1098T Tuition Statement
Eligible students will be receiving the 1098T tuition statement each year during January outlining the prior year’s tax information.
The IRS instructs institutions to report either payments received (Box 1) or amounts billed for qualified tuition and related expenses (Box 2) on the 1098T. Once an institution has selected one of these options, they cannot change reporting methods between calendar years. Niagara reports amounts billed during the tax year for qualified tuition and related expenses (Box 2), and gift aid, grants, and third party payments. This is the way many other four-year higher education institutions report the 1098T.
There are several reasons why a student may not receive a 1098T form from Niagara. These are: no social security number on file, the student's record has an incorrect billing address, student is a non-resident alien, a foreign student, or if the student did not have tuition or scholarships charged or credited during the tax year. Niagara sends out IRS W-9 forms in November and December, and it is the responsibility of the student to return the form prior to the IRS file being submitted. No information will be accepted after the file has been sent.
Pre-payment: The pre-payment regulation explains if tuition is paid during one tax year for an academic period that begins during the first three months of the following tax year, taxpayers may claim the credit for the year in which the payment was made. Nevertheless, this information may not appear on the 1098T if the student is not registered prior to the end of the tax year.
Am I Eligible to Claim an Education Credit?
The IRS application will help you determine if you are eligible for certain educational credits or deductions including the American Opportunity Credit, the Lifetime Learning Credit and the Tuition and Fees Deduction.
The tool is designed for use by taxpayers that were U.S. citizens or resident aliens for the entire tax year for which they are inquiring about. If married, the spouse must also have been a U.S. citizen or resident alien for the entire tax year.
Where Do I Find the 1098Ts?
The 1098Ts will be available in WebAdvisor in late January for any college student who has had tuition charged or received scholarships in the tax year. Once logged into WebAdvisor, 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. 1098Ts from 2008 can still be found on myNU. 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 email us at firstname.lastname@example.org.
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 during the tax year, or scholarships and grants credited during that relevant tax year. Niagara University is required by the IRS to issue 1098Ts.
What should you do with the 1098T form?
Review the "Instructions for Student" on 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 01/01/20XX and 12/31/20XX.
What should I do if I did not receive a 1098T form?
If you did not receive a 1098T tax form, please follow the instruction at the top of this page to view and print the form from your WebAdvisor 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 there will not be a 1098T.
- IRS Help with Tax Questions: 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