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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 (up to $5,250 of graduate level tuition and fee benefits awarded to Graduate Assistants (GAs) and employees are reported in Box 5 of the IRS Form 1098-T; amounts exceeding $5,250 are reported on IRS Form W-2).
Scholarships and Grants
The reporting of scholarships and grants 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.
See Also:
- University Bursar - When and how can I access my IRS Form 1098-T?
- University Bursar - Who receives an IRS Form 1098-T?
- University Bursar - How can I get my address on the IRS Form 1098-T corrected?
- University Bursar - How can I add or update my social security number with the University?
- University Bursar - How can I get a copy of my IRS Form 1098-T for a prior year?