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Tax Benefits for Education - 1098-T
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 billed to them 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 qualified tuition and other related educational expenses billed to them during the previous calendar year. If the form is not electronically accessed, it is mailed at the end of January. [top]
The IRS instructs institutions to report either payments received (Box 1) or amounts billed for qualified tuition and related expenses (Box 2) on the 1098-T. Once an institution has selected one of these options, they cannot change reporting methods between calendar years without IRS permission. The University of Missouri reports qualified tuition and related expenses that were billed during the tax year (Box 2); therefore, Box 1 - Payments Received for Qualified Tuition and Related Expenses will be blank. [top]
Qualified tuition and related expenses refer to tuition and required fees, such as information technology, student activity and supplemental fees, a student must pay to be enrolled at or attend an eligible education institution.
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]
Not necessarily. The University is required to provide the "amounts billed" and "scholarship or grant" figures to help you determine the amount of qualified expenses you can claim on your IRS Form 8863. Per Internal Revenue Code Section 25A, taxpayers may claim an education tax credit only with respect to qualified tuition and related expenses paid (not billed) during the calendar year. You will need to review your payment records to determine the actual qualified expenses paid. Remember that qualified amounts paid by student loans may count as payments eligible for these purposes. Scholarships and grants received may reduce your eligible payment amounts. See IRS Publication 970 for information to determine your qualified expenses paid amount. [top]
This information may be found on your account ledger in Joe’SS under Campus Finances, Account Inquiry or on-line billing statement history. If you are a parent looking for this information, 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 billed 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 at http://www.mst.edu at anytime by choosing Joe’SS, Campus Finances, Tax Information. 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]