How To Get My 1098-T

If you're a student attending a postsecondary institution in the United States, you're likely familiar with Form 1098-T, Tuition Statement. This form is crucial during tax season as it reports information about your tuition expenses and potential eligibility for education-related tax credits. Understanding how to obtain and use the 1098-T can save you time and possibly money. Here's a comprehensive guide on how to get your 1098-T form, what it includes, and how it can benefit your tax return.

What is Form 1098-T?

The 1098-T form is issued by eligible educational institutions to students who paid qualified educational expenses in the previous year. It includes information on tuition and related expenses, scholarships or grants received, and any adjustments made to prior years. This form is essential for claiming tax credits such as the American Opportunity Credit and the Lifetime Learning Credit.

Key Components of the 1098-T

• Qualified Tuition and Related Expenses: The form details the amount of tuition and related fees billed to the student within the year.
• Scholarships and Grants: Any scholarships or grants received that may reduce the student’s tax liability are reported.
• Adjustments to Prior Year: This section shows adjustments made to tuition and scholarships for the previous year, which can impact tax credits for that year.

How to Obtain Your 1098-T Form

Step 1: Verify Your Institution Sends 1098-T Forms

Not all educational institutions are required to provide 1098-T forms. Check with your school's financial services or bursar's office to confirm if they issue these forms. Most accredited institutions, however, do offer them to students who meet certain enrollment conditions.

Step 2: Access Through Online Student Portal

Many institutions have made it easy for students to access their tax forms online. Here’s how you can typically retrieve your 1098-T:

1. Log in to Your Student Account: Most colleges and universities have a student portal where you can access financial documents.
2. Navigate to the Tax Document Section: This will often be found under financial services or student records.
3. Download or Print Your 1098-T Form: Once located, you can either view, download, or print your form for your records.

Step 3: Request by Mail

If your institution doesn’t provide online access to the 1098-T, you can request a paper copy by mail. Generally, institutions must mail these forms to students by January 31st. If you haven't received it by February, contact your school's financial or records office to request one.

Step 4: Check Your Email

Institutions frequently send out notification emails when the 1098-T form is available. Make sure to check your email and any spam filters regularly around tax season.

Step 5: Third-Party Providers

Some schools use third-party providers to provide electronic access to tax documents. You may receive an email with instructions on how to access your form through a service provider’s website.

Understanding Your 1098-T Form

The 1098-T form can appear complicated, but understanding what each box represents will help you when it comes to filing your tax return.

Box 1: Payments Received for Qualified Tuition and Related Expenses

This box reports the total amount of payments received by your institution for qualified tuition and related expenses. As of 2018, institutions are required to report payments received rather than amounts billed.

Box 4: Adjustments Made for a Prior Year

Adjustments reported in this box may require you to refigure the tax credit claimed in a prior year.

Box 5: Scholarships & Grants

This shows the total amount of scholarships or grants that the institution administered and processed for the student. This can affect how much you can claim as a deductible expense.

Box 6: Adjustments to Scholarships or Grants for a Prior Year

Indicates any reductions to the scholarships or grant amounts reported on a previous year's 1098-T form.

Box 8 & 9: Graduate Student Status and At Least Half-Time Enrollment

These boxes verify whether you were a graduate student or enrolled at least half-time during the tax year, which is a requirement for certain deductions.

Potential Tax Benefits

The 1098-T form primarily aids students in claiming the American Opportunity Credit or the Lifetime Learning Credit, which are both education tax credits offered by the IRS.

American Opportunity Credit

• Eligibility Requirements: Must be enrolled at least half-time; applicable to students who haven’t completed the first four years of higher education.
• Credit Amount: Up to $2,500, with 40% of this credit being refundable.
• Expenses Covered: Tuition, fees, and course materials.

Lifetime Learning Credit

• Eligibility Requirements: Available to students enrolled in one or more courses; there is no limit on the number of years you can claim the credit.
• Credit Amount: Up to $2,000, non-refundable.
• Expenses Covered: Tuition and fees for enrollment or attendance.

FAQ

What Should I Do if I Haven’t Received My 1098-T?

If you haven’t received your 1098-T by early February, contact your institution’s financial or registrar’s office. Double-check your postal address and confirm if an online version is available to you.

Why Might My 1098-T Show $0 for Payments Received?

Some students might see a $0 in Box 1 due to scholarships or grant aid covering the tuition costs, or if a part of the balance was paid outside the reported calendar year. Always confirm the details with your institution if you suspect an error.

Can I Still Claim Tax Credits Without a 1098-T?

Generally, you need a 1098-T to claim education tax credits. However, the IRS states that you can still claim these credits if you can demonstrate with other documentation that you were eligible and paid relevant expenses. Always maintain records such as tuition bills and proof of payments.

Can International Students Receive a 1098-T?

Typically, international students on an F or J visa are not eligible for the tax benefits associated with the 1098-T. However, if you are considered a resident alien for tax purposes, you might still receive the form and potentially be eligible. It's advisable to consult with a tax professional for guidance on your specific situation.

Final Thoughts

Obtaining and understanding your 1098-T form is a crucial step in navigating the financial aspects of your education. By accessing your form through your institution, understanding its components, and leveraging it for potential tax credits, you can ensure that you're maximizing your educational financial opportunities. For further details on handling your 1098-T and related tax credits, consult the resources provided by the IRS or speak with a tax professional. Be sure to explore other helpful content on education finances available on our website to empower your educational journey.