1098-T Frequently Asked Questions

1098-T Tax Form

The 色香视频is required to send Form 1098-T to students who paid qualified tuition and related expenses (QTRE) during the prior tax year. Qualified tuition and related expenses include tuition and required fees and does not include personal or living expenses, student health insurance, housing charges and any other fees. This form can be used to provide information to tax preparers on expenses paid that may allow students to claim education credits. If you are eligible to receive Form 1098-T, it will be available by January 31 on TouchNet. For more information, see the Frequently Asked Questions below. Contact Student Financial Services at (207) 602-2342 or sfs@une.edu for assistance. This form is for informational purposes only. Please consult your tax professional for additional questions and information.

FAQ

What is the IRS Form 1098-T?

The Taxpayer Relief Act of 1997 established two educational tax credits, the and the . To claim either credit, the Form 1098-T is provided by institutions to assist in determining if you are eligible for an education tax credit. The form is for informational purposes only. Please contact your tax professional for additional questions and information.

When will my Form 1098-T be available?

Your Form 1098-T will be available on or before January 31, per IRS regulations. All eligible students can view and print the form on TouchNet. All mailed forms will be sent by January 31 for any student who did not opt into electronic only delivery.

What does the Form 1098-T report?
  • Box 1 reports the total payments made during the preceding calendar year for QTRE. It does not include payments for non-tuition related expenses such as housing, meal plans, health insurance and other fees. The IRS defines Qualified Tuition and Related Expenses as tuition and required fees.
  • Box 4 reports any adjustments made by 色香视频 to Box 1 for QTRE. This may be due to a reduction in tuition billed during the previous year. For example, if you were billed in December and later had a reduction in tuition due to a withdrawal or courses dropped, Box 4 will report the decrease in billed tuition due to the withdrawal or drop of courses.
  • Box 5 reports all scholarships and grants provided to you in a given calendar year. Please note: this box does not include your payments.
  • Box 6 reports adjustments made to scholarships or grants reported on a prior year Form 1098-T that was in Box 5. The amount in Box 6 represents a reduction in scholarships or grants reported for a prior calendar year. Please consult your tax professional and see IRS Form 8863 for how to report these amounts.
Who will receive the form?
  • All 色香视频students with reportable transactions in the prior calendar year will be issued a Form 1098-T. If the amount in Box 5 is greater than Box 1, you will not receive a 1098-T.
  • If your Social Security Number or address are missing from our records at the time 色香视频 generates the form, this may impact the processing of your Form 1098-T.
Why didn鈥檛 I receive a Form 1098-T?
  • If the amount of qualified tuition and related expenses (QTRE) were waived entirely or were paid entirely with scholarships and grants. If the amount in Box 5 is greater than Box 1, you will not receive a 1098-T. Please note, payments for the spring semester sometimes are paid in the previous year (December) and are reflected in the prior year鈥檚 Form 1098-T.
  • If the amount reported in Box 1 is zero.
  • Students who are nonresident aliens.
  • Courses for which no academic credit is earned.
  • If your Social Security Number or address are missing from our records at the time 色香视频 generates the form, this may impact the processing of your Form 1098-T.
Why do the numbers on the form not equal the amounts that I paid to 色香视频?

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 and board, insurance, health service fees, 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 the prior year so a student may have paid tuition for the spring semester in December even though classes didn鈥檛 start until January.

Will I receive the form if I graduated in May or only attended in the spring semester?

Some May graduates will not be issued a Form 1098-T because there is a possibility that payments for QTRE for spring were made on or before December 31 of the preceding calendar year. If you paid for the spring semester and any other QTRE charges in the preceding calendar year, then you may not receive the form. 

How can I access the Form 1098-T?

If you agreed to receive Form 1098-T electronically, login to  and select the 鈥淪tudent Payment Portal鈥 card. The 1098-T will be listed under Statements. If you do not opt in to receive this form electronically, you will be mailed a form to the address on file. If the student has granted access, Authorized users may also view and print the form on TouchNet. 

Who can help me prepare my tax return?

The Form 1098-T is for informational purposes only. Please contact your tax professional for additional questions and information. 

What resources are out there to help me?
  • Consult your tax professional with any questions about education tax credits.
  •  for information on the  and .
  • Education credits are claimed on . For details on these and other education-related tax breaks, see .
  • Contact Student Financial Services at (207) 602-2342 if you have a question about the amounts reported on your Form 1098-T.