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1098-T Frequently Asked Questions

Q:  What is the IRS Form 1098-T?

A: The Form 1098-T is a statement that colleges and universities are required to issue to certain students.  It provides the total dollar amount charged to your student account for what is referred to as qualified tuition and related expenses (or “QTRE”) in a single tax year.

 

Q: When will I receive my Form 1098-T?

A:  Your Form 1098-T will be available to you electronically on or before January 31 (or the next business day) through the Student Administration System.    It is located under the “Finances” section of the Student Center within the “other financial…” drop-down box.  Paper forms will be mailed on or before January 31 (or the next business day) to those students that did not choose to receive their Form 1098-T electronically.

 

Q:   Why don’t the numbers on Form 1098-T equal the amounts I paid to UConn during the year?

A: There are potentially many reasons for this discrepancy. First, QTRE does not include charges like insurance, room and board, which – though important – are not considered mandatory education expenses for many tax purposes. Second, your Form 1098-T reports amounts that the University billed you in a certain year, and not necessarily amounts that you actually paid during that year. Institutions are allowed to report either payments received or amounts charged.  UConn, like the majority of colleges and universities, has elected to report the amounts charged to your student account and must report consistently to every student.  The best and most accurate source of information about the amounts that you paid will be your Fee Bills.

 

Q:   Does the 1098-T include charges for books?

A:  No.  You should consult with your tax advisor to determine if payments for books and other expenses and fees should be considered when preparing your income tax returns.

 

Q:   I am an undergraduate student.  What semesters are included in my Form 1098-T?

A:  Typically, charges are posted to your student account in December for the Spring semester and June for the Fall semester.  Depending on when you registered for classes, your Form 1098-T could include charges for different semesters.  Your Term Fee Bills will detail the specific dates charges were posted to your account and is a valuable resource for determining the semesters that are included in your Form 1098-T.  You can find your Term Fee Bills in the Finance section under Student Center in the Student Administration System.

 

Q:   I am a graduate student.  What semesters are included in my Form 1098-T?

A:  Charges for graduate students are posted to your account when you register for class.  Your Term Fee Bills will detail the specific dates charges were posted to your account and is a valuable resource for determining the semesters that are included in your Form 1098-T.  You can find your Term Fee Bills in the Finance section under Student Center in the Student Administration System.

 

Q:   I am a graduate student and I received fellowship payments. Where is my fellowship on my 1098-T?

A:  For form 1098-T purposes, fellowships are considered aid and reported in Box 5 (scholarships, aid, grants, fellowships). When on a calendar year cumulative basis, aid posted in the calendar year exceeds QTRE in the calendar year, a form is not generated. Please note that if your fellowship payments exceeded the amount that you were billed for QTRE, then you will not receive a Form 1098-T.

 

Q: I am a graduate fellow who is entitled to receive health or dental insurance at a reduced rate. Where do my insurance  and University contribution appear on my 1098-T?

A: Since insurance(both medical and dental) is not considered to be QTRE, it is not reported in Box 2 of your 1098-T. However, if you are not a Graduate Assistant and the University still contributes a subsidy so that you may receive insurance at a reduced rate, then the University subsidy is reported in box 5 of the 1098-T.

 

Q: I graduated in May of 2016, do I have a 1098-T for 2016?

A: Most May 2016 graduates will not have a 2016 1098-T form. Since the form is based on amounts charged to your account in 2016, and Spring charges were generally posted in November of 2015, there are no charges to report in 2016.

 

Q: How do I do my taxes without a 1098-T?

A: Because Form 1098-T reports your qualified tuition and related expenses on an “amounts billed” basis, and you are more concerned about amounts that you actually paid when you are preparing your taxes, your Term Fee Bills will be the best and most accurate source of information when you are preparing your taxes. This is true regardless of whether you receive a Form 1098-T.

Q: My accountant says I need a form with information in Box 1 (amounts paid). I need an updated form.

A: Consistent with IRS regulations, the University has the option to include information in Box 1 (amount paid) or Box 2 (amount charged) – but never both – and never on a student-by-student basis. Your Term Fee Bills reflect payments posted to your account in the calendar year, and you may wish to provide them to your accountant in addition to your Form 1098-T.

 

Q: The information on my form (Box 2) is wrong. My QTRE is higher.

A: If a tuition waiver has been posted to your account, that amount is deducted from the QTRE that is posted to Box 2 (charges posted). Tuition waivers are not included in Box 5 (scholarships/aid), but are instead netted against the tuition charge thereby decreasing the amount reflected in Box 2.

 

Q: My SSN is wrong on my form. Can I have a new one sent to me?

A: Some students may have incorrect SSN or taxpayer identification information on file if they either did not know or did not have accurate taxpayer identification information at the time they applied to the University. If your SSN is incorrect, you will need to complete Form W-9S and deliver it in person or via fax to the Registrar’s Office (860)486-3331. Then, contact the Bursar’s Office at (860)486-4830 to request an updated form. The updated form will be posted to your Student Administration Account.

 

Q: I can’t see anything because I have graduated and have forgotten my access information.

A: Please contact the UITS Department at (860)486-HELP and they will reset your access to your Student Administration Account.

 

Q: I don’t understand what to do with this form. HELP!

A: We are unable to provide tax advice. For guidance you may want to consider IRS Publication 970 in addition to choosing a Tax Professional.