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1098-T Tax Reporting

 

There are two tax credits available to help you offset the costs of higher education by reducing the amount of your income tax; these are the American opportunity credit and the lifetime learning credit. The taxpayer will need to decide which credit they are eligible to receive.

The American opportunity credit is up to $2,500 for qualified education expenses paid for each eligible student.

  • A tax credit reduces the amount of income tax you may have to pay. Unlike a deduction, which reduces the amount of income subject to tax, a credit directly reduces the tax itself.
  • Your allowable American Opportunity Credit may be limited by the amount of your income.
  • Generally, you can claim the American Opportunity Credit if all three of the following requirements are met.
    • You pay qualified education expenses of higher education.
    • You pay the education expenses for an eligible student.
    • The eligible student is yourself, your spouse, or a dependent for which you claim an exemption on your tax return.

The Lifetime Learning Credit is based on qualified education expenses you pay for yourself, your spouse, or a dependent for which you claim an exemption on your tax return. Generally, the credit is allowed for qualified education expenses paid in the current tax year for an academic period beginning in the current tax year or in the first 3 months of the following tax year. You may claim the Lifetime Learning Credit if all three of the following requirements are met.

  • You pay qualified education expenses of higher education.
  • You pay the education expenses for an eligible student.
  • The eligible student is yourself, your spouse, or a dependent for which you claim an exemption on your tax return.

Temple University is required to provide all students with a 1098-T tax form that records certain required information.

Federal 1098-T forms are distributed by January 31 each year to students who meet the Internal Revenue Services’ reporting requirements. Students can choose electronic delivery or by mail to the student’s permanent address of record. In order to receive a 1098-T form, students must have an active permanent address to be reported to the IRS.

Currently enrolled students can access 1098-T information and transaction details at:

 www.tsc1098t.com

Enter the following information:

  • Site ID:  11432
  • Username:  Temple Student ID beginning with 9
  • Password:  last 4 digits of your SSN (unless you already logged in and changed your password)
  • Once logged in, select "View/Print My 1098-T"

Students can also access the 1098T website via TUpay.  Once logged into TUpay, select TSC1098-T from the menu and follow the instructions starting with the 2nd bullet above.

 The 1098-T form does not include information on payments made.  Please consult banking records, old bills or student account history in TUportal for payment information.

What is a 1098-T form?

The IRS requires Temple to report, both to the student and the IRS, certain summary financial information for students who meet IRS reporting criteria. This information is provided to assist students in determining their eligibility for certain educational tax credits.

This includes the following for transactions posted to student accounts in the previous tax year:

  • Tuition & qualified fees
  • Information on non-student/family payments and loans, including:
    • Temple administered grants & scholarships
    • External/private scholarships
    • Third party payments made by sponsors billed by the University on behalf of the student

The IRS requires Temple to report either:

  • Payments received for qualified tuition and fees, or
  • Transactions billed for qualified tuition and fees and university administered grants and scholarships

Temple reports transactions billed for qualified tuition and fees Temple administered grants and scholarships, no information regarding payments made is included on the 1098-T or reported to the IRS.

Receipt of a 1098-T form does not establish eligibility for certain educational tax credits. Similarly, students who do not receive a 1098-T because they do not meet the IRS’ reporting criteria should not automatically assume they are ineligible for these tax credits. Students should consult a tax advisor to determine eligibility.

What are the IRS’ reporting criteria?

The IRS requires Temple to provide 1098-T data for any student billed for qualified tuition and fees or Temple administered grants & scholarships during the current tax year. The following exceptions apply:

  • Students who are not U.S. citizens or who do not have permanent resident alien status
  • Students who receive Temple administered grants and scholarships in excess of qualified tuition and fees billed during the current tax year

Why is Box 1 left blank?

Temple reports transactions billed for qualified tuition and fees. Payment information is not included on the 1098-T or reported to the IRS.

I graduated in spring but did not receive a 1098-T form. Why?

Temple reports transactions billed during the current tax year for qualified tuition and fees and for Temple-administered grants and scholarships. For most students, qualified tuition and fees for spring were posted in November and included on the Form 1098-T for the tax year of that November.  Students should consult a tax advisor to determine eligibility if payments and qualified tuition/fees occurred in two different tax years.

Students entitled to receive a Federal 1098-T tax form for the Hope Scholarship/Lifetime Learning Credit will be notified by Temple. Once you receive notification, please sign up to receive your form electronically.

Enrolling in this service will allow quicker delivery with the ability to print multiple copies for yourself, your parents, or your tax preparer.  Once you have enrolled, you will receive an email notification when your form is available.

If you take advantage of this feature, you will have access to your tax form approximately 2-3 weeks sooner.

To enroll for this service, visit www.tsc1098t.com and enter the following information:

  • Site ID:  11432
  • Username:  Temple Student ID beginning with 9
  • Password:  last 4 digits of your SSN (unless you already logged in and changed your password).

Onced logged in, the "Consent to receive your 1098-T electronically" page will be displayed.  Please read the information thoroughly , scroll to the bottom, select "Accept Consent" and then click submit.

If you have any questions regarding this process or your 1098-T information, please contact at bursar@temple.edu or by calling (215)204-7269.