In accordance with Internal Revenue Code Section 6050S, IIT is required to file informational returns on Form 1098-T with the IRS. Form 1098-T is used to assist in determining your education tax credits.
Information returns are not required for:
- Students who are enrolled only in courses for which no academic credit is offered
- Nonresident alien students, unless requested
- Students whose qualified tuition and related expenses are entirely waived or paid entirely with scholarships, fellowships, and/or grants
NEW IRS guidelines require institutions to report payments received for qualified tuition and related expenses in Box 1
Also, IIT is required to report all scholarships, fellowships, and grants that were administered and processed by the university in Box 5. The reporting of scholarships, fellowships, and grants on Form 1098-T does not determine the taxability of such payments. It is your responsibility to determine the taxability of your scholarships, fellowships, and/or grants received.
For specific information about your eligibility and benefits, consult a professional tax advisor.
You might find the following documents provided on the Internal Revenue Service website useful. Please be aware that by clicking these links, you are leaving the IIT website.