A 1098-T will be produced for all students at Touro College and University System who have had a transaction (tuition payment or scholarship payment) on their account for a tax calendar year. The 1098-T Tax form is used to claim a tax credit for out-of-pocket tuition and fee payments made for the relevant tax calendar year. Students must have a valid social security number or TIN on file with the school.
Go to www.tsc1098t.com to either print your 1098-T or have a copy emailed to you.
Enter the 5 digit Site ID: 11430, your T student ID, and the last 4 digits of your SSN. If you need additional log in assistance call 1-888-220-2540.
For questions regarding 1098-T form information, please contact the Office of the Bursar at firstname.lastname@example.org or 844-868-7666.
Eligible educational institutions, such as the Touro College and University System, are required to submit the student's name, address, and taxpayer's identification number, enrollment, and academic status. The IRS instructs institutions to report either payments received (Box 1) or amounts billed for qualified tuition and related expenses (Box 2) on the 1098-T form.
This page is informational only. It serves to alert students that they may be eligible for federal income tax education credits. It should not be considered as tax opinion or advice. There is no IRS requirement that you must claim the tuition and fees deduction or an education credit. Claiming education tax benefits is a voluntary decision for those who may qualify. It is up to each taxpayer to determine eligibility for the credits and how to calculate them. Please refer any questions on how to calculate them to your accountant / financial advisor.
Touro College of Osteopathic Medicine is not qualified to provide legal and/or tax advice. The information provided may or may not reflect recent revisions in IRS regulations. For tax advice on your specific situation, contact a tax professional. For additional information regarding the education tax credits, you can call the IRS at 1-800-829-1040. You can also refer to the IRS form 8863 and the instructions that go with it for more information regarding how to calculate and claim the education tax credit and the loan interest deduction.
What is IRS Form 1098-T?
The 1098-T Tax Form is a statement of qualified tuition and fees payments made during the period from January 1 through December 31, as required by the Internal Revenue Service.
The 1098-T is for you information and is not intended to determine your eligible tax credit. To determine your eligibility, contact your tax advisor or visit the IRS website at www.irs.gov.
Why did I receive a 1098-T and what am I supposed to do with it?
IRS Form 1098-T is a statement of qualified tuition and fees payments made during the period from January 1 through December 31, as required by the Internal Revenue Service. This is a change from last year as required by the IRS, when we reported Box 2 - charges. This form is informational only and should not be considered as tax opinion or advice. It serves to alert students that they may be eligible for federal income tax education credits.
Receipt of Form 1098-T does not indicate eligibility for the tax credit. To determine the amount of qualified tuition and fees paid, and the amount of scholarship and grants received, a taxpayer should use their own financial records.
NOTE: You must determine your eligibility for the credits and how to calculate it.
What are qualified expenses?
TUITION and FEES charged from January 1 through December 31 (if required for enrollment or attendance at the institution)
See example below from the IRS website:
Example: When Marci enrolled at College X for her freshman year, She had to pay a separate student activity fee in addition to her tuition. This activity fee is required of all students, and is used solely to fund on-campus organizations and activities run by the students, such as the student newspaper and the student government. No portion of the fee covers personal expenses. Although labeled as a student activity fee, the fee is required for Marci's enrollment and attendance at College X. Therefore, it is a qualified expense.
What are NON-qualified expenses?
Room and Board, Health Insurance, Medical Expenses, Travel, Clerical, Equipment, Books and other expenses that are not required for enrollment in or attendance at an eligible educational institution such as Late Fees, Late Registration Fees, and Payment Plan Fees.
How can I obtain a list of all of my payments made last year?
Although you are responsible for maintainig your own record of payments, you can login to the TouroOne portal to view your payment history.
I did not receive my 1098-T. How do I get a copy?
Got to www.tsc1098t.com to either print your 1098-T or have a copy emailed to you. Enter the 5-digit Site ID: 11430, your T student ID, and the last 4 digits of your SSN.
What is the Tax Identification Number for my school?
Touro College Federal Identification number is 13-2676570. This number can also be found on the 1098-T form in the middle left section.