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1098-T IRS Tax Reporting Rules

TO:        All Students

FROM:  Office of Student Accounts

Dear Student:

You are now able to access your 1098-T Form through Ramapo College Self Service.

Please read this entire bulletin as the tax reporting laws changed last year (2018).

Ramapo College is required to furnish a 1098-T to all students who incurred qualified tuition with related expenses and posted corresponding payments during the current tax year. The 1098-T is an Internal Revenue Service (IRS) form provided to students who enroll in classes at Ramapo College and can be used to assist students and families in determining if they are eligible to claim the Hope Scholarship or Lifetime Learning Tax Credit. Ramapo College is required to provide the 1098-T by IRS regulations for those students with a valid Social Security number.

The data reported on the 1098-T is based on the tax year from January through December, not on the academic year.

Prior to 2018, your 1098-T included a figure in Box 2 that represented Qualified Tuition Related Expenses, QTRE we billed to your student account for the tax year. Due to a change to institutional reporting requirements under federal law, beginning with tax year 2018, we report your payments made towards Qualified Tuition Related Expenses, QTRE. Your QTRE payments will be reported in Box 1.

The dollar amounts reported on your Form 1098-T may assist you in completing IRS Form 8863 – the form used for calculation the education tax credits that a taxpayer may claim as part of your tax return. (https://www.irs.gov/forms-pubs/about-form-8863)

Ramapo College is unable to provide you with individual tax advice, but should you have questions, you should seek the counsel of an informed tax preparer or advisor.

For more information about Form 1098-T, visit https://www.irs.gov/forms-pubs/about-form-1098-t or Publication 970 https://www.irs.gov/forms-pubs/about-publication-970

If you cannot access the form online or if you would like a hard copy of the 1098-T Form mailed to your permanent address, e-mail your request to studentaccts@ramapo.edu. Please be sure to include your student ID number (begins with an “R”) in your request.

For the 1098-T overview and instructions, go to: https://www.ramapo.edu/student-accounts/taxinfo/.

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