January is here and many tuition benefit users will receive a 1098-T in the mail. It is a tax form…but what is it, and what do I do with it?
The 1098-T is an informational report issued by Enrollment Services that provides students the information to determine if they are eligibile for educational tax credits.
How are the amounts calculated?
The report will include all tuition and financial aid posted to your student account for the semesters you were enrolled during the 2010 tax year. Your 1098-T form could include the following terms enrolled:
Spring Term 2010
May Term 2010
Summer Term 2010
Fall Term 2010
January Term 2011*
If applicable, the Jan. Term may also be included in your report. The University posts this tuition to your student account in November/December before the tax year ended on December 31st.*
Only you and your tax advisor can determine if the amounts on the 1098-T should be reported. If you have questions related to the amounts reported please contact the Enrollment Services Department.
To learn more visit the Bursars website