1098-T Statement Student Tax Form
Your 1098-T is available on BannerWeb.
In previous years, your 1098-T included a figure in Box 2 that represented the qualified tuition and related expenses (QTRE) we billed to your student account for the calendar (tax) year. Due to a change to institutional reporting requirements under federal law, beginning with tax year 2018, we will report in Box 1 the amount of QTRE you paid during the year.
Depending on your income (or your family’s income, if you are a dependent), whether you were considered full or half-time enrolled, and the amount of your qualified educational expenses for the year, you may be eligible for a federal education tax credit. (You can find detailed information about claiming education tax credits in IRS Publication 970, page 9.)
The dollar amounts reported on your Form 1098-T may assist you in completing IRS Form 8863 – the form used for calculating the education tax credits that a taxpayer may claim as part of your tax return.
Utica College is unable to provide you with individual tax advice, but should you have questions, you should seek the counsel of an informed tax preparer or adviser.
For more information about Form 1098-T, visit https://www.irs.gov/pub/irs-pdf/f1098t.pdf.
1098-T Frequently Asked Questions
What is a 1098-T form?
IRS Form 1098-T assists the student/family in determining if they qualify for certain education related tax credits. The IRS requires educational institutions to file Form 1098-T for each enrolled student who has has made payments toward qualified tuition and related expenses (QTRE) during the calendar year. A copy is provided to the student.
Who is eligible to receive a Form 1098-T?
Students who are U.S. citizens and permanent residents and have incurred qualified tuition and related expenses during the calendar year will receive a Form 1098-T.
Note: Utica College must have a valid U.S. social security number on the Student Records System in order to submit a valid 1098-T to the IRS. Students without a SSN (Social Security Number) or TIN (Tax Identification Number) in our system must complete IRS Form W-9S and either mail or hand deliver the completed W-9S with a copy of their SSN card to Center for Student Success, Room 117, Hubbard Hall. The IRS will not be able to validate your eligibility for the tax credit without a valid Social Security number.
How do I read my Form 1098-T?
For calendar year 2018 (and beyond), IRS regulations require schools to report Box 1 amounts paid for qualified tuition and related expenses. This reflects payments received for qualified expenses (tuition and required fees) from all sources (ex. Loans, scholarships, cash/check/credit card payments) during the 2018 calendar year. This does not include payments for room and board, health insurance, graduation fee, etc. This amount is not reduced by scholarships and grants reported in Box 5.
Box 2 is blank intentionally.
2018 is the first year the IRS is requiring all schools to report payments received.
The IRS has required all schools to report the Payments Received Method starting in 2018. Since we previously reported Amounts Billed we have checked this box to reflect the change in reporting method.
Adjustments made for a prior year: This box: reflects refunds or reimbursements made in 2018 that relate to payments received and reported to the IRS in any prior year. Since we did not report payments received before 2018 there will be no payments adjustments in this Box for 2018.
Scholarships or grants: reflects the total scholarships and grants posted to the student account in calendar year 2018.
Adjustments to scholarships or grants for a prior year: reflects reduction in scholarships and grants made during the 2018 calendar year that related to amounts reported on a prior year’s 1098-T. This could affect a tax credit for a prior year, please consult with your tax preparer or the IRS.
Any payments received for qualified tuition and related expenses reported for 2018 relate to an academic period that begins in January through March of 2019.
If the student was at least a half-time student during any semester that began in 2018, this box is checked.
If the student was enrolled in a program or programs leading to a graduate-level degree, graduate-level certificate, or other recognized graduate-level educational credential, this box is checked.
When will I receive my Form 1098-T?
Form 1098-T will be mailed out no later than January 31st.
Additionally Students can log on to bannerweb to view Form 1098-T online. On Bannerweb Go to: Student Services>>>Student Account>>>Select Tax Year (2018)>>>Tax Notification.
*This information should not be misinterpreted as tax advice. The amounts and calculations used to determine the credit are the decision of the taxpayer after consideration of relevant IRS regulations. Utica College cannot provide tax advice or assistance related to the credit or how to claim the credit. If you have any questions, please contact your tax adviser.