Tuition and Aid

Taxpayer Relief Act - 1098T

You may qualify for educational tax credits.

The American Opportunity Tax Credit is a federal program that may provide a tax credit to help offset the cost of your tuition, fees, books, and supplies during your first four years of college. Under the Taxpayer Relief Act of 1997, including the HOPE and Lifetime Learning Credits, eligible families may claim tax credits for educational costs. Please visit the website of our partner, ECSI, to find information regarding the Taxpayer Relief Act, Hope Scholarship Credit, and Lifetime Learning Credits. You can also go to ECSI to check the information on your 1098-T form that will be reported to the Internal Revenue Service (IRS) by Lasell.

We have provided some basic information below, however, we encourage you to talk with a tax professional or visit Tax Credit for details.

What is reported on the 1098-T form?
Forms will include the students name, permanent address, social security number, student ID, a check mark if they were enrolled at least half-time during the calendar year, a check mark if they are a graduate student, amounts in Box 1 for payments made during the calendar year for qualified tuition and related expenses, amounts in Box 5 for any scholarships or grants disbursed durin gthe calendar year, amounts in box 4 or 6 only if prior year adjustements were made.

What are considered qualified tution and related expenses?
Payments reported in Box 1 are only for what the IRS defines as Qualified Tuition and Related Expenses (QTRE). QTRE are tuition for credit bearing courses, the comprehensive fee, major fees and course fees. Items that are not included as QTRE are things such as room and board, health insurance, parking charges etc. Amounts reported are only for QTRE items within the calendar year.

How will I receive Form 1098-T?
Forms are generated in January for all students who meet the IRS's reporting requirements. 1098-T forms are available electronically. All students are asked to opt-in to receive the form electronically each year. If the opt-in is not done a form will be mailed to the permanent address on file. If opted in, forms will be delivered electronically to your Lasell University email address by early February. You may also download, view and print your 1098-T at ECSI. Our school code is X5. If you have not done so already, please provide your social security number or international tax ID (ITIN) to Lasell University prior to the end of the calendar year by filling out a W-9S form (see the Forms tab in the left margin) and returning it to Student Accounts.

Why does the form look different from years past?
When you receive your tax document in 2019 for the 2018 tax year, it will look slightly different than it has in prior years. Congress and the IRS eliminated the option for colleges and universities to report the "amounts billed" on form 1098-T. Colleges and universities must now report the "amounts paid" for qualified tuition and expenses. This change went into effect for the 2018 tax year.

Why the change?
Based on a report compiled by the US Inspector General for Tax Administration, it was determined there were a large number of errors as it relates to educational tax credits. The majority of these errors were caused by confusion regarding Box 2 (amounts billed) reporting. This change eliminates this confusion and the potential for inaccuracies on 1098-T forms going forward.

So, what does that mean for you?
This means that you will no longer see any amounts in Box 2 (Amounts billed for qualified tuition and related expenses) on your 1098-T form. You will, however, see an amount in Box 1 (Payments received for qualified tuition and related expenses).

Why did I not receive a form?

All U.S. citizens and permanent residents will be issued a 1098-T if qualifying transactions take place during the calendar year, regardless of whether or not we have your SSN or ITIN. Submitting your 1098-T without a SSN or ITIN may result in a fine by the IRS.
If you do not have a qualifying transaction OR you are an international student that does not have an ITIN on file with Lasell University, you will not receive a form.

For more information:
Internal Revenue Service: www.irs.gov
Financial Aid: Guide to Financial Aid: www.finaid.org
Student Tax Information: https://borrower.ecsi.net or call (866) 428-1098