IRS Form 1098-T

IRS Form 1098-T

 

Q. What is Form 1098-T

A. A college or university that received qualified tuition and related expenses on your behalf is required to file Form 1098-T with the Internal Revenue Service (IRS). A copy of Form 1098-T must be furnished to you. The information being reported to the IRS verifies your enrollment with regard to certain eligibility criteria for the American Opportunity tax credit (formerly the Hope Credit), the Lifetime Learning tax credit, and Tuition and Fees deduction for qualified higher education expenses. However, the enrollment information by itself does not establish the eligibility for either credit or deduction.

      BOX 1 BU will report payments made during the calendar year for qualified tuition and related expenses.
      BOX 2 BU does not report charges billed, box will be empty

» NOTE: Student meal plans, housing, health center charges and miscellaneous fees are NOT included.

Q. Why is there an amount listed in box 5 of my 1098-T?

A. Box 5 includes Scholarships or Grants administered and processed during the calendar year. This includes: PHEAA, Pell, SEOG and Miscellaneous Scholarships and Grants.

Q. When will my Form 1098-T be available?

A. Students who elect to receive an electronic Form 1098-T may access it via their MyHusky account at any time after Jan. 31. Students will be notified via their BU email address of Form 1098-T availability.

Q. What should I do if I did not receive my 1098-T?

A. If a 1098-T was issued, you can access it via your MyHusky account. If you cannot access your records and you feel you still should have received a 1098-T, please contact the Bloomsburg University Bursar Office at 570-389-4013. If a 1098-T was not issued, it may be due to missing information, i.e. Social Security Number, Address, etc., please contact the Bloomsburg University Bursar Office at 570-389-4013.

Q. Which time period is included on my 1098-T?

A. The calendar year is used to report information on Form 1098-T. Please consult IRS Publication 970 or your tax advisor to determine the correct amount for your income tax return. If any internal adjustments were made to the student account during the calendar year, this amount will appear in Box 4. Occasionally, payments or charges may not have posted correctly and our adjustments will be summarized here.

Q. What if the Social Security/ITIN Number on my Form 1098-T is missing or incorrect?

A. Reporting to the Internal Revenue Service depends primarily on your SSN. It is very important for you to have the correct information on file with the university.

Follow these steps to have a corrected Form 1098-T generated:


» NOTE: Bloomsburg University cannot act in the capacity of tax advisors and will not offer tax advice. BU strongly recommends that you consult with your tax advisor for guidance on your specific tax situation. IRS Publication 970-Tax Benefits for Education can be downloaded online.