The University of Montevallo is required by the IRS to furnish all students with a Form 1098-T for each calendar year with qualified charges or credits. The Form 1098-T details the qualified charges or credits that hit the student’s account within a specific year. Please note that this is based on when the activity hit the account, not according to the term the activity is related to.
Federal regulation allows those eligible to receive IRS form 1098-T the option to receive the form in an electronic format instead of through the mail. As a result, University of Montevallo students may elect to view and print their IRS form 1098-T though Banner self services rather than wait for it to come by mail. When you give consent, you may view the form as soon as it is available each January. The information on the 1098T is only informational. You must rely on your receipts to determine the amount paid out-of-pocket for the tax credit.
Students that do not give consent will have IRS form 1098-T mailed to the permanent address in the system postmarked by February 1, 2019, as required by law.
In order to exercise the electronic 1098-T option, eligible recipients must provide consent to receive the form in an electronic format. To receive an electronic IRS form 1098-T, you must click the check box on the Student 1098T Consent Page in Banner self services by January 22, 2019.
In previous years, your 1098-T included a figure in Box 2 that represented the qualified tuition and related expenses (QTRE) we billed to your student account for the calendar (tax) year. Due to a change to institutional reporting requirements under federal law, beginning with tax year 2018, UM will report in Box 1 the amount of QTRE you paid during the year.
Directions for Electronic 1098-T
- Log into your Banner Self Service account
- Click on Student
- Click on Student Account
- Click on Tax Notification
- Enter the four digit tax year to view
- Click submit
- If you wish to give consent to view your IRS form 1098-T electronically and not receive a paper copy, click the check box. Click the “Click Here” button to view your form. Click the “Click Here” button again.
- If you do not wish to give electronic consent, do not click the check box. Click the “Click Here” button to view your form. Click the “Click Here” button again. A paper copy will still be mailed to the permanent address in the computer.
- You may print a hard copy for your records by clicking the print icon in the upper right hand corner of the page.
Withdrawal of Consent
You may withdraw consent to receive an IRS form 1098-T electronically at any time prior to January 10th each year by unchecking the check box using the same procedure as above for the consent to receive it electronically.
Request for Paper Statement
If you consented to receive the 1098-T form in an electronic format and you subsequently want to request a paper copy, e-mail the request to firstname.lastname@example.org. In order to ensure your security, the e-mail has to come from the UM issued e-mail address. The form will be mailed to the permanent address in the computer. It cannot be e-mailed as an attachment. You may also print your own hard copy by clicking the print icon in the top right hand corner of the page when viewing the IRS form 1098-T.
Once consent is provided, it is important to note that UM will not mail IRS form 1098-T to your home. A message will be posted on Banner Self Service when the forms are ready to view on-line. You will also receive an e-mail notification.
If you have questions regarding IRS form 1098-T, please visit our FAQ information page or go to www.irs.gov.