This form serves to alert students that they may be eligible for federal income tax education credits such as the American Opportunity Credit or the Lifetime Learning Tax credit. It should not be considered as tax opinion or advice. While it is a good starting point, the 1098-T, as designed and regulated by the IRS, does not contain all of the information needed to claim a tax credit. There is no IRS requirement that you must claim the tuition and fees deduction or an education credit. Claiming education tax benefits is a voluntary decision for those who may qualify.
1098T forms will be mailed to the permanent address on file by the end of January. To obtain an on-line copy of your 1098T form or to find an itemization of the box totals, go to myBanner, enter your Network ID and Password, select Student, select Student Account, select Tax Year, select Tax Notification.
You may not receive a 1098-T if you do not have a valid mailing address on file or your assessed amounts consisted of only non-credit (continuing education) courses.
Please consult with a qualified tax preparer or CPA to determine if you are eligible for a tax credit or deduction. Grand Valley State University cannot offer tax advice.
** Prior to 2018, your 1098-T included a figure in Box 2 that represented the qualified tuition and related expenses (QTRE) we billed to your student account for the calendar tax year. Due to a change to institutional reporting requirements under federal law, we now report the amount of QTRE you paid during the year in Box 1. **
Box 5 – Grants and Scholarship Reporting
Reporting an amount in Box 5 does not make it taxable. It would only be taxable on the student's tax return if they report it as taxable.
The Form 1098-T is not an income reporting document, like a W-2. It is meant to be used only as an aid to the student in determining whether they qualify for an educational credit or deduction.
Study Abroad Students
If you will be paying tuition to a university in a different country, you may not be eligible for the IRS Education Tax Credit. Your GVSU 1098T will show the amount of QTRE you paid in Box 1 and an equal amount in the Scholarship/Grants in Box 5. They will offset each other. You will need to contact the IRS or the university that is receiving your tuition payment to find out if tuition paid may qualify for the Education Tax Credit.
For more details regarding tax credits click here: