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 cannot provide tax advice or determine your eligibility for education tax benefits. Staff can assist you in understanding the information reported on your 1098-T, which you may need to determine your eligibility for tax benefits; however, any questions about your eligibility needs to be directed to the IRS or a tax professional.

Accessing your UVM 1098T and Supplemental Account Information

  • Beginning in early-mid January, you may access your 1098-T, and print copies, through GDIT TRA Service online system.  Students and their account and billing Proxies will be notified by email when this is available. You may print as many copies of your 1098-T as you need from this system. See below to access an instructional document if this is your first-time accessing your 1098-T online.
  • 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.
  • Paper forms will be mailed to a student's permanent address no later than January 31.

PDF icon Accessing your 1098T Online.pdf

Understanding your 1098T

  • The 1098T 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 IRS Publication 970 (PDF) and/or your tax preparer.
  • Colleges and universities may no longer choose to report "Amounts billed for qualified tuition and related expenses" in Box 2 of the 1098-T. Due to a change in federal regulations, we are now required to report the amount of "Payments received for qualified tuition and related expenses" in Box 1 of the 1098-T.
  • Not all charges are considered "qualified charges" by the IRS. For a detailed explanation of qualified charges, see IRS Publication 970 (PDF).
  • The dollar amounts reported on your Form 1098-T may assist you in completing IRS Form 8863 – the form used for calculating the education tax credits that a taxpayer may claim as part of your tax return. Many taxpayers will require additional information from their personal records in addition to Form 1098-T. Review instructions and more information about IRS Form 8863 and Education Tax Credits.
  • Your 1098-T will reflect only amounts that were paid to your UVM student account in the tax year to cover QTRE costs that were billed. 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. Payments made for amounts that were billed in a prior year will not be included in Box 1 of the 1098-T.
  • 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.

 

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.

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