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Why am I receiving a form 1098-T?

IRS Form 1098-T, is entitled "Tuition Statement," and contains information to assist the IRS and you in determining if you are eligible to claim educational related tax credits such as the American Opportunity Credit and Lifetime Learning Tax Credit.

The Tax Relief Act of 1997 states that educational institutions, such as New York University, are required to file informational returns with the IRS indicating a student's enrollment, and report either amounts billed, or payments received for qualified tuition and related expenses.

The 1098-T form the student receives in the mail is the information that was sent to the IRS by New York University. The form is an informational return for your personal records,
and is not required to be submitted with your tax return.

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How do I receive a copy of Form 1098-T?

New York University will mail out Form 1098-T by January 31st, 2012.

Beginning on January 27, 2012, you can print a duplicate 1098T on the NYU eSuite via the Albert Student Center.

The fastest way to receive a duplicate:

  1. Students have a single sign-on to the NYU eSuite through the Albert Student Center via NYUHome. A student's NetID and password are required.
  2. Once in the Albert Student Center, the student clicks on the “View Bursar Account” link, located under the Finances section.  
  3. This will link the student to the secure eSuite website.
  4. After logging onto the eSuite website, students can select the “eBills” tab (at the top of the page).
  5. Once on the eBills page, scroll down to the 1098T Tax Statement section (located at the bottom half of the page), and click the blue “VIEW” link.
  6. A printable 1098-T PDF will display. (Please make sure your pop-up blocker is turned off)

If you have any questions pertaining to your 1098-T, please call the NYU Office of the Bursar Tax line at (212) 998-2877.

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What amounts are included in Box 2 "Amounts billed for qualified tuition and related expenses?"

The university is required by the IRS to either fill in the payments received (Box 1) or the amounts billed for qualified tuition and related expenses (Box 2). NYU has chosen to fill in (Box 2).

  1. Qualified tuition and related expenses are defined as tuition and certain related expenses required for enrollment or attendance at an eligible educational institution. Student-activity fees and expenses for course-related books, supplies, and equipment are included in qualified related expenses only if the fees and expenses must be paid to the institution as a condition of enrollment or attendance.

  2. Unqualified expenses include university housing, meal plans, health insurance, transportation, or other similar personal, living, or family expenses.

    See IRS publication 970 for specific examples of qualified and unqualified tuition and related expenses.

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Since I received Form 1098-T from the university, am I qualified for one of the educational tax credits?

Not necessarily. Determination of eligibility is the responsibility of the taxpayer. The university is required to file Form 1098-T with the IRS and to mail a copy to each student who was billed for qualified tuition and related expenses.

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How do I determine if I am eligible for an educational tax credit?

You or your parents may be eligible for the educational tax credits on your tax return. The Taxpayer Relief Act of 1997 created two educational tax credits for students and families, the American Opportunity Credit and the Lifetime Learning Tax Credit.

For a more detailed description you can read IRS Publication 970 which can be found on the IRS web site.

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I lost my Form 1098-T. What should I do?

The fastest way to receive a duplicate:

  1. Students have a single sign-on to the NYU eSuite through the Albert Student Center via NYUHome. A student's NetID and password are required.
  2. Once in the Albert Student Center, the student clicks on the “View Bursar Account” link, located under the Finances section.  
  3. This will link the student to the secure eSuite website.
  4. After logging onto the eSuite website, students can select the “eBills” tab (at the top of the page).
  5. Once on the eBills page, scroll down to the 1098T Tax Statement section (located at the bottom half of the page), and click the blue “VIEW” link.
  6. A printable 1098-T PDF will display. (Please make sure your pop-up blocker is turned off)

 

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Should I attach the Form 1098-T to my tax return?

The 1098-T form is an informational form for your personal records and is not required to be submitted with your tax return.

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Where can I get a list of payments made to the University?

  1. Students have a single sign-on to the NYU eSuite through the Albert Student Center via NYUHome. A student's NetID and password are required.
  2. Once in the Albert Student Center, the student clicks on the “View Bursar Account” link, located under the Finances section.  
  3. This will link the student to the secure eSuite website.
  4. Click the VIEW ACCOUNT ACTIVITY button
  5. Use the drop down box, to "View Transactions by Term" (Spring 2011, Summer 2011, Fall 2011, Spring 2012)
  6. *Spring 2012: If you were billed tuition in December 2011 for the Spring 2012 semester that begins in January 2012 (and you paid it by December 31, 2011), then you may be able to use that tuition in figuring out your 2011 credit.

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Where can I get additional information for eligibility on the various tax credits?

For additional information on the American Opportunity Credit and Lifetime Learning credit, please visit IRS Publication 970, "Tax Benefits for Education."

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Additional Information:

The web links below provide more detailed information about the Hope Tax Credit and the Lifetime Learning Tax Credit.

This information is not intended as legal or tax advice. Individuals should obtain IRS Publication 970, "Tax Benefits for Higher Education," or contact a tax practitioner about personal income tax situations.

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