IRS Form 1098T Information
IRS Form 1098T is usually available the last week of January each year. The Office of Student Accounting will notify students via email when the tax form is available to view and print through your MYTSU account. To view and print your official 1098T, simply log onto your MyTSU web account > Click “Online Payments/Installment Plans” > Login to the Touchnet Payment portal > and select the appropriate tax year statement under the “Statements” section.
Due to the coronavirus pandemic, the IRS has issued new guidelines in the reporting of emergency grants awarded to students. You can review IRS 1098-T Emergency Grants, to see how TSU will be reporting emergency grants on your 1098-T and other tax implications.
Box 1. Shows the total payments received from any source (excluding exemptions) for qualified tuition and related expenses less any reimbursements or refunds made during the calendar tax year.
Box 2. Shows the total amounts billed in the tax year for qualified tuition and related expenses less any reductions in charges made during the tax year that relate to those amounts billed during 2018. (TSU will not be reporting this amount.)
Box 3. Shows whether your institution changed its method of reporting for the tax year. It has changed its method of reporting if the method (payments received) used for the current tax year is different from the reporting method used for previous tax year (amounts billed). You should be aware of this change in figuring your education credits.
Box 4. Shows any adjustment made for a prior year for qualified tuition and related expenses that were reported on a prior year Form 1098-T. This amount may reduce any allowable education credit that you claimed for the prior year (may result in an increase in tax liability for the year of the refund).
Box 5. Shows the total of all scholarships, grants, or Hazelwood benefits administered and processed by the eligible educational institution. The amount of scholarships, grants, or Hazelwood for the calendar year (including those not reported by the institution) may reduce the amount of the education credit you claim for the year.
Box 6. Shows adjustments to scholarships or grants for a prior year. This amount may affect the amount of any allowable tuition and fees deduction or education credit that you claimed for the prior year.
Box 7. Shows whether the amount in box 1 or 2 includes amounts for an academic period beginning January—March 20XX.
Box 8. Shows whether you are considered to be carrying at least one-half the normal full-time workload for your course of study at the reporting institution.
Box 9. Shows whether you are considered to be enrolled in a program leading to a graduate degree, graduate-level certificate, or other recognized graduate-level educational credential.
Box 10. Shows the total amount of reimbursements or refunds of qualified tuition and related expenses made by an insurer. The amount of reimbursements or refunds for the calendar year may reduce the amount of any education credit you can claim for the year (may result in an increase in tax liability for the year of the refund).
IRS Form 1098T is the information return that colleges and universities are required to issue for the purpose of determining a student's eligibility for Lifetime Learning education tax credits for the current tax year.