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Form 1098-T is an information tax document to aid taxpayers in determining whether they are eligible to claim a tax deduction or one of the education tax credits (Hope Credit, American Opportunity, or Lifetime Learning Credit).
The IRS requires schools to issue Form 1098-T to each student by January 31st of each year. Forms are mailed to the student’s permanent address on file. This information may also be viewed online.
The 1098-T contains important tax information that is also furnished to the Internal Revenue Service. There is no requirement that you must claim the tuition and fees deduction or an education credit.
Baptist College reports in Box 1 to show the total payments received during the school year from any source for qualified tuition and related expenses less any reimbursements or refunds made during that school year that relate to those payments received during the year.