Penn Foster 1098 T Form (2024)

FAQs

Is Penn Foster required to send 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.

Please note, IRS Publication 970 states that "the amount on form 1098-T might be different from the amount you actually paid and are deemed to have paid." Further IRS Form 8863 instructions state that "The amount of qualified Tuition and related expenses reported on Form 1098-T may not reflect the total amount of the ...

Not all students are eligible to receive a 1098-T. Forms will not be issued under the following circ*mstances: The amount paid for qualified tuition and related expenses* in the calendar year is less than or equal to the total scholarships disbursed that year.

On average, learners can complete their program in as few as 14 months. Faster learners, or those with more time to dedicate to their coursework, can finish in as little as 6 months.

You would not need to enter the 1098-T or other education information in your return. The student must report any taxable scholarship income.

Form 1098-T requirement.

To be eligible to claim the American opportunity credit or the lifetime learning credit, the law requires a taxpayer (or a dependent) to have received Form 1098-T, Tuition Statement, from an eligible educational institution, whether domestic or foreign.

The form isn't due to the IRS until Feb. 28 if filed by mail or March 31 if filed electronically. This way, if a student receives an incorrect 1098-T, they could have time to contact the college or university and request a correction before the school sends the information to the IRS.

You can only receive a deduction or credit for the amount of expenses that you paid out of pocket. If the amount in Box 5 (your scholarships) is GREATER THAN the amount in Box 1 (or Box 2, whichever is filled in on your 1098-T), then you cannot use any expenses to reduce your tax bill.

If you have an amount showing in Box 4 of your 1098-T, it may reduce your allowable education tax credit claimed for the prior year. That, in turn, may result in an increased tax liability for the current tax year.

To answer simply, no, you do not get more benefits (refund) if you file Form 1098-T as income.

How much will I get back from my 1098-T form? ›

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.

This means that if you received a scholarship, pell grant, employer-provided educational assistance, veteran's educational assistance or any other tax-free payments that covered your class fees, then you will not receive a 1098-T tax form.

Yes, it is! Penn Foster High School is nationally accredited by both the Distance Education Accrediting Commission (DEAC) and Cognia.

As a graduate of Penn Foster High School, you've earned a regionally and nationally accredited high school diploma. That means that your diploma can be accepted at many, if not most, colleges around the country.

Students who do not complete the program within the required time limit would need to re-enroll in the program that is current at that time. Previous work would be evaluated against the current curriculum to determine which courses could be transferred into the new enrollment.

Attaching Form 1098-T to Your Tax Return

You are not required to attach IRS Form 1098-T to your tax return. The IRS Form 1098-T is not like the IRS Form W-2 obtained from your employer, which is required to be attached to the tax return filed with the IRS.

Do I Need to File 1098? No, you don't have to file Form 1098 or submit it with your tax return. You only have to indicate the amount of interest reported by the form. And you generally only report this interest if you are itemizing deductions on your tax return.

Forms are not required for students whose scholarships, grants or third-party payments meet or exceed qualified charges.

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.