University Bursar - What is the IRS Form 1098-T?

Educational institutions use the IRS Form 1098-T to report enrollment and financial information about their students to the IRS.

Purpose

The purpose of IRS Form 1098-T is to assist you in determining if you are eligible for one or more educational tax credits. 

Reportable Transactions

University of Illinois reports the payments received for qualified tuition and related expenses from all sources during the calendar year in Box 1 of Form 1098-T, and the total amount of scholarships and grants in Box 5.

Scholarships and Grants

The reporting of scholarships and grants, including waivers, on Form 1098-T does not determine the taxability of those payments; it is the student’s responsibility, not the University’s, to determine the taxability of scholarships, fellowships and/or grants received.  


Please Note: For complete information about education tax credits, see the following documents:

For instructions on completing the form, see the current version of IRS Form 1098-T.  The IRS provides an interactive online service that can help you determine if you are eligible for a tax credit or consult your tax advisor.  

See Also


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Doc ID:
90471
Owned by:
Kathy K. in University of Illinois System
Created:
2019-03-19
Updated:
2024-11-01
Sites:
University of Illinois System