Tax information (1098-T)


What is a 1098-T?

In 1997, the Taxpayer Relief Act established two education tax credits and a deduction for student loan interest. These credits are explained in detail in Publication 970 from the IRS.

The 1098-T form is a Tuition Payment Statement that includes information that colleges and universities are required to issue for the purpose of determining a student's eligibility for education tax credits.

 

What is reported on a 1098-T statement?

The information reported in Box 2 on the 1098-T statement includes tuition and eligible charges (as defined by the IRS) that were posted to your bursar bill between Jan. 1 and Dec. 31. They do not reflect the academic year.

Box 4 includes adjustments to charges on a prior year's 1098-T statement that occurred in this tax year.

The information reported in Box 5 on the 1098-T statement includes any financial aid (excluding loans) that was posted to your student bill between Jan. 1 and Dec. 31, regardless of the semester for which it was awarded.

Box 5 includes adjustments to financial aid on a prior year's 1098-T statement that occurred in this tax year.

Why is Box 1 blank?

Box 1 is blank because we do not report payments on the 1098-T. Rather, we report tuition and eligible charges as discussed above.

What is the deadline for the 1098T tax forms to be electronically available or mailed to students?

By federal law, all forms must be postmarked by Jan. 31, each year.

Do I have to wait for my 1098-Ts to be mailed to me?

No, in fact we encourage students to access their 1098-T tax forms online through UAOnline. Once logged in, go to the Student Services and Account Information tab and select Student Account->Tax Notification (1098T).

What makes me eligible to receive a 1098-T?

You are eligible to receive a 1098-T if you incurred qualified charges during the past calendar year that were not reported on the previous year's 1098-T statement. 

IMPORTANT NOTE: A 1098-T statement in no way suggests that you are eligible for a tax credit. 1098-T statements are for informational purposes only. Please speak with a tax professional or consult the IRS website for more information about whether or not you qualify for a credit.

Visit UAOnline for more 1098-T information.

 

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