Student Financial Services
The Hope Scholarship Credit became effective January 1, 1998, and allows up to a $1,500 maximum tax credit per year for the first two years of post secondary education for each individual student. The Lifetime Learning Credit began July 1, 1998, and allows up to a $2,000 cumulative maximum tax credit per year for all students in a taxpayer’s family.
Qualified Tuition and Related Expenses
Qualified tuition and related expenses are tuition and mandatory fees a student must pay to be enrolled at or attend Morehouse College. The following are not qualified tuition and related expenses:
- Charges and fees for room, board, student insurance, health services, transportation, and similar personal, living, or family expenses.
- Amounts paid for any course or other education involving sports, games, or hobbies unless the course or other education is part of the student’s degree program or is taken to acquire or improve job skills.
Specific Instructions for Form 1098-T
Morehouse College is required to file Form 1098-T for each student who is enrolled for any semester during the calendar year. For more information about the deduction or credit see IRS Publication 970, Tax Benefits for Education [PDF], Form 8863, Education Credits, and the Form 1040 or 1040A instructions.
Each University must choose whether to report payments received or amounts billed for qualified tuition and related expenses. Morehouse College has chosen to report amounts billed for qualified tuition and related expenses (Box 2). We also report any scholarships/grants you received (free money not required to be paid back) on the 1098-T form (Box 5). We do not report out of pocket payments received (Box 1) on the 1098-T form. This includes cash, check, credit card, and loan payments.
Following is an explanation of the information Morehouse College reports:
- Filer’s Name and Address box:The College’s address (Student Accounts address) is printed in this box.
- Filer’s Federal Identification Number box:The College’s FEIN and a contact phone number are printed in this box.
- Student’s Social Security Number box:The student’s social security number is printed in this box. Only the last four digits are printed on the form. If the student did not provide a SSN, there will be no SSN reported.
- Student’s Name and Address boxes:The student’s name and mailing address is printed in these boxes.
- Box 2:This box contains the total amount that was billed during the calendar year for qualified tuition and related expenses, which is defined as “tuition and fees that a student must pay to be enrolled at or attend an eligible educational institution.”
- Box 4:This box contains any billing adjustments that were made during the calendar year for a prior calendar year.
- Box 5:This box contains the total amount of scholarships/grants received during the calendar year for the payment of the student’s costs of attendance.
- Box 6:This box contains any scholarship/grant adjustments that were made during the calendar year for a prior calendar year.
- Box 8:This box is checked if the student was enrolled in 6 or more credit hours in the fall semester, spring semester, and summer semester.
- Box 9:This box is checked if the student was a graduate student.
Access Your 1098-T
Questions about a 1042-S? Contact our office at 470-639-0505