Ramapo College is required to furnish a 1098-T to all students who incurred qualified tuition and related expenses and paid corresponding payments during the current tax year. The 1098-T is an Internal Revenue Service (IRS) form provided to students for tax purposes 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.
As per IRS regulations, Form 1098-T is provided each year on or before January 31. The data reported on the form is based on the prior tax year from January 1 through December 31, not the academic year.
Prior to 2018, Ramapo College reported Qualified Tuition and Related Expenses (QTRE) in Box 2 instead of Qualified Payments in Box 1. Due to a change to institutional reporting requirements under federal law, beginning with tax year 2018 Ramapo began reporting Qualified Payments made towards QTRE in Box 1 instead of Reporting Box 2 QTRE.
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 and questions about tax credits should be made to a 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