Tax Credits for Higher Education
The University of Arkansas' sole responsibility regarding the 1098-T form is to furnish it to students incurring
tuition and related expenses. The University is not responsible for, and is prohibited by law, from giving tax advice.
Taxpayers should contact their tax advisor or the Internal Revenue Service for guidance. Please note that the 1098-T form is an informational tax form only. It may not be able to be used as a “plug and play”
form like the W-2 or 1099 tax forms.
IRS Form 1098-T (Tuition Payment Statement)
IRS Form 1098-T is a tuition payment statement that may assist taxpayers
in calculating any education tax credit for which they may be eligible.
The 1098-T contains the filer's (University of Arkansas at Fayetteville) address,
Federal Tax ID number and contact information, along with the student's name, address, truncated social security number,
and enrollment status. More importantly, the 1098-T contains the amount paid toward qualified tuition
and related expenses (QTRE) to the University during the calendar year and the amount of any scholarships
or grants received by the student during the calendar year. It also contains any adjustments to these amounts from a prior year.
Qualified tuition and related expenses (QTRE) are defined by the IRS as "tuition and fees
required for enrollment or attendance." In general, not all charges incurred during
a calendar year will meet IRS requirements--which is why the figure in Box 1 will probably
not match the total amount you paid for the calendar year. Some University charges that the IRS
considers non-qualified are listed in the table below.
To get a copy of your current 1098-T,
log into
Workday
and navigate to the Financials Hub in your Menu. Click on the last icon with the title of Statements and Documents. Select “View my 1098-T” to find a copy.
1098-T FAQS
|
Non-Qualified Expenses
|
| Why did I receive this form? |
Treasurer's Office 479-575-5651 |
As an eligible educational institution, the University is required by law to
provide Form 1098-T to students who were enrolled in courses at the University
during the calendar year. It may be used in calculating any education tax credit
for which you may be eligible.
Where can I find my payment history?
Payment history is available through
Workday.
Find the Financials Hub in your Menu and click on the second icon for “View Account Activity”.
What should I do with this form?
If you are listed as a dependent on another taxpayer's return, your 1098-T
should be given to the taxpayer. If no one else claims you as a dependent,
you should give the form to your tax preparer.
I do my own taxes and don't have a tax preparer. How much can I claim
on my taxes?
The University cannot provide tax advice. Whether or not you are able to take advantage
of a tax credit depends upon your individual status and circumstances--which
are known only to you. Contact the Internal Revenue Service for guidance.
I never received a 1098-T. How do I get one?
To get a copy of your current 1098-T,
log into
Workday
and navigate to the Financials Hub in your Menu. Click on the last icon with the title of "Statements and Documents". Select “View my 1098-T” to find a copy.
What information did the University send to the IRS?
Beginning in 2003, eligible educational institutions are required to provide
the IRS with the same information that is reported on your 1098-T.
|
- Bookstore Charge
- Fines
- Examination Fees
- GA Health Insurance
- Graduation Fee
- Health Center Charges
- Health Fee
- Housing Charges
- Installment Plan Charge
- International Health Insurance
|
- Late Payment Fee
- Library Charges
- NRA Scholarship Tax
- Parking
- Refund Checks Issued
- Return Check Fine Charge
- Study Abroad Program Fees
- Transit Fee
- University Withdrawal Fee
|
Additional Links...
IRS Site
IRS Forms, Instructions & Publications
Tax Information for Students
IRS Form 8863
Tax Benefits for Education