1098T Education Tax Credit
1098-T Tax Form - Frequently Asked Questions
Q: What is the 1098-T tax form?
A: The 1098-T tax form is a Tuition Statement provided by higher education institutions to all eligible students who pay tuition and fees (including non-resident tuition) during the calendar year. The 1098-T form may be used by students or parents to claim the American opportunity tax credit (formerly “Hope credit”) or Lifetime Learning Credit on their federal income tax returns.
Q: Why is Box 1 filled in on my 2020 1098-T and not Box 2? Previous year 1098-Ts had Box 2 filled in.
A: In previous years, your 1098-T included a figure in Box 2 that represented the qualified tuition and related expenses (QTRE) that we billed to your student account for the calendar tax year. Due to a change to institutional reporting requirements under federal law, beginning with tax year 2018, we will report in Box 1 the amount of QTRE you paid during the year and not in Box 2 the amount of QTRE that we billed.
Q: When will the 2020 1098-T tax form be available for eligible students?
A: Online 2020 1098-Ts will be available by January 25, 2021. Paper copies of the 2020 1098-T will be mailed to the permanent address by January 31, 2021.
Q: How do I know if I am eligible to receive a 2020 1098-T tax form?
A: Students who paid for their tuition and related fees during the 2020 calendar year (January 1, 2020 – December 31, 2020) can expect to receive a 2020 1098-T tax form.
Q: I am an international student and paid enrollment fees and non-resident tuition. Will I also receive a 1098-T tax form?
A: Beginning in 2014, international students who did not have a Social Security Number (SSN) or an Individual Tax Identification Number (ITIN) on their student record will not receive a 1098-T tax form in the mail. International students may still obtain a 2020 1098-T tax form online. Go to myBanner, enter your Network ID and Password, select Student, select Student Account, select Tax Year, select Tax Notification.
Q: I did not receive a 1098-T tax form, why not?
A: There are several reasons why a student may not receive a 1098-T tax form:
- If you attended in winter 2020 and paid your tuition and fees in November or December 2019, then your tuition and fees were included on your 2019 1098-T form.
- If you paid for your tuition and fees, but dropped all your classes and received a refund during 2020, then you would not receive a 2020 1098-T form.
- If your address on record is out of date, your 1098-T form may have been returned. Please go to myBanner to verify your address and update your contact information. Even if the paper copy went to the wrong address, you may still obtain a copy online. Go to myBanner, enter your Network ID and Password, select Student, select Student Account, select Tax Year, select Tax Notification.
- If your tuition and fee amounts consisted of only non-credit (continuing education) courses, then you would not receive a 1098-T
Q: Where can I get a duplicate copy of a previous year 1098-T tax form?
A: 1098-T Tax forms from 2008 forward may be obtained online. Go to myBanner, enter your Network ID and Password, select Student, select Student Account, select Tax Year, select Tax Notification.
Q: Why is my Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) required for the 1098-T tax form?
A: Federal regulations require students to furnish their Social Security Number (SSN) or
Individual Taxpayer Identification Number (ITIN) for federal reporting requirements. These requirements apply to any student, regardless of whether the student seeks or intends to seek the American Opportunity Tax Credit (formerly “Hope Credit”) or Lifetime Learning Credit.
A student who does not provide their SSN or ITIN upon request by the educational institution can be subject to a fine imposed by the IRS.
Q: Why is the “STUDENT’S social security number” field on my 1098-T tax form blank rather than show my Social Security Number or Individual Taxpayer Identification Number?
A: Students who did not provide their Social Security Number or Individual Taxpayer Identification Number when they applied to Grand Valley State University will show nothing in this box on the 1098-T tax form.
As mentioned above, students who do not provide their Social Security Number or Individual Taxpayer Identification Number upon request by the educational institution can be subject to a fine imposed by the IRS.
Q: How do I update my Social Security Number so that it will show up on my 1098T?
A: Students may update this information by calling the Records Office at (616) 331-3327, Monday through Friday, 8:00 am to 5:00 p.m. Alternatively, social security number information may be submitted in person at the Student Assistance Centers located at either the Allendale or Grand Rapids campus. In order to include your SSN or TIN on your 2020 1098T, we must RECEIVE it by January 15, 2020.
Q: What is Grand Valley State University’s Federal Tax ID number?
A: The Federal Tax ID number can be found on the 1098-T Tax form in the “FILER’S federal identification no.” field.
Q: How do I claim a tax credit and am I required to do this?
A: There is no IRS requirement that you must claim the Education Tax Credit. Claiming education tax benefits is a voluntary decision for those who may qualify. GVSU staff cannot determine if you qualify for a tax credit or respond to tax questions. Please contact the IRS for more information at www.irs.gov or at 1-800-829-1040 or consult your tax preparer.
Q: Why isn’t Box 8 (at least half-time status) checked on my 1098-T tax form?
A: Box 8 is checked if you were enrolled in any of the following:
- a minimum of 6 credits during Winter 2020 or
- a minimum of 6 credits during Summer 2020 or
- a minimum of 6 credits during Fall 2020
Q: I am not eligible to receive a 1098-T tax form. Can a 1098-T tax form still be produced for me?
A: Per IRS regulations, educational institutions cannot produce a 1098-T tax form for students who are not eligible to receive one.
Q: Who do I contact if I have additional questions?
A: Please send an e-mail to email@example.com include your name and G# number with your question. You will receive a response within 1-2 business days (during peak periods, the response time may be longer).
More information on the 1098-T form may also be found at www.irs.gov or by contacting the IRS at: 1-800-829-1040.