1098T Tuition Statement

Eligible students will be receiving the 1098T Tuition Statement each year during January outlining the prior year’s tax information.

Starting with the 2006 1098T’s Student may view and print their form electronically through their MyNU account. Once logged into MyNU, click on resource at the top of the page. Scroll down to the bottom of the page and under Financial Resources: choose the “1098T Viewable Form” option. Complete the consent to view the form and then you will be able to view and print your 1098T. If you are having difficulties with this and want us to mail a copy to you please contact the Student Accounts Office at (716)-286-8300 or e-mail at sao@niagara.edu
Please see below for important information on this form.

The Taxpayer Relief Act of 1997 and Your 1098T Form

In August 1997, the Taxpayer Relief Act of 1997 (TRA97) was signed into law. This law established the Hope and Lifetime Learning tax credits. TRA97 created two education tax credits for students and families:

• The Hope Tax Credit provides up to $1,500 per student for qualified tuition and related expenses for the first two years of postsecondary education. To be eligible, students must be enrolled at least half-time in a degree or certificate-granting program.
• The Lifetime Learning tax credit is more broadly applicable to postsecondary education. It provides a credit equal to 20% of qualified expenses of no more than $10,000 per taxpayer (i.e., family).

NOTE: It is up to each taxpayer to determine eligibility for the credits and how to calculate them. Niagara University cannot advise you on how to claim the credit.

1098T Tuition Statement

The 1098T is an informational form letting you know what information has been sent to the IRS. A 1098T is sent to each student who has relevant tuition billed, scholarships and grants processed during that relevant tax year. Niagara University is required by the IRS to issue 1098-T's.

What should you do with the 1098T form?

Review the "Instructions for Student" on the reverse side of Copy B of the 1098T. Then, consult with your tax advisor. We have furnished you with a detailed statement of your student account. This statement shows all activity for the tax year and should assist you and/or your tax consultant in preparing your income tax return.

Explanation of Amounts Reported

Amounts reported include relevant tuition billed, scholarships and grants processed between 01/01/200X and 12/31/200X.

What should I do if I did not receive a 1098T form?

If you did not reveice a 1098T tax form, please follow the instruction at the top of this page to view and print the form from your MyNU account or contact us to send you a copy. If you did not have relevant tuition billed, scholarships and grants processed during that relevant tax year we can send you a statement of account that will show the account activity during the tax year.

Additional Resources

IRS Help with Tax Questions Telephone: 1-800-829-1040 OR http://www.irs.gov/

IRS Publication 970-Tax Benefits for Higher Education http://www.irs.gov/pub/irs-pdf/p970.pdf