Penn Foster 1098 T Form (2025)

FAQs

Does Penn Foster have a 1098-T? ›

Because we do not participate in the United States Department of Education student aid programs, we are not an eligible institution for students to claim or qualify for various tax credits. With this in mind, we do not send students or graduates 1098 forms or any other paperwork needed for filing your yearly return.

That Form is being provided specifically to assist you in preparing your tax return (when determining your eligibility for the Hope and Lifetime Learning Tax credits). You are not required to attach IRS Form 1098-T to your tax return.

The Form 1098-T is a form provided to you and the IRS by an eligible educational institution that reports, among other things, amounts paid for qualified tuition and related expenses. The form may be useful in calculating the amount of the allowable education tax credits.

Either you, your dependent, or both of you may enter Form 1098-T Tuition Statement and other education information in TaxAct^®. If you claim a dependent, only you can claim the education credit. Therefore, you would enter Form 1098-T and the dependent's other education information in your return.

You can download your 1098-E from your servicer's website. (You can't download your 1098-E from StudentAid.gov.) If you're not sure who your loan servicer is, you can log in to StudentAid.gov to get your servicer's contact information. You can also call the Federal Student Aid Information Center at 1-800-433-3243.

If you don't claim any education tax benefits: You generally don't need to report the information on your 1098-T. However, it's still recommended to keep it for your records in case the IRS needs it for verification purposes.

The 1098-T tuition statement is a tax form that helps you capture one of those great tax perks you don't want to miss out on. So, take note, students, you'll get a 1098-T form, a tuition statement sent from your college or university, by January 31.

To answer simply, no, you do not get more benefits (refund) if you file Form 1098-T as income. In fact, the opposite may be true. Form 1098-T is used to report qualified tuition and related expenses paid by you or on your behalf to an eligible educational institution.

A form 1098-T, Tuition Statement, is used to help figure education credits (and potentially, the tuition and fees deduction) for qualified tuition and related expenses paid during the tax year. The Lifetime Learning Credit offers up to $2,000 for qualified education expenses paid for all eligible students per return.

Who claims the 1098-T student or parent? ›

The credit can only be claimed once by either the parent (claiming student as dependent) or the student (not claimed as dependent), not both. Schools must send or make the form available to the student by January 31 and file a copy with the IRS by February 28.

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

You can get a maximum annual credit of $2,500 per eligible student. If the credit brings the amount of tax you owe to zero, you can have 40 percent of any remaining amount of the credit (up to $1,000) refunded to you.

The 1098-T form is not intended to be used for determining any taxable income you may have received from scholarship or fellowship payments. The university does not report scholarship or fellowship income to you or to the IRS.

If the scholarships/grants exceed the qualified education expenses, then the student will report the 1098-T and all other educational expenses and scholarships/grants on the student's tax return. The student will pay taxes on the amount of scholarships/grants that are not used for qualified education expenses.

Go to https://lionpathsupport.psu.edu/and once logged in to your Student Home Base, select "My Finances" and then select "Access Form 1098-T". This will direct you to your Student Account Dashboard where you can view, download, and print your Form 1098-T.

You may not have received a 1098-T for one of the following reasons: You were not billed qualified education expenses or did not receive applicable scholarships or grants for this tax year. OR, your last term of enrollment was Winter Quarter 2021.

A taxpayer may claim education benefits if the student does not receive a Form 1098-T because the student's education institution is not required to send a Form 1098-T to the student under existing rules. ...

Students who receive scholarship or fellowship will see the sum of their eligible awards reported in box 5 on the 1098-T. Fellowship and scholarship support is generally tax-free when applied specifically to the cost of tuition, required fees, books, and some required course supplies or equipment.