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Tax Form 1098-T

The Form 1098-T is a statement that colleges and universities are required to issue to certain students with qualifying account activity.  It provides the total dollar amount charged to your student account for what is referred to as “Qualified Tuition and Related Expenses” (QTRE) in a single tax year.

 

If you are eligible to receive Form 1098-T, then your 2016 Form 1098-T will be available by January 31, 2017 (and earlier if you are signed up to receive the Form electronically through PeopleSoft).  However, please keep in mind that some students will not receive Form 1098-T, as discussed in more detail below.

 

How to Receive a 1098-T

  • To Receive the Form 1098-T Electronically: Log into the Student Administration System Go to Finances> Other Financial…> View 1098-T. Help within Student Admin System
  • To Receive the Form 1098-T by Mail: If you have not opted to receive the form electronically, the Form 1098-T will be mailed to your mailing/billing address listed on your Student Administration account.
  • If you are no longer a student at UConn you will need to reset your Student Administration Account by contacting UITS Help (860)486-4357
  • We are unable to email or fax this form

 

Why You May Not Receive a Form 1098-T

Eligible educational institutions are required by the IRS to annually file the form for each student enrolled and for whom a reportable transaction is made. Consistent with IRS Regulations, UConn does not furnish a statement if:

  • Students whose qualified tuition and related expenses (posted in 2016) are entirely waived or paid entirely with scholarships (posted in 2016)
  • Students who do not maintain a separate financial account and whose qualified tuition and related expenses are covered by a formal billing arrangement between UConn and the student’s employer or a government entity, such as the Department of Veteran Affairs
  • Courses for which no academic credit is offered, even if the student is otherwise enrolled in a degree program

If you fall under one of these exceptions you will not receive a Form 1098-T. You may still obtain all of the information you need to prepare your 2016 tax returns from your Online Term Fee Bills. Help with Viewing Online Term Fee Bill.  In fact, your Fee Bills will be the best and most accurate source of such information, even for students who receive Form 1098-T.

 

Please also keep in mind that your receipt of Form 1098-T does not affect the fact that you might have to claim income if your grants or scholarships exceed education expenses. For more information, please refer to IRS Publication 970.

Understanding  Your Form 1098-T

Institutions are allowed to report either payments received (Box 1) or amounts charged (Box 2).  UConn, like the majority of colleges and universities, has elected to report the amounts billed to your student account in Box 2 and must report consistently to every student.  We do not produce forms completing Box 1.

Qualified Tuition and Related Expenses– Includes tuition and mandatory miscellaneous fees, it does NOT include room, board, insurance, health service fees, parking permits or fines, etc.

Section 529 Plan– A 529 plan is an education savings plan. We are unable to provide any answers to section 529 related questions. Please refer to IRS Publication 970- Tax Benefits for Education and IRS 529 Plans: Questions and Answers

Box 2– Shows amounts billed and posted to your Student Administration account in calendar year 2016, NOT by semester (ex. Spring 2016 undergraduate semester charges were posted in November 2015- and were reported on the 2015 Form 1098-T).  Please keep in mind that the Form 1098-T reports these expenses as of the time they are billed.  These amounts may not be equal to the amounts that you actually paid, which is more important when you are preparing your taxes.

 

We are unable to provide Tax Advice. Please refer to the IRS website and Publication 970 for additional questions.

 

 

Helpful Links

1098-T Frequently Asked Questions

Publication 970- Tax Benefits of Education

IRS Form 1098-T Instructions

IRS 529 Plans: Questions and Answers

Choosing a Tax Professional

UConn Tax & Compliance Office