1098-T Form & Educational Tax Benefits
Important Updates to Tax Reporting
Due to a change in federal law effective 2018 tax reporting year, the amount of Qualified Tuition and Related Expenses (QTRE) PAID to your student account during the calendar year will be reported in Box 1 of the 1098-T form. This marks a change from previous reporting years in which the University was required to report QTRE BILLED to your student account for the calendar year in Box 2.
Please note that due to the University's seasonal closure, all checks received after December 20th may be processed and posted to the Student Account after the New Year. To assure that payment is posted during December of the current calendar year, please be sure checks are received in our office on or before December 20th.
How to Retrieve your 1098-T Form
Completed 1098-T forms are only available to students online at the Student Profile under "Tax Notification (1098T)" in the bottom left corner menu. In the Student Portal, this can be located in the "Academic Resources+" section. Students will receive an email notification when your form is available. Forms for the most recent completed year are available online January 31st.
If the student is no longer attending the University, please reach out to ITS Helpdesk with questions on how to retrieve the 1098-T form.
Educational Tax Benefits
The following items are examples of credits that could potentially be claimed when a student files taxes with the United States Internal Revenue Service using the 1098-T form. The University cannot file taxes on behalf of students. The University cannot provide guidance on filing taxes. Please seek a professional tax preparer for additional information regarding filing taxes or guidance on claiming one of the following tax credits:
- The American Opportunity Credit
This credit can help parents and students pay part of the cost of the first four years of college. The American Recovery and Reinvestment Act modifies the existing Hope Credit for tax years 2009 and 2010, making it eligible for a broader range of taxpayers. Eligible taxpayers may qualify for the maximum annual credit of $2,500 per student. Generally 40% of the credit is refundable, which means that you may be able to receive up to $1,000, even if you owe no taxes.
- The Hope Tax Credit
The credit can help students and parents pay part of the cost of the first two years of college.
- The Lifetime Learning Credit
This credit can help pay for undergraduate, graduate, and professional degree courses to improve job skills-regardless of the number of years in the program. Eligible taxpayers may qualify for up to $2,000.
- Enhanced benefits for 529 college savings plans
Certain computer technology purchases are now added to the list of college expenses that can be paid for by a qualified tuition program, commonly referred to as a 529 plan.
- Tuition and fees deduction
Students and their parents may be able to deduct qualified college tuition and related payments of up to $4,000. The deduction is an adjustment to income, which means the deduction will reduce the amount of your income subject to tax. The Tuition and Fees Deduction may be beneficial to you if you do not qualify for the American Opportunity, Hope, or Lifetime Learning Credits.
For more information, see Publication 970, Tax Benefits for Education which can be obtained online at IRS.gov or by calling the IRS at 800-829-3676.
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