What is a 1098-T?

     A: IRS Form 1098-T is a tuition statement issued to certain students with a copy to the IRS during February of each year. It is to be used by federal income tax filers to determine eligibility for Hope and Lifetime Learning tax credits. Bergen Community College currently reports to IRS qualified tuition and related expenses.

 

If I received a 1098-T form from Bergen Community College, does that mean I am eligible for the credit?

     A: Not necessarily . Receipt of a 1098-T does not mean you are eligible for the credit. There are many restrictions associated with the tax credits. You should review IRS forms, instructions and publications for guidance and consult you tax adviser.

For more information about the 1098-T you may visit:

http://www.irs.gov/pub/irs-pdf/p970.pdf