Month: January 2015

Important Information Regarding 2014 Tax Forms

To address student concerns regarding the University’s tax reporting of fee waivers and scholarships, the University is changing its reporting procedures for IRS Forms 1098-T (Tuition Statement).

 

Effective for the 2014 calendar year, and consistent with IRS regulations, you will not receive a Form 1098-T from the University if:

  1. Your mandatory tuition and fees were waived; OR
  2. Your mandatory tuition and fees appearing on your 2014 fee bills were paid by fellowships or scholarships; OR
  3. You did not take any classes for credit.

 (Reference: Treasury Regulations sections 1.6050S-1(a)(2)(ii) and (iii))

 

Please keep in mind that students may still be able to claim education-related benefits on income tax returns, even if they do not receive Form 1098-T.  Also, whether or not you receive 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.

 

Regardless of whether you receive a Form 1098-T, you or your tax preparer should keep in mind that the best and most accurate source of information about your tuition and fees, even for tax purposes, will continue to be your semester fee bills.

 

 

Also, as a reminder, you will be able to access your forms as soon as they are available if you sign up up to receive Form 1098-T electronically through PeopleSoft.  Instructions are available here.

 

 

For additional information about Form 1098-T, please refer to the Tax Form 1098-T website and to the 1098-T Frequently Asked Questions.  For more information about student tax concerns, generally, please refer to the UConn Tax & Compliance website.  For important questions or concerns, contact the Bursar’s Office at (860)486-1680.  Please note that the University cannot provide personalized tax guidance.

Sign Up for Direct Deposit!

If you have a credit balance on your student account due to excess financial aid or other reasons, you may elect to receive a refund by Direct Deposit into your checking account (U.S. banks only).  The main advantage of Direct Deposit is that it eliminates the need for you to go to the Bursar’s Office to pick up a paper check.  It’s also faster than checks sent by mail.

For deposits throughout the rest of the semester, you generally will receive your refund within 1 to 3 business days after the transaction has been initiated or requested.

Sign up for Direct Deposit now by logging into your Student Administration account. Once you’re logged in, click on “Enroll or Edit Direct Deposit Information” under the Finances section of the Student Center.

 

Important Reminders:

  • Refunds for excess financial aid cannot be given until your financial aid has actually paid out to your fee bill.
  • If  the UConn Financial Aid Office later determines that your financial aid  eligibility has changed, you may be required to repay all or a portion of any funds that were deposited to your account. The most common reasons for this are a change from full-time to part-time, a change in your need calculation, or withdrawing from the university.
  • It  is your responsibility to verify that all direct deposit payments have been credited to your bank account before making any purchases against these funds.
  • You must update your bank account information if there are any changes to the account.