As required by the Internal Revenue Service (IRS), Form 1098-T is made available by January 31 to all students who had qualified tuition and other related educational expenses payments during the previous calendar year.
The 1098-T form is informational only and should not be considered as tax advice. It serves to alert students that they may be eligible for federal income tax education credits such as the American Opportunity Credit, Lifetime Learning Credit and the Hope Credit as part of their Federal Income Tax Return. IRS Publication 970 "Tax Benefits for Higher Education" as well as Chapter 35 of IRS Publication 17 provide additional information on these credits. While it is a good starting point, the 1098-T, as designed and regulated by the IRS, does not contain all of the information needed to claim a tax credit. To determine the amount of qualified tuition and fees paid, and the amount of scholarships and grants received, a taxpayer should use their own financial records. There is no IRS requirement that you must claim the tuition and fees deduction or an education credit. Claiming education tax benefits is a voluntary decision for those who may qualify.
The 1098-T form is used by eligible educational institutions to report information about their students to the IRS as required by the Taxpayer Relief Act of 1997. Eligible educational institutions are required to submit the student's name, address, taxpayer's identification number (TIN), enrollment status, amounts pertaining to qualified tuition and related expenses, and scholarships and/or grants, taxable or not. A 1098-T form must also be provided to each applicable student. [top]
In January of each year, the University of Missouri System provides secure electronic access at to an IRS Form 1098-T for all students who had payments toward qualified tuition and other related educational expenses during the previous calendar year. If the student has not agreed to receive the form electronically, it is mailed at the end of January. [top]
Box 1 shows the total payments received by an eligible educational institution from any source for qualified tuition and related expenses less any reimbursements or refunds made during the tax reporting year that relate to those payments received during the current tax reporting year.
Qualified expenses do not include:
1. Charges and fees for room, board, insurance, health service fee, transportation, personal, living and other family expenses.
2. The cost of books and equipment are generally not qualified expenses because eligible educational institutions usually do not require that the cost of the books or equipment be paid to the institution as a condition of the student's enrollment or attendance at the institution. [top]
**Affective Tax year 2018 Federal regulations require reporting in box 1** previously issued 1098T's will have amounts in box 2. [top]
This information may be found on your TouchNet account activity by logging into Joe’SS under Finances section and clicking the link "Proceed to TouchNet". If you are a parent looking for this information and do not have authorize access granted by the student, please ask your student to access this information for you. [top]
This box shows the amount of any tuition and fees reductions in the current calendar year for charges that were paid in a previous calendar year. [top]
The figure in Box 5 includes scholarships, grants, waivers and, if applicable, payments made by a third party under formal billing arrangements (i.e. outside scholarships, employer provided educational assistance [regardless of taxability], military, etc.) which have been administered by the University of Missouri System. If you received other forms of outside scholarships and grants not administered by the University of Missouri System, it is your responsibility to adjust the figure accordingly. Third party payments do not include payments made by your parent or other individuals. [top]
This box shows the amount of any scholarship, grant, and if applicable, third party reductions in the current calendar year for aid that was credited in a previous calendar year. [top]
Box 8 will not be checked if you were not enrolled at a half-time status during an academic period which is either enrolled or billed during the calendar year. The University of Missouri System checks this box if you were half-time or more for at least one term beginning during the year. This information is important in determining eligibility for the Hope Credit. [top]
You can electronically access a copy of your Form 1098-T through ToucNet at anytime by logging into Joe’SS, under Finances section and clicking the link "Proceed to TouchNet". If students have trouble accessing their 1098-T, they can call 573.341.4195. Representatives are available Monday-Friday, 8 a.m. to 4:30 p.m. Central Time. [top]
UM System 1098T FAQ's