Important Upcoming IRS Regulatory Changes for 1098T Reporting and the Impact to the Student:
2017 - 1098T - Reported Billed Tuition and Related Expenses in Box 2 (same as in prior years)
2018 - 1098T - IRS Regulations require NKU (and any university) to report Paid Tuition and Related Expenses in Box 1 effective tax year 2018. Box 2 reporting is no longer allowed by the IRS.
Beginning January 2018 NKU is aligning each Spring semester billing and payments with the IRS Reporting Year. This will assist taxpayers in receiving any potential tuition tax credit in the same tax year.
Accordingly, Effective for Spring 2018 semester, NKU will calculate tuition and fees for all Spring semesters on January 1 with a due date of January 12. An estimated bill will be available in MyNKU in December of each year. Payments for Spring semesters should be made on or after January 1.
WHAT THIS MEANS - Spring 2018 Tuition and Fees will not be reported in Box 2 of the 2017 1098T. Instead payments for Spring 2018, after January 1, will be reported in Box 1 of the 2018 1098T form.
If you elect to make payments for Spring Tuition and Fees in December, you will NOT receive the tax benefit as reported on the 1098T. Please consult with your tax advisor.