1098-T Tax Information
The University of South Carolina Bursar's Office would like to inform our students of some changes to the 1098-T Tuition Statement for the 2013 tax year. The form 1098-T is the information return that colleges and universities are required to issue for the purpose of determining a student's eligibility for education tax credits.
Beginning with the 2013 tax year, the University will report qualified charges in box 2 of the form, whereas in previous years, the report included qualified amounts paid in box 1. The Internal Revenue Service guidelines state that student transactions must be reported in the calendar year in which they occur. In November of each year, the University generates student bills for the spring semester that begins in January of the following year.
As an example, for our pre-registered students, bills for the Spring 2014 semester are available beginning in November 2013. Therefore the spring charges will be included on the 2013 1098-T tuition statement. If a student receives financial aid for Spring 2014, the disbursement date will not occur until approximately the first of January. This means that Spring 2014 charges will be reported in the 2013 tax year on the form 1098-T, but scholarships and grants for Spring 2014 will appear on the 2014 form 1098-T.
Each taxpayer should refer to relevant IRS forms and publications for explanations relating to the eligibility requirements for, and calculation of, any allowable education tax credit. The University of South Carolina can only answer questions related to how the form is prepared and cannot provide individual taxpayer advice. The University must ensure that we are providing the form 1098-T to all our students with accurate social security or taxpayer identification numbers. We may be contacting you to provide this information if it is not currently on your student account.
The 1098-T can be reviewed online at my.sc.edu under account information. If you have any questions please contact the Office of University Bursar at 803.777.4233 for Columbia Campus or email firstname.lastname@example.org.