Select “Tax Notification.”
  5. Enter the tax year for the records you wish to get.
  6. Print the page that comes up.

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