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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.
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:
- IRS Publication 970, Tax Benefits for Education
- Form 8863, Education Credits
- Form 1040 or 1040A Instructions
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
- University Bursar - Who receives an IRS Form 1098-T?
- University Bursar - How do I access my IRS Form 1098-T for a prior year?
- University Bursar - When and how can I access my 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?