Tax Information

The 1098-T form, also referred to as the "Tuition Statement", is a statement that colleges and universities are required to issue to certain students. It provides the total amount paid by the student for what is referred to as “qualified tuition and related expenses” (or “QTRE”) in a single tax year.

The 1098-T form contains information pertaining to the calendar year (January 1st-December 31st).

Payments made on or after January 1^st of the current tax year are not reported on the prior year form 1098-T.

Non-qualified charges include books, housing, meal plans, health fees, insurance, parking fees or costs. Other examples of non-qualified charges include expenses incurred for a course to enhance job skills, improve language skills, or study abroad, unless a degree program requires studying abroad.

Eligible or qualified charges are tuition charges required for a student to be enrolled at or attend Principia College and receive academic credit for the completion of course work leading to a degree. Certain fees are also qualified charges, including academic, athletic, communication, student activity, and technology fees.

The following are not qualified tuition and related expenses:

• Amounts paid for any course or other education involving sports, games, or hobbies, unless the course or other education is part of the student’s degree program or is taken to acquire or improve job skills.
• Charges and fees for food and housing, insurance, medical expenses (including student health fees), transportation, and similar personal, living, or family expenses.
• Library Fines, Fees
• Parking Permit or fines
• Fees for non-return or damage

Box 1 shows the total payments received by Principia College during the tax year from any source for qualified tuition and related expenses less any reimbursements or refunds made during the tax year that relate to those payments received.

The total amount of any scholarships or grants administered and processed during the calendar year for the payment of the student's costs of attendance. The amount of scholarships or grants for the calendar year may reduce the amount of the education credit you claim for the year.

Scholarships and grants generally include all payments received from 3rd parties (excluding family members and loan proceeds). This includes payments received from governmental and private entities such as the Department of Defense, civic, and religious organizations, and nonprofit entities.

For more information, you may access About Form 1098-T, Tuition Statement | Internal Revenue Service (irs.gov)

Any further questions can be directed to a representative in the Billing Services Office via email at: prinbill@principia.edu or phone 314.275.3529. You may also want to consider viewing the following Web sites for more detailed information:

www.irs.gov (type 1098-T in the search box)

IRS Publication 970, "Tax Benefits for Education"

Principia College 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 the IRS directly @ 1-800-829-1040.