Tax Benefits 1098T | Business Affairs (2024)

1098-T Tuition Statements for 2022

1098-T Tuition Statements for 2022will be mailed by January 31st, 2023. Students may access duplicate 1098-T statements online through Duckweb.

Students may accesstheir 1098-T statementsby following the directions below:

  • Log in toDuckweb
  • Select "Student Menu"
  • Select "Tax Notification - 1098-T"
  • Enter the desired tax year
  • Enter the last four digits of your SSN
  • Click Submit

IRS Form 1098-T Tuition Statement

The 1098-T tax form is a statement of qualified tuition and fees*,** paid to the University of Oregon and the amount of scholarships and grants received during the calendar year that is provided to the student as well as reported and filed with the IRS. In addition, the 1098-T tax form contains the filers (University of Oregon) address, Federal Tax ID number and contact information, along with the students name, address, social security number, and enrollment status. The 1098-T is intended to assist you in calculating your eligibility for tax credits, such as the Lifetime Learning Credit and the American Opportunity Credit. As an eligible educational institution, the University of Oregon is required by law to provide 1098-T Tuition Statements to students who were enrolled in courses at the University during the calendar year.

*Qualified tuition and related expenses are defined by the IRS as tuition and fees a student must pay to be enrolled at or attend an eligible educational institution. In general, not all charges incurred during a calendar year will meet IRS requirements. See Box 1 description below.

**Cost of attendance is the estimated cost to attend the UO for the academic year. The Office of Student Financial Aid and Scholarships provides estimates for cost of attendance information that goes beyond tuition and fees, and includes: living expenses (housing and food), books/supplies/equipment, transportation, and miscellaneous personal expenses.

  • Box 1.Payments Received for Qualified Tuition and Related Expenses:The total payments from any source received by the University of Oregon for qualified tuition and related expenses less any reimbursem*nts or refunds made during 2022that relate to payments received during 2022. Please note the amount in Box 1 mayNOT equal to or sum to the charges paid for calendar year 2022because not all charges are considered qualified tuition and related expenses as defined by the Internal Revenue Service.
  • Box 2.This box will be blank.
  • Box 3.Checkbox for Change of Reporting Method:This box will not be checked by the University of Oregon for 2021due to the change of institutional reporting requirements under federal law.
  • Box 4.Adjustments Made for a Prior Year:This box is used to report reductions in qualified tuition and related expenses that were reported in a prior year. This amount may reduce any allowable education credit you may claim for the prior year.
  • Box 5.Scholarships or Grants:This box reports the total amount of all scholarships or grants posted to your account during the calendar year. Scholarships and/or grants will be reported in Box 5 and Box 1 (payments received).
  • Box 6.Adjustments to Scholarships or Grants for a Prior Year:This box is used to report reductions to scholarships or grants previously reported in prior years.
  • Box 7.Checkbox for Amounts for an Academic Period Beginning in January through March (the following calendar year):This box will be checked if qualified tuition and related expenses are paid in one year, but the academic period begins January through March of the following year. Example: Winter term charges are billed in December but classes begin in January.
  • Box 8.Check if at Least Half-Time Student:This box will be checked if the student was at least a half-time student during any academic period during the calendar year.
  • Box 9.Check if a Graduate Student:This box will be checked if the student was enrolled in a program or programs leading to a graduate-level degree, graduate level certificate, or other recognized graduate level educational credential.
  • Box 10.Insurance Contract Reimbursem*nts or Refunds:This box will be blank.

Duplicate Copies

Copies of 2010 through 20221098-T Tuition Statements are available online through Duckweb from the Student Menu.

1098-T Tuition Statements prior to 2010 are not available online. Students and Authorized Payers can request duplicate copies by contacting a representative in the Student Billing Department at 541-346-3170 or by email at:stubills@uoregon.edu

The following information is required to process your request:

  • Student's legal name and UO ID number
  • Tax year of the 1098-T that you are requesting
  • Daytime contact phone number for the student or Authorized Payer
  • Mailing address* where you would like the duplicate 1098-T mailed
  • Please allow 5-7 business days to process your request

*Please note that duplicate 1098-T tax forms can only be mailed to an address that is already established in our system. For a new address, students must first update or add the address through Duckweb prior to requesting a duplicate tax form.

Contact Information

University of Oregon employees cannot offer or provide tax advice. However, if you have questions about the information provided on form 1098-T, you may contact a University of Oregon representative after February 1stat (541) 346-3170 or by email at:stubills@uoregon.edu

Tax Benefits 1098T | Business Affairs (2024)

FAQs

Tax Benefits 1098T | Business Affairs? ›

Higher Education

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Tax Benefits. Form 1098-T is entitled “Tuition Statement” and contains information to assist you and the IRS in determining if there is eligibility for a tax benefit from the American Opportunity Credit, the Lifetime Learning Credit, or a tuition and fees deduction.

What are the tax benefits of 1098-T? ›

A form 1098-T, Tuition Statement, is used to help figure education credits (and potentially, the tuition and fees deduction) for qualified tuition and related expenses paid during the tax year. The Lifetime Learning Credit offers up to $2,000 for qualified education expenses paid for all eligible students per return.

Does a 1098-T help or hurt? ›

The 1098-T tuition statement is a tax form that helps you capture one of those great tax perks you don't want to miss out on. So, take note, students, you'll get a 1098-T form, a tuition statement sent from your college or university, by January 31.

Does a 1098-T increase the refund? ›

The form is used to determine your eligibility for education tax credits, such as the American Opportunity Credit and the Lifetime Learning Credit.By reporting Form 1098-T as income, you are essentially double counting your education expenses, which may reduce your eligibility for tax credits and increase your tax ...

How much does a 1098 help with taxes? ›

Referred to as the Mortgage Interest Statement, the 1098 tax form allows business to notify the IRS of mortgage interest and points received in excess of $600 on a single mortgage. For individuals, the 1098 form allows them to provide documentation when claiming the mortgage interest deduction.

How much can a 1098-T save me on taxes? ›

The American Opportunity Credit, if you qualify, does provide a refundable credit. The American opportunity tax credit (AOTC) is a credit for qualified education expenses paid for an eligible student for the first four years of higher education. You can get a maximum annual credit of $2,500 per eligible student.

Does a 1098-T count as income? ›

The 1098-T form is not intended to be used for determining any taxable income you may have received from scholarship or fellowship payments. The university does not report scholarship or fellowship income to you or to the IRS.

Does 1098-T lower taxes? ›

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 deduction or credit. There is no IRS requirement that you must claim the tuition and fees deduction or an education credit.

Why do I owe taxes after entering 1098-T? ›

Box 4 of the form shows any adjustments the school has made to qualified expenses reported on a previous year's 1098-T. If it turns out a previous year's expenses were lower than initially reported, the student may be responsible for additional tax. You must recapture (repay) any excess credit received.

Can I ignore 1098-T? ›

paid date?) The 1098-T is only an informational document. The numbers on it are not required to be entered onto your tax return. You claim the tuition credit, or report scholarship income, based on your own financial records, not the 1098-T.

Do college students get $1000 back on taxes? ›

You can get a maximum annual credit of $2,500 per eligible student. If the credit brings the amount of tax you owe to zero, you can have 40 percent of any remaining amount of the credit (up to $1,000) refunded to you.

Do I get more money back on taxes for being a student? ›

Tax Credits for Higher Education Expenses

The American Opportunity Credit allows you to claim up to $2,500 per student per year for the first four years of school as the student works toward a degree or similar credential.

How do I get the full $2500 American Opportunity credit? ›

To claim AOTC, you must file a federal tax return, complete the Form 8863 and attach the completed form to your Form 1040 or Form 1040A. Use the information on the Form 1098-T Tuition Statement, received from the educational institution the student attended.

How does a 1098-T help? ›

The IRS Form 1098-T is an information form filed with the Internal Revenue Service. You, or the person who may claim you as a dependent, may be able to claim an education tax credit on IRS Form 1040 for the qualified tuition and related expenses that were actually paid during the calendar year.

Should I add my 1098 to my taxes? ›

The 1098-T form can be kept with your records and does not need to be sent to the IRS with your income tax return as the university sends your 1098-T information to the IRS. More information can be found at the IRS.

Who claims the 1098-T student or parent? ›

If you claim a dependent, only you can claim the education credit. Therefore, you would enter Form 1098-T and the dependent's other education information in your return. If you do not claim a dependent, the student can claim the education credit.

What happens if I don't put my 1098-T on my taxes? ›

If you don't claim any education tax benefits: You generally don't need to report the information on your 1098-T. However, it's still recommended to keep it for your records in case the IRS needs it for verification purposes. No problem!

How much does a 1098-E help with taxes? ›

Use the 1098-E Form to figure your student loan interest deduction. You can deduct up to $2,500 worth of student loan interest from your taxable income if you meet the following requirements: You are legally obligated to pay interest on the student loans. The interest was paid by you.

Whose tax return does a 1098-T go on? ›

Either you, your dependent, or both of you may enter Form 1098-T Tuition Statement and other education information in TaxAct®. If you claim a dependent, only you can claim the education credit. Therefore, you would enter Form 1098-T and the dependent's other education information in your return.

References

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