A 1098-T will be produced for all students at Touro College and University System who have had a transaction (tuition, scholarship or payment) on their account for a tax calendar year.
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 1098T form information, please contact the Office of the Bursar at email@example.com or 844-868-7666.
This form is informational only. It serves to alert students that they may be eligible for federal income tax education credits.
There is no IRS requirement that you must claim the tuition and fees deduction or education credit. Claiming education tax benefits is a voluntary decision for those who may qualify. To determine your eligibility contact your tax advisor or visit the IRS website at www.irs.gov.
Touro College and University System reports qualified tuition and related expenses that were billed during the tax year (Box 2) and scholarships and grants (Box 5), therefore, Box 1 – Payments Received for Qualified Tuition and Related Expenses, will be blank.
Touro College and University System is not authorized to offer any personal tax advice. Please address all questions and concerns regarding personal tax matters to a tax consultant/advisor or to the IRS directly at 1-800-829-1040.
What is a 1098-T Form?
Form 1098-T Tax Form is a statement of qualified tuition and fees charged during the calendar year January 1 through December 31 as required by the Internal Revenue Service. This document does not list any payments you have made to the Touro College and University System. The 1098-T is for your 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.
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, Insurance, Medical Expenses, Travel, Clerical Help, Equipment, Books and other Expenses that are not required for enrollment in or attendance at an eligible educational institution.
When can I expect to receive my 1098T form?
The forms will be post marked and mailed out by January 31.
How can I obtain a list of all my payments made last year?
While it is up to the taxpayer to maintain their own record of payments, students may login to the TouroOne portal and review their payment history.
What is 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.
I paid my qualified tuition and related expenses with student loans. Can I still claim a Hope or Lifetime Learning Tax Credit or the Higher Education Tuition and Fees Deduction?
Yes. Loan funds should be considered in the same manner as cash payments when calculating a Hope or the Lifetime Learning Tax Credit or the Higher Education Tuition and Fees Deduction. However, any scholarships, grants, or other non-taxable aid must be deducted from the amount of qualified tuition and related expenses paid. The credit is claimed in the year in which the expenses are paid, not in the year in which the loan is repaid.
What other information do I need to claim the tax credit?
While it is a good starting point, the 1098-T, as designed and regulated by the IRS, does not contain all of the information needed to claim a tax credit. Most of the information needed must come from the student’s personal financial records of what the student paid during the calendar year. Additionally, each taxpayer and his or her tax advisor must make the final determination of qualifying expenses.
Touro College and University System 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 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.