What do you need to know about the 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.

Can a dependent claim tax credits on a 1098-T?

Only the taxpayer claiming the dependent can claim the educational credits, However, if the 1098-T box 5 is more then the box 1 tuition then that becomes taxable income to the received of the scholarship, the student so the 1098-T should also go on the students own tax return.

When do I need to file my 2018 Form 1098-T?

A: Some May 2018 graduates will not be issued a 2018 Form 1098-T because there is a possibility that payments for QTRE for Spring 2018 was made on or before December 31, 2017. The 2018 Spring semester tuition charges were generally billed and posted in November 2017 and, therefore, would have been included on the 2017 Form 1098-T, in Box 2.

Where is my Fellowship reported on my 1098-T?

Q: I am a graduate student and I received fellowship payments. Where is my fellowship reported on my Form 1098-T? A: For Form 1098-T purposes, fellowships are considered financial aid and will be reported in Box 5 as a (scholarships, grants, fellowships). Form 1098-T reports activity occurring in the calendar year.

Can You claim AOTC if you did not receive Form 1098-T?

You can still claim the AOTC if you did not receive a Form 1098-T because the school is not required to provide you a Form 1098-T if: The student and/or the person able to claim the student as a dependent meets all other eligibility requirements to claim the credit,

What to do if your SSN is incorrect on Form 1098-T?

A: If your SSN is incorrect, you will need to complete Form W-9S.pdf.pdf .pdf and deliver it in person or via fax to the Bursar’s Office at (860) 486-3307 to request that an updated Form 1098-T be issued. The updated form will be posted to your Student Administration Account.