Questions you may have about your 1098-T
The numbers on my 1098-T don't match my records, can I get a revised 1098-T from UVM?
No. The amounts we have reported on your 1098-T comply with IRS regulations for reporting by a higher education institution. However, these guidelines don't typically allow tax filers to directly transfer the numbers to your tax return forms. You will need to rely on your own records, and possibly the advice of a qualified tax professional, to determine how to complete your individual tax return.
My 1098-T has $0 in all of the boxes. How come you sent me a blank form?
IRS rules specify that a tax payer must receive a 1098-T in order to apply for federal education tax credits. UVM issues 1098-T's to all students that appear to have any potentially qualifying transactions. You should research on your own and consult with a qualified tax professional to determine how to complete your individual tax form.
You reported me to the IRS? Does this mean I am being taxed?
No. The purpose of the 1098-T is to assist you in determining your eligibility for education tax benefits. Students may be responsible for payment of taxes on scholarship income in some instances, but the 1098-T should not be relied upon to determine such obligations. You should research IRS rules or consult with a tax professional to determine any tax liability you may have.
I used a Nelnet Campus Commerce payment plan to pay my bill. How are my Nelnet Campus Commerce payments reported on my 1098-T?
UVM posts a credit to the student's account for the full amount of the semester's Nelnet Campus Commerce plan when you establish your plan. For 1098-T reporting purposes, the Nelnet Campus Commerce credit will be included as a payment as of the date that the credit is posted to the student account.