Form 1098-T (Tuition Payments Statement) is the information that colleges and universities are required to issue for the purpose of determining a student’s eligibility for the American Opportunity and Lifetime Learning education tax credits. The 1098-T form can be kept with your records and does not need to be sent to the IRS with your income tax return since AUM sends your 1098-T information to the IRS.
The information on this page is general information. AUM does not assist in tax preparation and cannot answer specific tax questions. For tax specific questions, please contact the Internal Revenue Service or a qualified tax advisor for further assistance.
There are two options to receive the 1098-T form. Students can opt in to receive the 1098-T form electronically or they can have a paper copy mailed to the students’ mailing address listed in Webster. If a student chooses to receive the 1098-T electronically, a paper copy will not be mailed. The 2014 1098-T form will be made available by January 31, 2015.
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Students have until December 31st to opt in to receive the 1098-T form electronically for the current year. The option to opt in will be made available again for the new year on April 1st. Below are the instructions to receive a paperless 1098-T form:
Box 1- The IRS has given universities an option for reporting qualified tuition and related expenses. That option is to report payments received from students in box 1 or amounts billed students in box 2, but not both. AUM has opted to report amounts billed which is why box 1 is blank. This reporting method must be applied universally and cannot be adjusted on an individual basis.
Box 2- Amounts billed to the students’ accounts from January 1 to December 31 of the current year for qualified tuition and related expenses* are included in box 2. Therefore, if a student registers for his/her Spring semester courses in November or December, those fees will be included in box 2 on the current year 1098-T form. If the student registers for his/her Spring semester courses in January, those fees will be included in box 2 on next year’s 1098-T form.
Box 4- The amount reported in box 4 represents a reduction in tuition billed during a previous calendar year. For example, if you were billed for Spring semester classes in December 2012, those fees were included in box 2 on the 2012 1098-T form. However, if you withdrew from any of your Spring semester classes in January 2013, those fees are included on box 4 of the 2013 1098-T form to report the decrease in billed tuition due to the withdrawal.
Box 5- The amount reported in box 5 includes scholarships and grants processed by AUM during the calendar year. Also included in box 5 are payments made by third parties who are under a formal billing arrangement with the University. Beginning with the 2011 tax year, Post 9/11 GI Bill® benefits received are included in box 5. Box 5 amount does not include Florida Prepaid, Alabama PACT, federal work study, nor any employee tuition reimbursement.
Box 6- The amount reported in box 6 are adjustments made to scholarships and grants that were reported in box 5 on a previous year 1098-T form.
Box 7- If checked, box 7 indicates that box 2 includes amounts for an academic term beginning in the next calendar year. For example, if a student registers for the Spring semester in November or December, this box will be checked.
Box 8- A check in this box indicates that you are or have been enrolled at AUM at least half-time for at least one semester during the calendar year.
