Tuition-paying students at eligible colleges or other post-secondary institutions should receive a copy of Internal Revenue Service Form 1098-T: Tuition Statement from their school each year. Eligible institutions include most colleges, universities, and vocational schools that are eligible to participate in the Department of Education’s student aid programs. This tax form provides important information about educational expenses that may qualify the student—or the student's parents or guardians, if the student is still a dependent—for education-related tax credits. Qualifying educational expenses include tuition, any fees that are required for enrollment, and course materials required for a student to be enrolled at or attend an eligible educational institution.
Read the rest of the article to find out more about what to expect when preparing your taxes with the 1098-T tax form.