In previous years, your 1098-T included a figure in Box 2 that represented the qualified tuition and related expenses we billed to your student account for the calendar (tax) year. Due to a change to institutional reporting requirements under federal law, beginning with tax year 2018, we will report in Box 1 the amount of qualified tuition and related expenses you paid during the year. Below is a sample of a 1098T:
Depending on your income (or your family’s income, if you are a dependent), whether you were considered full or half-time enrolled, and the amount of your qualified educational expenses for the year, you may be eligible for a federal education tax credit. (You can find detailed information about claiming education tax credits in IRS Publication 970, page 9.)
The dollar amounts reported on your Form 1098-T may assist you in completing IRS Form 8863 – the form used for calculating the education tax credits that a taxpayer may claim as part of your tax return.
UCC is unable to provide you with individual tax advice, but should you have questions, you should seek the counsel of informed tax preparers or advisers.
UCC transitioned to the electronic delivery of student 1098T forms with full implementation in 2015. IRS regulations state that each student who wishes to receive their 1098T electronically must also provide his/her consent electronically:
- Go to Student Self Service.
- If you are logging in for the first time, you will be prompted to review and accept Terms of Usage where you will be consenting to electronic delivery of the student 1098T form. Your consent will be in effect unless you revoke it.
- Mailing Date: If you opted out from the electronic access, 1098-T’s will be mailed by January 31. Forms might not reach you until sometime after that date. The Finance Office will need to receive your opt out form by December 31st in order to meet the mailing deadline.
- Mailing Address: The 1098-T form will be mailed to your most recent mailing address on record at the time of printing.
- Online Information: You can access 1098-T form electronically no later than January 31st. You may view a detailed representation on UCC’s Student Account site.
- Tax Advice: UCC cannot determine if you qualify for an education tax credit and are not allowed to give you tax advice. Please read the instructions on your 1098-T form or contact a tax professional to assist you. You may refer to IRS Publication 970 on Tax benefits for Education and IRS Form 8863.
For additional information contact the IRS at 1-800-829-1040.