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 billed 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. Go to Finances> Other Financial…> View 1098-T

 

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, the amount in Box 2 only represents amounts billed for qualified tuition and related expenses and does not include charges for room and board, insurance, health service fees, or parking which, though important, are not considered mandatory education expenses for tax purposes. Secondly, 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 billed. UConn, like the majority of colleges and universities, has elected to report the amounts billed to your student account and this reporting election applies to its entire student population. The best and most accurate source of information about the amounts that you paid for qualified tuition and related expenses will be your Fee Bills.

 

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

A: No, Box 2 of Form 1098-T does not include expenses for 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.

 

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 November for the Spring semester and in 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 show the dates charges 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 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 show the dates charges 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 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 reported on my Form 1098-T?

A: For Form 1098-T purposes, fellowships are considered aid and reported in Box 5 (scholarships, aid, grants, fellowships). Form 1098-T reports activity occurring in the calendar year.  Therefore, if the total aid you received during the calendar year (reportable in Box 5) exceeds the qualified tuition and related expenses billed during the same calendar year (reportable in Box 2), 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 Form 1098-T?

A: Since insurance (both medical and dental) is not considered to be QTRE, it is not reported in Box 2 of your Form 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 Form 1098-T as a form of aid received.

 

Q: I graduated in May of 2017, do I have a Form 1098-T for 2017?

A: Most May 2017 graduates will not be issued a 2017 Form 1098-T because the form is based on amounts billed to your student account in 2017. The 2017 Spring semester tuition charges were generally billed and posted in November 2016 and, therefore, would have been included on the 2016 Form 1098-T.  

 

Q: How do I prepare my tax returns without a Form 1098-T?

A: Form 1098-T reports your qualified tuition and related expenses on an “amounts billed” basis. When you are determining your eligibility for education related tax credits and deductions, you will need to report amounts paid (not billed) for qualified education and related expenses.  Therefore, your Term Fee Bills 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.

 

Q: My accountant says I need a Form 1098-T with information in Box 1 (amounts paid). I need an updated form.

A: IRS regulations permit educational institutions to report either payments received                           (Box 1) or amounts billed (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 this reporting election applies to its entire student population.

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 1098-T (Box 2) is wrong. My QTRE amount is higher.

A: If a tuition waiver has been posted to your account, that amount is deducted from the total amount of qualified tuition and related expenses that were billed and reported in Box 2. Tuition waivers are not included in Box 5 (scholarships/aid), but are instead netted against the tuition expense thereby decreasing the amount reflected in Box 2.

 

Q: My SSN is wrong on my Form 1098-T. Can I have a new one sent to me?

A: If your SSN is incorrect, you will need to complete Form W-9S.pdf and deliver it in person or via fax to the Bursar’s Office at (860) 486-3307 to request that an updated Form 1098-T be issued. The updated form will be posted to your Student Administration Account.

 

Q: I can’t get access to my Form 1098-T because I have graduated and have forgotten my access information.

A: Please contact the UITS Department at (860) 486-4357 to have your NetID password reset in order to access to your Student Administration Account.

 

Q: I don’t understand what I’m supposed to do with this Form 1098-T. HELP!

A: 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.