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 Maximus 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.

Accessing your 1098-T Online (PDF)

Understanding your 1098-T

  • Box 1of the 1098-T reports the total payments received in the tax year to pay qualified tuition and related expenses as defined by the IRS. The amount reported on your 1098-T may not match your own payment records because not all expenses are considered qualified. For example, expenses for housing and meals are not qualified education expenses. Other charges, such as required textbook costs, may be qualified charges but are not reported on the 1098-T because they are not billed to your student account. For a detailed explanation of qualified charges, see IRS Publication 970 (PDF).
  • Box 5 of the 1098-T reports total grants and scholarship credits to the student's account in the tax year. This includes scholarships that pay non-qualified expenses as explained above, so the amount in Box 5 may exceed Box 1. This may included taxable scholarship income under IRS rules, but that is not always the case. Research IRS publications and consult a qualified tax professional for advice regarding completion of your personal tax return.
  • For 2020, the IRS has ruled that the pandemic relief funds authorized under the Federal CARES Act are excluded from reporting on the 1098-T. If you received a CARES Act Grant through UVM, it will not appear on your 1098-T in either Box 1 or Box 5.
  • 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 IRS Publication 970 (PDF) and/or your tax preparer.
  • 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.

 

Questions you may have about your 1098-T

Why didn't I receive a 1098-T?

  • We provide a 1098-T to all students who are US citizens or permanent residents if they have qualifying transactions within the tax year and if we have a current mailing address on file.
  • Statements are not provided for international students who are non-resident aliens since these individuals are not eligible to apply for federal education tax credits.
  • Only payment activity for qualified educational expenses within the tax year are reported on the 1098-T. A statement will not be issued if there are no qualifying transactions. For example, if tuition and fees for last spring were charged and paid for this past December and no subsequent activity occurred in the tax year, a 1098-T will not be issued.
  • We are unable to generate a 1098-T statement without a valid mailing address. If you believe you should have received a 1098-T based on the information above, but you have not maintained current contact information since leaving UVM, this is likely why you did not receive a 1098-T. Please email us with a current address and request that we provide a 1098-T for the appropriate tax year.

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.

 

How are pandemic-related emergency financial aid grants reported?

Emergency financial aid grants awarded because of an event related to the COVID-19 pandemic are not included in a student's gross income (and are not taxable). Students should not reduce an amount of qualified tuition and related expenses by the amount awarded in the emergency financial aid grant. If students used any portion of the grant to pay for qualified tuition and related expenses in 2020, they may be eligible to claim a tuition and fees deduction or the American opportunity Credit or Lifetime Learning Credit on their 2020 tax return. Learn more from the IRS about the reporting of emergency financial aid grants.

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