1098-T Tax Information
Student Finance will have 1098T forms available via the student portal at MyHSC on January 31st. Tax information for 1098T’s is limited to students with enrollment activity from January 1st through December 31st. The 1098T form indicates tuition and fees paid and financial aid disbursements for qualifying charges.
This information will be reported to the IRS and is intended to assist the taxpayer in determining any educational tax credits in preparing federal income tax returns.
Consult with the Internal Revenue Service or a tax advisor if you need additional guidance on what offsets you need to make to your qualified tuition and fees for the purposes of claiming a tax credit. Forms and information claiming education tax credits can be found on the IRS website at http://www.irs.gov/
If you have any questions concerning information provided on the 1098T please contact the following:
Tax Benefits for Education can be found at http://www.irs.gov/publications/p970/index.html– Publication 970
Purpose of 1098-T Tax Form
The 1098-T Tax Form provides information to the student about tuition and fees paid to University of North Texas Health Science Center (HSC) and Financial Aid received by the student. This information can be used by the student to potentially receive a credit on the student’s tax return or, if the student is a dependent, on the parent’s tax return. For more information, please consult IRS Publication 970.
Important Information about the 1098-T
In the past UNTHSC elected to report eligible charges billed in a calendar year on the 1098-T Tax Form. Due to the Internal Revenue Service changing the reporting requirements for schools, colleges and universities; we are changing how we report the 1098-T information. Beginning in tax year 2017, only the qualified tuition and related expenses that are actually paid will be reported in Box 1 of Form 1098-T.
1098-T Tax Forms will be available by January 31st in the calendar year following the year being reported (e.g. 1/31/21 for the 2020 tax year). When you signed your Financial Obligation Agreement, you had the option of receiving your form electronically or by mail. If you chose the electronic method, the form will be available on your MyHSC Student Center. If you chose by mail, then your 1098-T will still be available online and the paper form will be mailed out on January 31st.
All US Citizens will receive a 1098-T Tax Form. Nonresident students must have a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN) in the system in order to receive a tax form. You can verify whether you have submitted an SSN or ITIN by going to your MyHSC Student Center. If you do not have an SSN or ITIN in the system, please submit a Form W-9s to the Student Finance Office, SSC-Room 150. Please do not email it because your private information will not be protected. If you would like to fax it, please fax to 817-735-0677.
Please be aware that HSC cannot discuss your financial information with anyone else unless you give your authorization for us to do so. If you would like your spouse or your parent to discuss the 1098-T information with us, please fill out an Authorization to Release Education Records.
HSC and UNT System employees are not qualified to advise you on tax matters. Please consult IRS Publication 970 or contact your tax adviser with any questions on how you should handle the information you have received.
Frequently Asked Questions
Why did the university change reporting methods from amounts billed to amounts paid?
The IRS is requiring that all colleges and universities begin reporting qualified amounts paid for current tax year rather than qualified amounts billed. The IRS decided to make the change as many filers were inaccurately reporting amounts paid.
How will this change affect how I file for my credit?
To meet this new requirement, we have changed how we are reporting this information beginning in tax year 2017 which runs from January 1, 2017 – December 31, 2017, only the qualified tuition and related expenses actually paid in tax year 2017 will be reported on Form 1098-T in Box 1.
Will my payments made in a prior year be included in Box 1?
Payments made in a prior tax year will not be included in Box 1 of the current years 1098-T tax form.
What are qualified tuition and related expenses?
Qualified tuition and related expenses are tuition, fees, and course materials required for a student to be enrolled at or attend an eligible educational institution. Amounts paid for any course or other involving sports, games, or hobbies (unless part of your degree program or taken to acquire or improve job skills) and fees for room, board, insurance, medical expenses (including student health fees), transportation, and similar personal expenses are not considered qualified tuition and related expenses.
Where can I get a copy of my current and past 1098-T’s?
Log in to MyHSC Student Center. Under Finances select Account Balance, then select Account Services, then select the 1098T tab, and click on the desired 1098T tax year you need. You will be able to print a copy of each tax year that a form has been generated for you. To view and print the form, please make sure you have turned off your pop-up blockers.
When can I access my 1098-T form?
You will be able to access your 1098-T tax form by January 31.
What are the requirements for claiming an educational tax credit?
Please refer to the following information from the IRS
What is form W-9S? Who must complete this form?
If we do not have your social security number (SSN) or individual taxpayer identification number (ITIN) listed in our system, we will notify you to complete a W-9S. A W-9S is needed so that we are able to put your SSN or ITIN on the 1098-T form required by the IRS. Please submit the form and a copy of your SSN or ITIN to Student Accounting located at SSC-Room 150. DO NOT EMAIL THIS INFORMATION. If you would like to fax the information, please fax to 817-735-0677
Who do I contact if I have questions about the amounts filled in on the 1098-T form?
Please email us at 1098T@unthsc.edu. Be sure you include your full name and student ID with your request for additional information. The University cannot provide tax advice concerning income taxes or the applicability of claiming an educational tax credit to individual situations. Questions concerning income tax matters should be directed to a tax professional or the IRS. You may also find the following references/sources helpful: