Important Notice about 1098T Reporting Changes
This notification is to inform you of recent changes to the 1098-T Tuition Statement (U.S.) reporting requirements.
Historically, the Internal Revenue Service (IRS) allowed colleges and universities to select between two methods for reporting Qualified Tuition and Related Expenses to students on the Form 1098-T. Like most universities, City University of Seattle chose to report Qualified Tuition and Related Expenses in Box 2 (Charges for Qualified Tuition and Related Expenses), rather than in Box 1 (Payments received for Qualified Tuition and Related Expenses).However
However, mew legislation requires reporting payments received for Qualified Tuition and Related Expenses in Box 1 of the 1098-T, rather than reporting the amount billed in Box 2.
City University of Seattle has implemented this required change for the tax year ending December 31, 2018.
Impact of Reporting Change
The impact of this change for the tax year ending December 31, 2018, is that the amount reported in Box 1 does not include your Winter 2018 payments if they were paid in December, 2017. That amount is reported in Box 2 on the 1098-T for the tax year ended December 31, 2017. Box 1 will report the total amount of payments received between January 1, 2018 – December 31, 2018 for qualified tuition and related expenses incurred during the year. If you paid for winter quarter 2019 tuition and qualified expenses in 2018, that amount will also be included in Box 1, and Box 7 (Includes Future Period) will be checked.
City University of Seattle 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 adviser. You can find detailed information about claiming education tax credits in IRS Publication 970, page 9. The dollar amounts reported on your Form 1098-T may assist you in completing IRS Form 8863 – the form used for calculating the education tax credits that a taxpayer may claim as part of your tax return.
If you need a copy of your student financial account transactions for the tax year, please access the Student Center, My Account link on your student portal at my.cityu.edu. Once in the Student Center, you will find an Account Statement Lookup link under the Student Services tab on the right side of your screen.
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