Student Financial Services
Higher Education Tax Benefits
Links & Resources
View Your 1098-T (myUVM portal)
NASFAA Guide to Federal Tax Benefits for Higher Education
I.R.S. Publication 970: Tax Benefits for Education (PDF)
I.R.S. Info. Center: Tax Benefits for Education
I.R.S. Tax Incentives for Higher Education Resources
The U.S. tax code provides a variety of tax incentives for families who are paying higher education costs or repaying student loans. The resources provided here are designed to assist you in understanding the tax benefits that may be availble to you.
Student Financial Services staff members are not tax professionals and given the complexity of the tax code, we unfortunately cannot provide tax advice or determine your eligibility for education tax benefits. We can provide you with information about your UVM account, which you may need to determine your eligibility for tax benefits; however, any questions about your eligibility should be directed to the I.R.S. or a tax professional.
Accessing Your UVM 1098-T and Supplemental Account Information
- Beginning in early January, you may access your 1098-T, and print copies, through Vangent's online system. You will only have a 1098-T available through Vangent if your charges billed during the tax year were greater than the scholarships and grants paid to your account during the tax year. Click here to access an instructional document if this is your first-time accessing your 1098-T through the Vangent system. If you access your 1098-T in Vangent's online system, you will not be mailed a copy. You may print as many copies as you need from the Vangent system.
- Your 1098-T is accessible through the myUVM portal. Select “View 1098T” in the Student Financial Services section. Select a tax year for details.
- Tuition and payment information is available online for all students through the myUVM portal. As detailed below, you may be eligible for tax benefits even if a 1098-T is not issued.
Understanding your 1098-T
- A 1098-T is issued when a student's eligible charges from the calendar year exceed the grants and scholarships received during that calendar year - or - if any information reported on a prior year's 1098-T has been adjusted.
- If the grants and scholarships received on your account in a calendar year exceed your eligible charges, and there have been no changes to information previously reported, a 1098-T will not be issued.
- The 1098-T does not indicate your eligibility for tax benefits.
- You may be eligible for certain tax incentives even if you are not issued a 1098-T.
- You may receive a 1098-T but not qualify for education tax benefits.
- The 1098-T provides information that you may use to determine your eligibility for tax incentives.
- For assistance in determining your eligibility for education tax benefits, consult I.R.S. Publication 970(PDF) and/or your tax preparer.
- Colleges and Universities may choose to report either "Payments received for qualified tuiton and related expenses" in Box 1 of the 1098-T - or - "Amounts billed for qualified tuition and related expenses" in Box 2 of the 1098-T. UVM reports qualified amounts billed in Box 2. As a result, nothing will be reported in Box 1 of your 1098-T. Your eligibility for tax benefits is not impacted by whether a university reports amounts paid in Box 1 or amounts billed in Box 2..
- The charges billed reported in Box 2 reflect charges for which you were billed during the calendar year - regardless of the semester to which those charges apply. UVM begins billing students for spring tuition and fees in November and December, in advance of the spring semester. If you registered for spring 2014 semester courses in November of 2013, the charges for these courses were billed in November/December of 2013 and were therefore reported on your 2013 1098-T. Since the I.R.S. operates on a calendar year, and the University operates on an academic year, many students will need both their 2013 and 2014 1098-T information in order to determine their tax benefit eligibility for their 2014 Federal Income Tax Return.
- Not all charges are considered "qualified charges" by the I.R.S. For a detailed explanation of qualified charges, see I.R.S. Publication 970(PDF).
- Your 1098-T will reflect only amounts that were billed to your UVM student account. Other charges, such as required textbook costs, may be qualified charges but are not reported on the 1098-T because they were not billed to your student account.
- Many students and families need their 1098-T information from the current and prior calendar year and records of other qualified expenses and their personal payments in order to determine their education tax benefit eligibility.
- If your 1098-T includes an adjustment to Scholarships or Grants in Box 6, please note that the adjustment will reflect on your 1098-T as a positive number although the actual adjustment is a negative.
- Staff members of Student Financial Services are available to assist you in understanding the information reported on your 1098-T but cannot provide tax advice or determine your education tax benefit eligibility.
Last modified January 12 2015 09:14 AM