Form 1098T FAQ
- Q1. I just received a Form 1098-T in the mail. What is this form?
A1. Universities and colleges are required to issue the Form 1098-T Tuition Statement to aid in determining a student's eligibility for the American Opportunity Credit and Lifetime Learning education tax credits. For more information on these tax credits, please refer to the IRS web site. The Form 1098-T is informational only. It is used by eligible educational institutions to report information about their students to the IRS as required by the Taxpayer Relief Act of 1997. Eligible educational institutions are required to submit the student's name, address, and taxpayer’s identification number (TIN), enrollment and academic status. Beginning with 2018, educational institutions must also report to the IRS amounts paid toward qualified tuition and related expenses, as well as scholarships and/or grants, taxable or not.
Form 1098-T is prepared each year by the end of January for those students who had reportable transactions in the preceding calendar year. It should not be considered as tax opinion or advice. Please give this form to your tax preparer to help determine if you are eligible for any tax credits.
- Q2. What am I supposed to do with the Form 1098-T?
A2. Share a copy with your tax preparer and keep a copy for your records. Since the University sends your Form 1098-T information to the IRS, there is no need to attach a copy of the form to your tax return. The information contained in the Form 1098-T will help you determine if you may claim the American Opportunity or the Lifetime Learning education tax credits.
- Q3. How do I receive a copy of Form-1098T?
A3. A copy of your Form 1098-T will be available on the Hofstra portal by January 31st if you had reportable transactions in the previous calendar year. You can also print a copy through the Hofstra Portal at my.Hofstra.edu. Simply log on to the portal and view your electronic form in the Payment Center. To view forms for tax years prior to 2015 log onto the portal, then under Student Services go to Student Accounts, then choose Tax Notification. For more detailed instructions select the link here How to Access Tax Information (1098-T).
- Q4. I cannot locate the Form 1098-T I received in the mail. What should I do?
A4. Provided that a form was issued to you, follow the instructions above for getting a copy of your Form 1098-T online via the Hofstra Portal, making sure to select the tax year of interest from the drop-down menu box. Please note, the current tax year appears in the window by default. For more detailed instructions select the link here How to Access Tax Information (1098-T)
- Q5. The Social Security (SSN) or Individual Taxpayer Identification Number (ITIN) on my Form 1098T is missing or incorrect. What should I do?
A5. Reporting to the IRS depends primarily on your SSN, so it is very important for you to have the correct information on file with the University. Please complete Form W-9S which can be printed from the link here Bursar W9S or the IRS Web site and submit Form W-9S along with a copy of your Hofstra ID to the Office of Academic Records, located in 206 Memorial Hall to ensure the data we send to the IRS is accurate.
- Q6. Why is the amount in Box 1 different from my records?
A6. Beginning with 2018 amounts paid toward qualified tuition and related expenses are reported in Box 1. For tax years prior to 2018, Box 1 will be blank for all Hofstra students. Educational institutions were required to report either the payments received for qualified tuition in Box 1 or the amounts billed for qualified tuition and related expenses in Box 2, but not both. Prior to 2018, Hofstra had chosen to report amounts billed for qualified tuition and related expenses. To review all payments and other credits applied to your account during the year, please access your account on the Hofstra Portal.
- Q7: How can I get a record of payments I made to Hofstra?
A7. You can access the payment detail of your account using the Hofstra Portal as mentioned above or you can reference your own banking records for the most complete information regarding payments you made.
- Q8: What does an amount in Box 4 mean?
A8. Box 4 - Adjustments made for a prior year shows an amount if qualified tuition and related expenses that were reported on a 1098-T for a prior year were subsequently adjusted or reduced in the current tax year.
- Q9. What does an amount in Box 5 mean?
A9. Box 5 - Scholarships or grants shows the net amount of certain forms of educational assistance that was received or applied to your student account during the tax year (January - December).
- Q10. What does an amount in Box 6 mean?
A10. Box 6 - Adjustments to Scholarships or grants for a prior year shows an amount if scholarships or grants that were reported on a 1098-T for a prior year were subsequently adjusted or reduced in the current tax year.
- Q11. What does the check mark in Box 8 mean?
A11. Box 8 - Check if at least half-time student, if checked, indicates that you were considered to be enrolled at least half-time for one or more terms during the tax year.
- Q12. What does the check mark in Box 9 mean?
A12. Box 9 - Check if graduate student…, if checked, indicates that you were enrolled in a graduate program for one or more terms during the tax year. The University checks this Box if you attended as a graduate student for any term of your enrollment during the tax year.
- Q13. Do I need to report my scholarships as taxable income?
A13. Scholarships that pay for qualified tuition and related expenses are not taxable to the student. However, if any portion of your scholarships paid for non-qualified expenses, then you may be responsible for reporting such portion as taxable income on your tax return. You should consult your tax advisor. For further guidance, please review IRS Publication 970, 'Tax Benefits for Education' at the IRS Web site.
- Q14. How are late fees reported on my Form 1098-T?
A14. Fees charged for late registration and/or late payment are non-qualified expenses, and are not reported anywhere on your Form 1098-T.
- Q15. Can I get a copy of last year's Form 1098-T?
A15. Yes, provided that a form was issued to you. Follow the instructions above for getting a copy of your Form 1098-T online via the Hofstra Portal, making sure to select the tax year of interest from the drop-down menu box. Please note, the current tax year appears in the window by default. For more detailed instructions select the link here How to Access Tax Information (1098-T)
- Q16. I graduated in May. Why didn't I receive a Form 1098-T?
A16. If you graduated in May, it is possible your Spring term charges were billed, and payments made in the prior year and included in your prior year Form 1098-T. You can view details of the amounts on your form on the Hofstra portal. If you need to access amounts paid, you can reference your own banking information or the Hofstra Portal at my.Hofstra.edu for account detail information.
- Q17. What does the check mark in Box 7 mean? Why are amounts for the January or Spring 2019 term included on the form?
A17. Included on your current year Form 1098-T may be 2019 January/Spring term payments if they were recorded on your account prior to December 31, 2018.
- Q18. How can I Opt Out of a paper 1098T Form?
A18. For more detailed instructions select the link here How to Opt Out of a Paper Form 1098T.
For additional information, please consult the following:
- IRS Web site
- Internal Revenue Service: 1-800-829-1040