Tax Credit – 1098-T | Student Financial Services | Liberty University (2024)

The 1098-T Form showsyour eligible payments made toward qualifiededucational expenses, and scholarships and grants received,from a particularcalendar year. This will help you determine if you areeligible for the “Lifetime Learning Credit” or the “Hope Credit” when filing your taxes. The formwill automatically be sent to you, according to the mailing preference you selected in FCI no later than January 31.

IRS Publication 970 on “Tax Benefits for Higher Education” provides additional information on educationcredits. Taxpayers file for thesecredits using IRS Form 8863.

• Tax Benefits for Education.pdf
• Education Credits Form 8863.pdf

Libertydoes not issue a 1098-T form if:

• you area nonresident alien
• you are enrolled in not-for-credit courses
• you didn’t provide us with your Social Security Number (SSN)
• you do not have an active address on file

See IRS Forms and Publications for more details. If you didn’t receiveyour 1098-T form,it may have beensent to an old or incorrectly providedaddress.

Qualified & Unqualified Expenses

Qualified charges include:

• Tuition
• Mandatory fees

Unqualified charges include:

• Expensesfor any course or other education involving sports, games, or hobbies
  • Unless the course or other education is part of the student’s degree program.
• Charges and fees associated with housing, food, student activities, athletics, insurance, books, equipment, transportation, and similar personal, living, or family expenses

Frequently Asked Questions

• What is the IRS form 1098-T? The 1098-T form is used by eligible educational institutions to report information about their students to the IRS as required by the Taxpayer Relief Act of 1997. Eligible educational institutions are required to submit the student’s name, address, taxpayer’s identification number (TIN), enrollment status, amounts pertaining to payments made toward qualified tuition and related expenses, and scholarships and/or grants, taxable or not. A 1098-T form must also be provided to each applicable student.
• When will I receive my form 1098-T? In January of each year, Liberty University provides secure electronic access to your 1098-T. This IRS Form 1098-T is for all students who had payments made toward qualified tuition and other related educational expenses billed to them during the applicable Tax calendar year. All 1098T’s are available through ASIST. Go To ASIST> STUDENT>STUDENT ACCOUNT>TAX NOTIFICATION. You may have also received your Form 1098-T via mail or electronically via your Liberty University email address.
• Why don’t the numbers on the form 1098-T equal the amounts I paid to Liberty University during the year? Form 1098-T reports amounts of payments made toward qualified educational expenses that were billed in the applicable calendar year. Total payments reported will never exceed the amount of billed educational expenses (beginning in the 2018 calendar year).
• My social security number (SSN) is incorrect or missing on my form 1098-T. Can a new form be sent to me? If your SSN is incorrect, you will need to complete Form W-9S and deliver it in person to:

  Office of the Registrar
  Marie F. Green Hall, Room 1569
  Liberty University
  1971 University Boulevard
  Lynchburg, VA 24515

  Or via fax to the Office of the Registrar at (434) 582-2187 to request that your Social Security Number be updated so that the 1098-T can be issued, but please do not mail or email Form W-9S to the IRS. The registrar’s office will update your information. Please monitor your account for changes. Once your SSN has been updated, please email studentaccounts1098@liberty.edu from your Liberty email to request a new form be sent to you. Please include the year requested and indicate that your SSN be updated.

• I misplaced my copy of the form 1098-T. How can I receive a reprint of my form 1098-T? You can request access to a copy of your Form 1098-T at any time. If you have had trouble accessing your form 1098-T, you can always email Student Account at studentaccounts1098@liberty.edu from your Liberty email.

Details of 1098-T Form

To view a detailed listing of the transactions that make up the amounts on the 1098-T form, log into ASIST and navigate to Student > Student Account > Tax Notification.

• Box 1of Form 1098-T – Payment Amounts Received
  • Shows the total payments received by an eligible educational institution in 2021 from any source for qualified tuition and related expenses less any reimbursem*nts or refunds made during 2021 that relate to those payments received during 2021.
• Box 2of Form 1098-T – Amounts Billed for Qualified Tuition and Related Expenses
  • Reserved for future use
• Box 3of Form 1098-T – Educational Institutional Changed Reporting Method
  • Reserved for future use