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The 1098-T & Federal Tax Benefits

The 1098-T Statement

You will receive information about your annual educational expenses in a 1098-T statement. Schools are required to send this information to each eligible student and to the IRS by January 31st. Iona College students can sign up to receive this form electronically through their PeopleSoft Bill + Payment screen. If you do not choose to receive your 1098-T form electronically, it will be mailed to the home address of record. Beginning with the 2018 year, the IRS is requiring schools to report on Box 1-Payments Received for Qualified Tuition and Related Expenses (QTRE). In prior years, Iona College had reported on Box 2 - Amounts Billed for Qualified Tuition and Related Expenses. With the 2018 1098-T statement, Box 2 will be blank. Reporting requirements for Box 5 – Scholarships and Grants has not changed.

Please note that Iona College uses an outside vendor named Heartland ECSI to handle our 1098-T production.

Remember it is wise to consult with a tax professional when calculating and claiming tax credits or deductions to ensure eligibility and to maximize whatever benefits may be available to you.

1098T FAQ’s & 1098T Login/Contact Information

How do I access or obtain a copy of my 1098T?
  • Students with access to should login, select PeopleSoft, Self Service, Campus Finances, Bill+Payment. On the Bill+Payment home screen, select “View” next to the line “Your latest 1098-T Tax statement”.
    • For help logging into your please contact Iona College’s Help Desk at (914) 633-2635.
  • Students without access to (students no longer enrolled at Iona) must login to Heartland ECSI at
    • Select “Tax Documents.” Then choose “CLICK HERE TO SEARCH FOR YOUR TAX FORM”. Type in “Iona College” and select from the drop-down menu. Enter all the information requested. Please note that the zip code entered must match the one on file that the school sent Heartland ECSI.
  • Heartland ECSI can be contacted directly at (866) 428-1098.
When will I receive my 1098T?
  • 1098T’s are delivered electronically to students who accepted electronic delivery consent and mailed home to students who did not accept electronic delivery consent by January 31st.
How do I qualify for educational tax credits?
  • Determination of eligibility is the responsibility of the tax payer. Iona College cannot give out tax advice. We are required to file the form with the IRS and provide a copy to each student with payments for qualified tuition and fees.
What do I do if I lost my form or if I did not receive a form?

Understanding Your 1098T

  • Box 1:
    • The IRS now requires all schools to report payments in Box 1. Payments applied to all qualified tuition and related expenses will be reported in Box 1.
  • Box 2:
    • No longer in use.
  • Box 3:
    • Should be checked. As per IRS regulations, Iona College has changed its reporting method from Box 2 to Box 1 in 2018.
  • Box 4:
    • Adjustments made for a prior year represents any reductions to qualified tuition and related expenses made during the 2018 year for a prior year.
  • Box 5:
    • Scholarships & grants awarded and posted to the student’s account between January 1, 2018 and December 31, 2018. This includes Iona funds, outside scholarships and government grants/aid (excludes loan proceeds).
  • Box 6:
    • Adjustments made to scholarships or grants in the year 2018 for a prior year.
  • Box 7:
    • Will be checked if the amount reported in Box 1 includes payments for qualified tuition and related expenses for an academic period beginning in January 2019-March 2019.
  • Box 8:
    • Will be checked if the student was enrolled at least half-time (minimum 6 credits) during any academic period beginning in 2018.
  • Box 9:
    • Will be checked if the student was enrolled in a program leading to a graduate degree.
  • Box 10:
    • Iona College is not required to report information in this box.

The federal government provides a number of tax incentives that can help defray the cost of higher education. These incentives come in the form of:
  • Tax credits, which directly reduce the amount of tax you are liable for; and
  • Tax deductions, which reduce the amount of income that you pay taxes on.
You may qualify to use more than one of the benefits, but there are some restrictions against this as well. All of the tax credits and deductions are means tested and phased out at high income levels. We recommend that a tax expert be consulted to determine available benefits.

Detailed information can be found on the Internal Revenue Service website. Read more about tuition and fees tax deductions »

How to Claim Tax Credits

Education credits are claimed on IRS Form 8863. For details on these and other education-related tax breaks, see IRS Publication 970, Tax Benefits of Education. Learn more about claiming tax credits »

Tuition and Fees Tax Deduction

You may be able to deduct qualified education expenses paid during the year for yourself, your spouse or dependent. You cannot claim this deduction if your filing status is married filing separately or if another person can claim an exemption for you as a dependent on his or her tax return. The qualified expenses must be for higher education.

Calculate and claim your tuition and fees deduction on IRS Form 8917 - Tuition and Fees Deduction. Read more about tuition and fees tax deductions »