What is Form 1098-T?
Form 1098-T is an information tax document to aid taxpayers in determining whether they are eligible to claim a tax deduction or one of the education tax credits (Hope Credit, American Opportunity, or Lifetime Learning Credit).
The IRS requires the University to issue Form 1098-T to each student by January 31. Forms are mailed to the student's permanent address on file.
The 1098-T contains important income tax information that is also furnished to the Internal Revenue Service; however, there is no need to attach Form 1098-T to your tax return.
There is also no IRS requirement that you must claim the tuition and fees deduction or an education credit.
The form indicates the amount charged by the University for qualified tuition and related expenses incurred during the 2016 calendar year.
In general, qualified tuition and related expenses are tuition and fees required for enrollment or attendance at an eligible educational institution.
Qualified tuition and related expenses do not include: insurance, student health charges, room, or board.
This form also reports the amount of scholarships or grants that you have received during the 2016 tax year.
Why is Box 1 left blank?
Because Ole Miss chooses to report qualified tuition and related expenses that were billed during the calendar year, rather than the amount that was paid, no information regarding payments made is included on the 1098-T or reported to the IRS.
If you qualify for an educational credit, you should use your personal records and student account statements to determine the amounts that you actually paid toward the charges reported on the 1098-T.
In general, qualified tuition and related expenses are considered to be billed when you register for classes.
The amount shown in Box 2, amounts billed for qualified tuition and related expenses may represent an amount other than the amount actually paid in 2016.
I graduated in spring 2016 but did not receive a Form 1098-T. Why?
Ole Miss reports transactions billed during 2016 for qualified tuition and fees and for grants and scholarships. For most students, spring 2016 qualified tuition and fees were posted in November or December 2015 and were included on the Form 1098-T for year 2015.
Why didn't I receive 1098-T?
Institutions are not required to furnish a 1098-T to non-resident aliens; to individuals whose qualified tuition and related expenses are waived or paid with scholarships; to individuals enrolled only in noncredit courses; or to those individuals whose calculations net to zero.
How can I get a copy of my 1098-T?
You can view your current or prior 1098-T forms online at any time by logging into myOleMiss and clicking on Financials, then select 1098-T.
On the next screen, select the year you would like to view in the drop down menu. You can view the Form 1098-T or a detail of the amounts included on the 1098-T by clicking on the '1098-T Worksheet Details' tab.
If you do not have access to a myOleMiss account please contact the Office of the Bursar by calling 1-800-891-4596 or visit us on campus in 202 Martindale.
Please note: The University of Mississippi does not provide tax or legal advice. The decision as to whether you qualify for an education tax credit should be determined in consultation with your personal tax advisor or the Internal Revenue Service.