The 1098-T tax form is a tuition statement provided by higher education institutions to all eligible students who pay enrollment fees (including nonresident tuition) during the calendar year. The 1098-T form may be used by students or parents to claim the American opportunity tax credit (formerly “Hope credit”) or Lifetime Learning Credit on their federal income tax returns.
The 2016 forms have been generated, but not yet released to students. Staff are reviewing the forms to identify and resolve issues prior to the required release date: January 31.
New for 2016 is a change requested by the University Tax Office. The University forms will be issued to students who have more Financial Aid and scholarship funds (identified in Box 5) than eligible charges (identified in Box 2.) In the past, these students were not issued a 1098-T. Most of the final evaluation is to locate these students and add them to the group who typically get forms because they have more eligible charges than financial aid. This is no small undertaking. Here are the numbers involved to give you a better picture of the work involved:
- 62,000 correct forms
- 5,100 have been overridden
- Total of 67,100 good 1098-Ts
- Another 39,000 require further evaluation by staff prior to release
Spring tuition calculations
Student finance staff is running spring tuition calculation for all campuses as of their requested start dates in December 2016.
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