The University of New England is required to send Form 1098-T to students who paid "qualified educational expenses" during the preceding tax year. This form can be used to provide information to tax preparers on expenses paid that may allow students to claim education credits. For more information on federal Education Tax Credits, consult the IRS website, which will answer the question, "Am I eligible to claim an education credit?" (Information will be reported in Box 1 "Payments.") For more information, see the Frequently Asked Questions below. Contact Student Financial Services at (207) 602-2342 or email@example.com if you need assistance.
WHAT IS THE 1098-T?
- The Taxpayer Relief Act of 1997 established two educational tax credits, the American Opportunity Tax Credit and the Lifetime Learning Credit. To claim either credit, the 1098-T is provided by institutions to assist in determining if you are eligible for an education tax credit and in preparing IRS Form 8863.
- The form is for informational purposes only and is not filed with your taxes. Receiving the form means you may be eligible for a federal income tax education credit. While it is a good starting point, the 1098-T does not necessarily contain all of the information needed to claim a tax credit. Receiving a 1098-T does not mean that you definitely qualify for a tax credit and does not require you to claim a tax credit.
WHAT DOES THE 1098-T FORM REPORT?
- New in 2019: The amount reported in Box 4 represents any adjustments made to qualified tuition and related expenses reported on a prior year Form 1098-T. The amount reported in Box 4 for adjustments to qualified tuition and related expenses may reduce any allowable education credit you claimed for the prior year. See IRS Form 8863 or IRS Publication 970 for more information.
- The IRS requires that the Form 1098-T reflects the amount of qualified tuition and related expenses paid (by or on behalf of the student) versus the amount of tuition and related expenses billed. These payments are reported in Box 1 of the 1098-T, gift aid in the form of scholarships/grants is reported in Box 5, Box 2 will be blank since the IRS now prohibits institutions from reporting amounts billed.
- Amounts on the 1098-T reflect activity during the calendar year 2019 only (not the academic year).
WHAT ARE QUALIFIED EDUCATION EXPENSES (QTRE)?
- QTRE ARE tuition and fees required for enrollment as well as charges for supplies, if required to be paid to the institution.
- QTRE ARE NOT personal or living expenses such as student health fees and room and board.
WHAT RESOURCES ARE OUT THERE TO HELP ME?
- Consult your tax professional with any questions about education tax credits.
- Search the IRS website for information on the Lifetime Learning Credit and American Opportunity Tax Credit.
- Education credits are claimed on Form 8863. For details on these and other education-related tax breaks, see IRS Publication 970.
- Contact Student Financial Services at (207) 602-2342 if you have a question about the amounts reported on your 1098-T.
WHO WILL RECEIVE THE FORM?
- All University of New England students with a reportable transaction will be issued Form 1098-T for calendar year 2019.
- All eligible students, regardless of whether UNE has received the Social Security Number (TIN), will receive a 1098-T. The SSN field will be left blank if you did not respond to our requests for your Social Security Number.
WHO CAN HELP ME PREPARE MY TAX RETURN?
The information provided here is for general assistance related to the IRS Form 1098-T but should not be construed as tax advice. The University of New England cannot provide tax assistance per the IRS. Please be sure to consult your tax professional with tax return questions.
WHY DIDN'T I RECEIVE A 1098-T?
- The University of New England may not have had a current address for you. You can access your 1098-T via U-Online as well. If you no longer have access to U-Online, please contact us.
- The amount of qualified tuition and related expenses paid during the calendar year was zero.
- There were no amounts required to be reported in any boxes of the 1098-T.
WHERE CAN I FIND INFORMATION ON THE PAYMENTS I'VE MADE TO UNE?
You can access your payment information through UNE’s TouchNet billing portal. Go to U-Online, Student Financial Services, Student Account/Tuition Information, Manage My Bill.
WHERE WILL I RECEIVE MY 1098-T?
The 1098-T will be mailed to the address UNE has on file. The form is also available via your U-Online account (go to U-Online, Student Financial Services, Student Account/Tuition Information, Tax Notification and select the tax year for which you want the form).
WHEN WILL MY 1098-T BE AVAILABLE?
Forms will always be mailed and available on U-Online prior to January 31.