1098-T Frequently Asked Questions
Q: What is the IRS Form 1098-T?
A: The Form 1098-T is a statement that colleges and universities are required to issue to certain students. It provides the total dollar amount paid by the student for what is referred to as qualified tuition and related expenses (or “QTRE”) in a single tax year.
Q: When will I receive my Form 1098-T?
A: Your Form 1098-T will be available to you electronically on or before January 31 (or the next business day) through Self-Service>Student Finance>Tax Information. You must opt in for electronic delivery to download the pdf. Anyone that has not opted in for electronic delivery will have a form mailed to the home address on file as of the printing date. If you did not receive the form in the mail, you may download it through Self-Service>Student Finance>Tax Information after opting in for electronic delivery.
Q: I have proxy access to a student's account, but I do not see the Tax Information module in Self-Service.
A: The student must grant you proxy access to the Tax Information module by clicking on their username in the top right corner of Self-Service>View/Add Proxy Access, then click on the pencil next to the name of the person they would like to edit. The Tax Information module must be checked in order to grant access.
Q: I have proxy access to a student's account, I see the Tax Information module in Self-Service, but there is no link to download the form.
A: The student must opt in to electronic delivery in order for you to be able to download the form, they can do so in Self-Service>Tax Information. Proxy accounts are not able to opt in to electronic delivery on the student's behalf, the student must initiate the agreement.
Q: I see the link for my 1098-T but nothing happens when I click on it.
A: The Form 1098-T will open as a pdf in a separate tab or window; some browsers will block this from happening. Please check your browser security and allow pop-ups.
Q: Why don’t the numbers on Form 1098-T equal the amounts I paid during the year?
A: There are potentially many reasons for this discrepancy. First, the amount in Box 1 only represents amounts paid for qualified tuition and related expenses (QTRE) and does not include payments made for room, board, insurance, dorm damage deposits, or parking, which, though important, are not considered mandatory education expenses for tax purposes. Secondly, Form 1098-T reports amounts that the student paid in a certain year, and the pay date does not necessarily correspond to the dates that the classes were attended. For example, tuition for the Spring semester is typically billed in October/November so a student may have paid tuition for the Spring semester in 2021 even though classes didn’t start until 2022. The best and most accurate source of information about the amounts that you paid for qualified tuition and related expenses will be your Student Statement found in Self-Service>Student Finance.
Q: Does the 1098-T include charges for books?
A: No, the University does not include amounts paid for books in Box 2 of Form 1098-T. You should consult with your tax advisor to determine if payments for books, equipment or fees should be considered when preparing your income tax returns and determining eligibility for education tax credits or deductions.
Q: What semesters are included in my Form 1098-T?
A: Typically, charges are posted to your student account in October/November for the Spring semester and in April/May for the Fall semester. Box 1 of Form 1098-T reflects payments made during the calendar year for qualified tuition and related expenses and it is not based on when the classes were attended or billed to the student account. Your Student Statement in Self-Service will show the dates payments were posted to your account and are a valuable resource for determining the semesters that are included in your Form 1098-T. You can access your Student Statement in Self-Service>Student Finance.
Q: I participate in the University’s health insurance. How is this reported on my Form 1098-T?
A: Since insurance is not considered to be a qualified tuition and related expense, this expense it is not reported on your Form 1098-T. However, if the cost of your insurance is covered by a grant/scholarship/third-party then the University subsidy is reported in Box 5 of the Form 1098-T.
Q: I graduated in May, do I have a Form 1098-T?
A: Some May graduates will not be issued a Form 1098-T because there is a possibility that payments for QTRE for Spring was made on or before December 31. The Spring semester tuition charges were generally billed and posted in October/November and, therefore, would have been included on the prior year Form 1098-T. There could be carry over QTRE from the previous year that can be reported on the current Form 1098-T.
Q: How do I prepare my tax returns without a Form 1098-T?
A: Form 1098-T reports payments received from the student for qualified tuition and related expenses (Box 1) during the preceding calendar year. However, if the student receives scholarships, grants and/or fellowships in the preceding year in excess of the amounts they paid in QTRE, the University is not required to issue a Form 1098-T to the student. When determining your eligibility for education related tax credits and deductions, you will need to report the amount you paid for qualified education and related expenses. Therefore, your Student Statement in Self-Service>Student Finance will be the best and most accurate source of information for amounts paid for qualified education and related expenses. This is true regardless of whether you receive a Form 1098-T or not.
Q: My accountant says that the University must provide me with a form 1098-T.
A: The University in not required, by the IRS, to furnish a Form 1098-T in the following instances:
- Payments for courses for which no academic credit is offered, even if the student is otherwise enrolled in a degree program.
- Enrolled student is a nonresident alien, unless requested by the student.
- Students whose qualified tuition and related expenses are entirely waived or paid entirely with grants/scholarships.
Q: What if I do not want to provide the University with my social security number (SSN) or individual taxpayer identification number (ITIN)?
A: It is important to note that failure to furnish your correct SSN or ITIN to the requester (Loyola University Maryland) could result in an IRS penalty of $50 unless your failure is due to reasonable cause and not to willful neglect.
Q: My SSN or ITIN is wrong on my Form 1098-T. Can I have a new one sent to me?
A: If your SSN is incorrect, you will need to complete Form W-9S and deliver it in person to the Records Office located in Maryland Hall Room 148 or via Loyola email to the Records office to request that an updated Form 1098-T be issued. The updated Form 1098-T will be posted to Self-Service>Student Finance>Tax Information.
Q: I can’t get access to my Form 1098-T because I have graduated and have forgotten my access information.
A: Please contact the Help Desk 410-617-5555 to have your password reset in order to access to Self-Service.
Q: I don’t understand what I’m supposed to do with this Form 1098-T. HELP!
A: We are unable to provide tax advice. For guidance you may want to consider IRS Publication 970 in addition to choosing a Tax Professional.