From: Julie Selander (goode021@admin.ndis.umn.edu)
Date: Wed Feb 07 2001 - 11:46:45 EST
Even though the University of Minnesota does not provide financial data on
the forms, we provide an insert with their 1098T which provides general
information on what qualified expenses are. Qualified Expenses are defined
as tuition and fees a student is required to pay "out of pocket" in order
to be enrolled at or attend the University. Amounts paid for any course or
other education involving sports, games, or hobbies are not eligible for
the credit unless the course or other education is part of the student's
degree program. Charges and fees associated with room, board, student
activities, athletics, insurance, books, equipment, transportation, and
similar personal, living, or family expenses are not qualified. "Out of
Pocket Expenses" are defined as qualified expenses paid with student's
earnings, a loan, gift, inheritace, or personal savings are included;
expenses paid with a Pell Grant, other tax-free scholarships, tax-free
distribution from Education IRA, or tax-free exmployer provided educational
assistance are not counted.
So basically, it is eligible tuition and required fees to be enrolled at
the university LESS any scholarships, grants, employer paid assistance.
I hope this helps.
Julie A. Selander
Office of Student Finance
University of Minnesota
>>> Denis Riker <driker@barnard.edu> 02/07/01 07:13AM >>>
Brief question:
If your school is providing supplemental financial info with the 1098T,
what are you including in "qualified charges"? (We thought we had this
figured out 2 years ago.)
Some folks understand "qualified charges" to be tuition & other required
academic fees, but others say it's the lower of those charges OR the amount
paid.
Though it's already a done deal for 2000, what is your understanding?
Thanks!
************************************************************************************************
Denis Riker, Bursar
Barnard College, Columbia University
3009 Broadway
NY, NY 10027-6598
Voice: (212) 854-2026
Fax: (212) 854-3888
E-mail: driker@barnard.edu
Web: www.barnard.edu/bursar
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