1098-T Frequently Asked Questions
Included below are questions we often hear about Form 1098-T — a statement that colleges and universities are required to issue to certain students.
What is the IRS Form 1098-T?
The Form 1098-T is a statement that colleges and universities are required to issue to certain students. It provides the total dollar amount paid by the student for what is referred to as qualified tuition and related expenses (or “QTRE”) in a single tax year.
When will I receive my Form 1098-T?
Your Form 1098-T will be available to you electronically on or before January 31 (or the next business day) through Self Service or mailed to the permanent address on file with the college if no electronic consent was received prior to January 1.
International students may not be able to access their 1098-T through the link above due to not having the required information — instead, please reach out to email@example.com for a copy.
Why don’t the numbers on Form 1098-T equal the amounts I paid to HC during the year?
There are potentially many reasons for this discrepancy. First, the amount in Box 1 only represents amounts paid for qualified tuition and related expenses (QTRE) and does not include payments made for room and board since they are not considered mandatory education expenses for tax purposes. Secondly, Form 1098-T reports amounts that the student paid in a certain year, and the pay date does not necessarily correspond to the dates that the classes were attended. For example, tuition for the Spring semester is typically able to be viewed in November so a student may have paid tuition for the Spring semester in 2021 despite the fact that classes didn’t start until 2022. The best and most accurate source of information about the amounts that you paid for qualified tuition and related expenses will be your statement found on the Finance tab in Self Service under Transaction Details.
Does the 1098-T include charges for books?
No, the College does not include amounts paid for books in Box 2 of Form 1098-T since HC covers the cost of books. You should consult with your tax advisor to determine if payments for books, equipment or fees should be considered when preparing your income tax returns and determining eligibility for education tax credits or deductions.
What semesters are included in my Form 1098-T?
Typically, charges are posted to your student account in January for the Spring semester and in July for the Fall semester. Box 1 of Form 1098-T reflects payments made during the calendar year for qualified tuition and related expenses and it is not based on when the classes were attended or billed to the student account. Your statement will show the dates payments were posted to your account and are a valuable resource for determining the semesters that are included in your Form 1098-T. You can access your statement found on the Finance tab in Self Service under Transaction Details.
I graduated in May, do I have a Form 1098-T for the year I graduated in?
Some May graduates will not be issued a Form 1098-T because there is a possibility that payments for QTRE for Spring were made on or before December 31 of the year prior to graduation. The Spring semester tuition charges are generally billed and posted in January and, therefore, would have been included on the prior Form 1098-T. If a student paid for the Spring semester and any other outstanding QTRE charges in the year prior to graduation, then the student would not receive a Form 1098-T for their last Spring semester at HC.
How do I prepare my tax returns without a Form 1098-T?
Form 1098-T reports payments received from the student for qualified tuition and related expenses (Box 1) during the preceding calendar year. However, if the student receives scholarships and/or grants in the preceding year in excess of the amounts they paid in QTRE, the College is not required to issue a Form 1098-T to the student. When determining your eligibility for education related tax credits and deductions, you will need to report the amount you paid for qualified education and related expenses. Therefore, your statement will be the best and most accurate source of information for amounts paid for qualified education and related expenses. This is true regardless of whether you receive a Form 1098-T or not.
My accountant says that the College must provide me with a form 1098-T.
The College in not required, by the IRS, to furnish a Form 1098-T in the following instances:
Payments for courses for which no academic credit is offered, even if the student is otherwise enrolled in a degree program.
Enrolled student is a nonresident alien, unless requested by the student.
Students whose qualified tuition and related expenses are entirely waived or paid entirely with grants/scholarships.
Students for whom you do not maintain a separate financial account and whose qualified tuition and related expenses are covered by a formal billing arrangement between an institution and the student's employer or a governmental entity, such as the Department of Veterans Affairs or the Department of Defense.
My SSN is wrong on my Form 1098-T. Can I have a new one sent to me?
If your SSN is incorrect, you will need to complete Form W-9S.pdf and deliver it in person to the Student Accounts Office in Hurley McDonald to request that an updated Form 1098-T be issued.
I can’t get access to my Form 1098-T because I have graduated and have forgotten my access information.
Please contact Student Accounts at (402) 461-7420 to have the 1098-T sent to you.
I don’t understand what I’m supposed to do with this Form 1098-T. HELP!
We are unable to provide tax advice. For guidance you may want to consider IRS Publication 970.pdf in addition to choosing a Tax Professional.