FORM 1098T

1098T Forms are mailed to students in January of each year. Along with the completed 1098T Form, a student accounts receivable statement is provided to assist you with the educational tax credit.

What is a 1098T Form?

Section 6050S of the Internal Revenue Code requires eligible educational institutions to file information returns to assist taxpayers in determining the amount of qualified tuition and related expenses for which an educational tax credit is allowable. This information is provided on the Form 1098T.

Why did I receive a 1098T Form?

Receipt of a 1098T form indicates you were enrolled in at least one course at Barry University during the past calendar year. It does not mean that you are eligible for a tuition and fees deduction, Hope Credit, or Lifetime Learning Credit. According to federal tax regulations, determination of qualified charges and payments is the responsibility of the tax payer.

What information is provided on the 1098T Form?

Educational institutions are required to report either the amounts received for tuition and qualified expenses or the amounts billed for qualified tuition and related expenses during the calendar year.

Barry University has elected to report the amount billed during the calendar year for qualified tuition and expenses. This information is reported on the 1098T Form in Box 2, Amounts Billed for Qualified Tuition and Related Expenses

Box 1, Payments for Qualified Tuition and Related Expenses, will be blank.

Box 5, Scholarships and Grants, includes any scholarships and grants reported for the calendar year. Any adjustments to qualified tuition or scholarships and grants previously reported are provided in Boxes 4 and 6.

For a detailed explanation of each box on the 1098T Form, please see the "Instructions to Student" printed on the form.

How can I obtain information on the amount of tuition paid to Barry University during the calendar year?

Barry University includes an Accounts Receivable statement itemizing a student’s account activity during the calendar year with the 1098T form. A student may also print an AR statement for the calendar year by accessing WebAdvisor at www.barry.edu/webadvisor.

Where can I obtain information on the educational tax credits?

For information about the tuition and fees deduction, the Hope Credit, and Lifetime Learning Credit, see IRS Publication 970 Tax Benefits for Education, Form 8863 Education Credits, and the Form 1040 or 1040A Instructions. The publications and forms may be found on the IRS website at www.irs.gov.

Consult your personal tax advisor for additional information to determine if you qualify. Barry University does not provide tax advice.

The 1098T Form covers calendar year 2007; why does it include amounts billed for the Spring 2008 semester?

Any qualified tuition and fees billed in calendar year 2007 for the Spring Semester 2006 will be included in the 2008 1098T Form. Box 7 accounts for an academic period beginning in January through March of 2008 will be checked.

How can I obtain a 1098T Form if I did not receive one?

If the Finance office did not have a current address or social security number on file, you may not have received a 1098T Form. Please contact the University Registrar office at 305-899-3860 for instructions on how to update your information if needed.

If you did not receive a 1098T Form and believe you qualify, please call 305-899-4052 and leave a detailed message. Please include your phone number, student ID or social security number, and complete mailing address. Please allow approximately one week for receipt. Alternatively, please send an email with the information to tra97@mail.barry.edu.