Tax Credits and the 1098-T
The Taxpayer Relief Act of 1997 allows a tax credit to be claimed for out-of-pocket payments made to Loyola University New Orleans for the tax year for tuition and certain fees. The IRS requires that we provide the 1098-T statement to you for your use in completing IRS Form 8863. A detailed listing of charges, payments, grants and scholarships is available at our website through your LORA account at http://www.loyno.edu/lora/. We recommend that you refer to that information to assist in determining the amount of credit which may be claimed on your behalf. This information must not be construed as tax advice. The amounts and calculations used to determine the credit are the decision of the taxpayer after consideration of relevant IRS regulations, Form 8863, and, perhaps, the advice of a tax consultant.
Frequently Asked Questions About the 1098-T Form:
Question: Why did I receive a 1098-T?
Answer: Each university is required by law to report to IRS the names of all students who were enrolled in any course for credit during the previous calendar year and if any was graduate coursework. In addition, universities are required to notify the individual that the IRS has been provided with this information.
Question: Why are there dollars amounts this year as opposed to no amounts in previous years?
Answer: Up until the 2003 reporting year, we were not required to report actual amounts.
Question: What do the amounts mean?
Answer: The amount in Box 2 represents qualified tuition and related expenses we billed during the previous calendar year. This may include expenses for the following Spring semester that we billed prior to December 31st. The amount in Box 4 represents scholarships and grants we processed during the calendar year.
Question: What am I supposed to do with this form?
Answer: Keep it with your tax records. You or your parents may be allowed to claim the Hope Scholarship or Lifetime Learning credit on your or your parents’ tax return. Please check with your tax return preparer for eligible amounts.
Question: How do I know how much I paid in tuition?
Answer: You should keep your tuition statements for each semester and refer to them when preparing your tax return. If you cannot locate the statements, you may access your account in LORA at http://www.loyno.edu/lora/ . Our 1098-T section gives details of your account for the calendar year.
Question: If I lost my 1098-T can I get a new copy?
Answer: We can send you a copy of the 1098-T, however, the amounts you paid in tuition and qualified related expenses are really all you’ll need. The IRS has been informed of your student status.
