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1098-T FAQ Information

By January 31 of each year, the University of Montevallo mails the IRS Form 1098-T to all students who had qualified tuition and other related educational expenses billed to them during the previous calendar year.  This form is informational only.  It serves to alert students that they may be eligible for federal income tax education credits and should not be considered as tax opinion or advice.

While it is a good starting point, the 1098-T, as designed and regulated by the IRS, does not contain all of the information needed to claim a tax credit.  It is up to each taxpayer to determine eligibility for the credits and how to calculate them.

In our efforts to help you better understand the purpose and the use of the 1098-T, we have listed some of our most frequently asked questions below. If you have additional questions or concerns please feel free to contact us. Please be advised UM encourages you to consult with a tax professional on the information you gather from this information.

  • What is the 1098-T form?

    The 1098-T form is used by eligible educational institutions to report information about their students to the IRS as required by the Taxpayer Relief Act of 1997. Eligible educational institutions are required to submit the student’s name, address and taxpayer’s identification number (TIN), enrollment and academic status. Beginning with 2003, educational institutions must also report amounts to the IRS pertaining to qualified tuition and related expenses, as well as scholarships and/or grants, taxable or not. A 1098-T form must also be provided to each applicable student. There is no IRS requirement that you must claim the tuition and fess deduction or an education credit. Claiming education tax benefits is a voluntary decision for those who may qualify.

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

    By January 31st of each year, UM mails an IRS form 1098-T to all students who had qualified tuition and other related educational expenses billed to them during the previous calendar year. This form is informational only and should not be considered a 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. To determine the amount of qualified tuition and fees paid, and the amount of scholarships and grants received, a taxpayer should use their own financial records.

  • Did you send a copy of this form to the IRS?

    Yes. Section 6050S 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 Hope and Lifetime Learning education tax credits. Forms are mailed at the end of January of each year for the previous tax year.

     

    What educational expenses are considered as qualified tuition and related expenses?

    Included

    • Graduate and Undergraduate Tuition

    • Required Fees

    Not Included

    • Residence Hall charges

    • Application fees

    • Orientation fees

  • Why isn't there an amount in box 1?

    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. Once an institution has selected one of these options, they cannot change reporting methods between calendar years without IRS permission. UM reports qualified tuition and related expenses that were billed during the tax year (Box 2) and scholarships and grants, therefore, Box 1 – Payments Received for Qualified Tuition and Related Expenses, will be blank.

  • What other information do I need to claim the tax credit?

    While the 1098-T is a good starting point, it does not contain all the information needed to claim a tax credit. Most of the information needed must come from the student’s personal financial records of what the student paid during the calendar year. Additionally, each taxpayer and his or her tax advisor must make the final determination of qualifying expenses.

  • How do I get a reprint of my 1098-T form?

    If you did not receive a 1098-T due to a change of address, or you misplaced the form, you can print a duplicate.  If you are a current enrolled UM student, you can access the form by logging into your forUM account, clicking on the banner tab, student account, and clicking on the tax notification link. Enter the tax year in which you are needing (ex. 2008) and click submit. This will bring up a copy of the 1098-T in which you were mailed.

    If you are no longer a currently enrolled student, please contact the Cashier’s Office.

  • How can I get an itemized listing of my financial activity that is on my 1098-T form?

    Account statements are available online. For currently enrolled students, please log onto to Banner Self Services through forUM. If you are no longer a currently enrolled student, please contact the Cashier’s Office.

  • What if I still have questions?

    If you have additional questions/concerns you can reach us

                by E-mail:  cashier@montevallo.edu
    by Phone:  (205) 665-6065

    IRS Tax Info: (800) 829-1040

    Please be advised UM encourages you to consult with a tax professional on any information you may gather from this information.