A form 1098-T, Tuition Statement, is used to help figure education credits (and potentially, the tuition and fees deduction) for qualified tuition and related expenses paid during the tax year. The tuition and fees deduction can reduce the amount of your income subject to tax by up to $4,000.
What information is reported on 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 paid by the student for what is referred to as qualified tuition and related expenses (or “QTRE”) in a single tax year.
What do you need to know about Form 1098-T?
About Form 1098-T, Tuition Statement. Eligible educational institutions file Form 1098-T for each student they enroll and for whom a reportable transaction is made. Insurers file this form for each individual to whom they made reimbursements or refunds of qualified tuition and related expenses. Form 1098-T.
What to do if your SSN is incorrect on Form 1098-T?
A: If your SSN is incorrect, you will need to complete Form W-9S.pdf.pdf .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.
Do you have to file Form 1098 for University X?
University X is not required to file Form 1098-T for the course taken by Student A. Academic period. You must file Form 1098-T for each student who is enrolled in your institution for any academic period (for example, semester, trimester, or quarter) in 2019, but see Exceptions, earlier.
Where is my Fellowship reported on my 1098-T?
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 financial aid and will be reported in Box 5 as a (scholarships, grants, fellowships). Form 1098-T reports activity occurring in the calendar year.