Why are my qualified payments not listed on the 1098T?
The IRS requires the reporting institution to report either qualified expenses or qualified payments. Biola has elected to report qualified expenses.
Why is the full amount of my tuition not listed as a qualified expense?
The Health Center Fee is embedded in your tuition and is not considered a qualified expense. Therefore your tuition has been reduced by the amount of this embedded fee.
Since payments for room and board are not qualified payments, how do I calculate which payments are qualified?
Payments should be calculated based on guidelines in IRS Publication 970 (PDF Format) under forms and publications. You may also find it helpful to review and print out your student account, which you can do by logging onto my.Biola.
Why is Box 7 checked on my 1098T?
Box 7 denotes a charge for a term that will take place January-March of the following year.
I went to Interterm this year, but it was charged to my account last year. How is this reported on my 1098T?
Interterm tuition is reported for the year in which the charge occurred. For example, Interterm 2013 is charged in 2012 and appears in box 2 on your 1098T form for 2012.
I see an amount in box 4 or 6 of my 1098T. What do I do with this?
You may be required to repay all or part of a Hope or Lifetime credit taken in a previous year. Download IRS Publication 970 (PDF Format) for more information or consult your tax advisor.