Why did I receive a 1098-T and what am I supposed to do with it?

 

Each year by January 31, EVMS mails an IRS Form 1098-T to all students who had qualified tuition and other related education expense billed to them during the previous calendar year.

The 1098-T reports amounts billed for qualified education expenses for the tax year (Box 2). An important reminder is that spring tuition and fees are billed in December. For example, the 2011 1098-T would list fall 2011 and spring 2012 tuition and fees. Spring 2011 tuition and fees would be listed on the 2010 1098-T form since it was billed in 2010.

The Scholarships and Grants (Box 5) are reported in the tax year that they were disbursed to the student's account. For example, the 2011 1098-T Form would list spring 2011 financial aid (disbursed by the Office of Financial Aid after the start of the semester) and fall 2011 financial aid (disbursed by the Office of Financial Aid after the start of the semester).

Students can view their student account history on the student portal which can assist them in determining amounts paid in a tax year.

Please refer to IRS Publication 970, Tax Benefits for Education for additional resources. The Tax Treatment of Scholarship and Fellowship Payments table is located within that publication.

This form is informational only and should not be considered as tax opinion or advice. It serves to alert students that they may be eligible for federal income tax education credits.

Receipt of Form 1098-T does not indicate eligibility for the tax credit.

IMPORTANT: It is the responsibility of each taxpayer to determine eligibility for the credits and how to calculate them.

 

How can I get another copy of the 1098-T?

 

Students may request 1098-T form reprints by contacting the Accounts Receivable office of Financial Services (757) 446-6067 or portertd@evms.edu This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

Did EVMS send a copy of this form to the IRS?

Yes. Section 6050-S of the Internal Revenue Code, as enacted by the Taxpayer Relief Act of 1997, requires institutions to file information returns to assist taxpayers and the Internal Revenue Service in determining eligibility for the American Opportunity and Hope and Lifetime Learning education tax credits. Forms are mailed at the end of January of each year for the previous tax year, which runs from January 1 to December 31.

What educational expenses are considered qualified tuition and related expenses?

For information about qualified educational expenses, click here.

 

Why isn't there an amount in Box 1 on the 1098-T?

 

The IRS instructs institutions to report either payments received (Box 1) or amounts billed for qualified tuition and related expenses (Box 2) on the 1098-T. EVMS reports qualified tuition and related expenses that were billed during the tax year (Box 2) and scholarships and grants (Box 5). Therefore, Box 1 will be blank.

Where can I get more information on tax credits?

• American Opportunity & Hope and Lifetime Learning Education Credits

• IRS Tax Information for Students

• Tax Benefits for Education

I have questions who should I contact?

Contact the Accounts Receivable Office (757) 446-6067 or the IRS Tax Information Line at

(800) 829-1040.