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1098T Tax Form FAQ

What has changed for 2018 on the 1098-T?
What is the American Opportunity Credit?
What is the 1098-T form, and the information included on it? 
What am I supposed to do with the 1098-T form? 
How can I get a copy of my 1098-T? 
Can I get a copy of last year’s 1098-T? 
Why didn't I receive a 1098-T from UMSL? 
Who can claim an Educational Tax Credit? 
Am I eligible for a tax credit? 
Why isn’t there an amount in box 1 on the 1098-T form? 
What educational expenses are considered as qualified tuition and related expenses? 
I paid my tuition and related expenses with student loans. Can I still claim a tax credit? 
Why isn’t my spring registration included in the amounts billed for my 1098-T?
What is considered a Scholarship or Grant in Box 5 on my 1098-T? 

What has changed on the 1098-T for 2018?

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, we will report in Box 1 the amount of QTRE you paid during the year.

What Is The American Opportunity Credit? 

The American Opportunity Credit is a temporary replacement for the Hope tax credit. A family or student must file a federal tax return to receive this tax credit;  a taxpayer with no income tax liability can receive a refund for a portion of the credit. See the IRS website for the tax credit benefits for the current year. A family or student may claim this tax credit for four years of postsecondary education for each eligible student. Please see IRS website for qualified expenses. The total credit is based on the number of eligible students in the family, rather than a dollar amount for the family, like the Lifetime Learning tax credit. 

Who Qualifies? 

The Taxpayer:
The taxpayer must claim the eligible student as a dependent, unless the credit is for the taxpayer or the taxpayer’s spouse.  See your tax professional regarding the gradual phase out of the American Opportunity Credit due to income. 

The Student: An eligible student must be enrolled at least half-time in an eligible program leading to a degree or certificate at an eligible school during the tax year and must not have completed the four years of such undergraduate study.   In addition, the student cannot have been convicted of a federal or state drug felony before the end of the tax year.  The student may claim the credit if the student is not claimed as a dependent by another taxpayer.

What is the 1098-T form, and the information included on it?

Form 1098-T:  Tuition Payments Statement is the information that colleges and universities are required to issue for the purpose of determining a student's eligibility for education tax credits.

For additional information regarding the 1098-T please visit:
https://www.irs.gov/forms-pubs/about-form-1098-t

What am I supposed to do with the 1098-T form?

Keep it for your records.  Since the University sends your 1098-T information to the IRS, there is no need to attach a copy of the form to your tax return.  The information contained in the 1098-T will help you to determine if you may claim an education tax credit 

How can I get a copy of my 1098-T?

Your 1098-T form is in MyView under Campus Finances > Tax Information. Click here for instructions.

Can I get a copy of last year’s 1098-T?

Yes, provided that a form was issued to you.  Click here for instructions.

Why didn't I receive a 1098-T from UMSL?

Any one or more of these reasons may apply:

Who can claim an Educational Tax Credit?

An eligible taxpayer may claim them. An eligible taxpayer may be the student or, if the student is a dependent for federal income tax purposes, the person (e.g., parent) claiming the student as a dependent. A student who is a dependent cannot claim the tax credits or deduction on his or her own tax return.

Am I eligible for a tax credit?

To determine the correct amount, if any, to enter on your tax return, please consult your tax advisor, your personal expense records, and your Account Summary on MyView. Employees of The University of Missouri-St. Louis cannot offer assistance with tax form preparation. Please do not contact the University for advice or assistance in tax preparation.

The responsibility for individual tax circumstances rests with the taxpayer alone, and The University of Missouri-St. Louis cannot take any responsibility for your interpretation of this information. You are urged to refer to the federal Publication 970 from the IRS.

Why isn’t there an amount in box 1 on the 1098-T form?

Beginning with tax year 2018, UMSL will report in Box 1 the amount of qualified tuition and related expenses you paid during the tax year. If no qualifying payments were made towards qualified tuition and related expenses then this box would not be populated.

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

Qualified tuition and related expenses are tuition and fees required for enrollment or attendance at an eligible educational institution that were paid on or after January 1 and on or before December 31 of the tax year. They do not include books, room and board, student activities, athletics (unless the course is part of the degree program), insurance, equipment, transportation, or other similar personal, living or family expenses.

I paid my tuition and related expenses with student loans. Can I still claim a tax credit?

Yes. Loan funds should be considered in the same manner as cash payments when calculating education tax credits. However, any scholarships, grants, or other non-taxable aid must be deducted from the amount of qualified tuition and related expenses paid.

Why isn’t my Spring registration included in the amounts billed on my 1098-T?

The 1098-T reflects amounts paid towards billed qualified tuition and related expenses on your account in the previous calendar year. Many students register for spring terms in November or December of the previous year. If this is the case, then your Spring registration would have been reported on your last 1098-T if you met the criteria to receive one.

What is considered a Scholarship or Grant in Box 5 on my 1098-T?

Scholarships and grants generally include all payments received from 3rd parties (excluding family members and loan proceeds).  This includes payments received from governmental and private entities such as the Department of Defense, civic, and religious organizations, and nonprofit entities.  See the IRS specific instructions for form 1098-T.