1098-T Frequently Asked Questions

1098-T Tax Form

The SWAG视频 is required to send Form 1098-T to students who paid "qualified educational expenses" during the preceding tax year. This form can be used to provide information to tax preparers on expenses paid that may allow students to claim education credits. For more information on federal Education Tax Credits, consult the IRS website, which will answer the question, "" (Information will be reported in Box 1 "Payments.") For more information, see the Frequently Asked Questions below. Contact Student Financial Services at (207) 602-2342 or sfs@une.edu if you need assistance.

faq

What is the 1098-T?
  • The Taxpayer Relief Act of 1997 established two educational tax credits, the  and the . To claim either credit, the 1098-T is provided by institutions to assist in determining if you are eligible for an education tax credit and in preparing .
  • The form is for informational purposes only and is not filed with your taxes. Receiving the form means you may be eligible for a federal income tax education credit. While it is a good starting point, the 1098-T does not necessarily contain all of the information needed to claim a tax credit. Receiving a 1098-T does not mean that you definitely qualify for a tax credit and does not require you to claim a tax credit.
What does the 1098-T form report?
  • New in 2019: The amount reported in Box 4 represents any adjustments made to qualified tuition and related expenses reported on a prior year Form 1098-T. The amount reported in Box 4 for adjustments to qualified tuition and related expenses may reduce any allowable education credit you claimed for the prior year. See IRS Form 8863 or IRS Publication 970 for more information.
  • The IRS requires that the Form 1098-T reflects the amount of qualified tuition and related expenses paid (by or on behalf of the student) versus the amount of tuition and related expenses billed. These payments are reported in Box 1 of the 1098-T, gift aid in the form of scholarships/grants is reported in Box 5, Box 2 will be blank since the IRS now prohibits institutions from reporting amounts billed.
  • Amounts on the 1098-T reflect activity during the calendar year only (not the academic year).
What are the qualified education expenses (QTRE)?
  • QTRE are tuition and fees required for enrollment as well as charges for supplies, if required to be paid to the institution.
  • QTRE are not personal or living expenses such as student health fees and room and board.
What resources are out there to help me?
  • Consult your tax professional with any questions about education tax credits.
  •  for information on the  and .
  • Education credits are claimed on . For details on these and other education-related tax breaks, see .
  • Contact Student Financial Services at (207) 602-2342 if you have a question about the amounts reported on your 1098-T.
Who will receive the form?
  • All SWAG视频 students with a reportable transaction during calendar year 2023 will be issued Form 1098-T.
  • All eligible students, regardless of whether SWAG视频 has received the Social Security Number (TIN), will receive a 1098-T. The SSN field will be left blank if you did not respond to our requests for your Social Security Number.
Who can help me prepare my tax return?

The information provided here is for general assistance related to the IRS Form 1098-T but should not be construed as tax advice. The SWAG视频 cannot provide tax assistance per the IRS. Please be sure to consult your tax professional with tax return questions.

Why didn鈥檛 I receive a 1098-T?
  • The SWAG视频 may not have had a current address for you. You can access your 1098-T via TouchNet.
  • The amount of qualified tuition and related expenses paid during the calendar year was zero.
  • There were no amounts required to be reported in any boxes of the 1098-T. If the amount in Box 5 is greater than Box 1, you will not receive a 1098-T.
Where can I find information on the payments I鈥檝e made to SWAG视频?

You can access your payment information through SWAG视频鈥檚 TouchNet billing portal.

Where can I find my 1098-T?

The 1098-T is available online. You can set a parent or guardian up as an authorized user to have access to view this form. You can view, print, and save your 1098-T at any time. All forms starting with 2020 will be available online. To view your electronic form, login to and select the 鈥淪tudent Payment Portal鈥 card. The 1098-T will be listed under Statements. If you do not opt in to receive this form electronically you will be mailed a form to the address on file.

When will my 1098-T be available?

1098-T processing will be completed by January 31, per IRS regulations.