Husker Hub Explains: 1098-T Form
Husker Hub
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06/30/2022
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In this video Husker Hub explains the 1098-T form. The 1098-T form is the Tuition Statement that UNL uses to report qualified tuition and related education expenses to you and the IRS as a tool to assist in tax preparation. Students or a parent/guardian may be able to claim these expenses as education related tax credits. This video covers how to access a 1098-T form in MyRED and how to read the form.
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- [00:00:03.420]Hi there.
- [00:00:04.253]My name's Dan
- [00:00:05.086]and I'm a Student Services Specialist in Husker Hub.
- [00:00:07.470]In Husker Hub explains video,
- [00:00:09.060]I'll be discussing how students can both obtain
- [00:00:11.550]and read their 1098T tuition statement form.
- [00:00:14.940]This document is provided to students by the University
- [00:00:17.370]of Nebraska Lincoln each year and the year proceeding
- [00:00:20.640]and academic here in which they
- [00:00:21.870]were assessed tuition and fees.
- [00:00:23.850]It is to be used to determine
- [00:00:25.020]whether a student would be qualified
- [00:00:27.030]for a certain education related tax credits.
- [00:00:29.670]And speaking of taxes,
- [00:00:31.171]I should make it known here
- [00:00:32.430]at the start that the University of Nebraska Lincoln,
- [00:00:34.530]which includes any Husker Hub student services specialist
- [00:00:36.960]or other administrative staff
- [00:00:38.392]are not qualified to provide legal and or tax advice.
- [00:00:42.000]The information provided may
- [00:00:43.590]or may not reflect recent revisions in IRS regulations,
- [00:00:47.130]for tax advice on your specific situation
- [00:00:49.440]as a student, please contact a tax professional. As well
- [00:00:52.246]for assistance with filing student tax returns
- [00:00:54.486]and appointment may be scheduled
- [00:00:56.160]with the volunteer income tax assistance program Vita here
- [00:01:00.390]on campus between late January
- [00:01:01.955]and the IRS tax filing deadline in April
- [00:01:04.438]where both US residents
- [00:01:05.910]and international students can receive tax filing assistance
- [00:01:08.820]for free. Students would need to bring
- [00:01:10.650]in proof of identification documents, all W2s
- [00:01:12.888]and other tax forms, including their 1098T.
- [00:01:16.163]To access an available student 1098T, log into Myred
- [00:01:19.725]and then navigate to the student accounts tab
- [00:01:22.650]where you would select view 1098T form
- [00:01:24.900]from the dropdown, the list of available 1098T
- [00:01:27.750]tuition statement forms will be presented.
- [00:01:30.090]You will wanna make sure
- [00:01:31.020]that you're selected the correct tax year to
- [00:01:32.940]access the 1098T.
- [00:01:34.275]And if wanting to see 1098T view detail information
- [00:01:37.920]select view details, in order to see
- [00:01:40.050]and download the 1098T PDF form itself
- [00:01:42.930]you'll wanna make sure to go
- [00:01:44.010]into your internet browser settings
- [00:01:45.840]and disable any popup blockers.
- [00:01:47.910]When selecting the specific academic year, you're looking
- [00:01:49.980]for 1098T details regarding hover
- [00:01:52.380]over the year in select view details.
- [00:01:54.270]Myred will present the options for view
- [00:01:56.813]and details for each specific box of the 1098T.
- [00:01:58.410]Box 1 holds a selected year's value
- [00:02:00.150]of payments received for qualified tuition related expenses,
- [00:02:03.000]which show in here is an example from the IRS site
- [00:02:05.580]per the IRS publication on the 1098T box 1,
- [00:02:08.568]this box will show the total amount of payments received
- [00:02:11.010]for qualified tuition and related expenses
- [00:02:13.260]from all sources during the calendar year, this amount
- [00:02:15.270]of payments received will be less any reimbursements
- [00:02:17.430]or refunds made during the calendar year that relate
- [00:02:19.620]to the payments received for qualified tuition
- [00:02:21.688]and related expenses during the same calendar year.
- [00:02:24.600]Very important to note the amount presented in box 1
- [00:02:26.910]of the 1098T is not to be reduced
- [00:02:28.980]by scholarships and grants reported in box 5.
- [00:02:31.530]This is due to the fact
- [00:02:32.400]that the box 1 amount of payments received will be absent
- [00:02:34.860]at any amounts of any non-qualified educational expenses.
- [00:02:38.310]Qualified education expenses, according to the IRS
- [00:02:40.740]or expenses for tuition and fees required to enroll
- [00:02:43.380]at or attend in eligible educational institution.
- [00:02:46.290]And also of course, related expenses
- [00:02:48.000]such as mandatory fees, books, supplies
- [00:02:50.250]and equipment that are required
- [00:02:51.450]for the courses at the eligible educational institution
- [00:02:53.670]separate from tuition fees and
- [00:02:55.080]those course related expenses are the expenses
- [00:02:56.855]that do not qualify.
- [00:02:58.920]These would be for the cost of items, such as room
- [00:03:00.840]and board travel, research, clerical help, medical
- [00:03:03.799]or health and traffic fees assessed here
- [00:03:05.760]at UNL as well as equipment
- [00:03:06.946]and other expenses that are not required for enrollment
- [00:03:10.020]in or attendance at an eligible educational institution.
- [00:03:13.800]The health and traffic fee portion
- [00:03:15.090]of UNL's university program facilities fees are not
- [00:03:17.460]qualified education expenses,
- [00:03:19.440]nor are room and board charges.
- [00:03:21.186]These expenses will still not qualify
- [00:03:23.280]even if the amounts for these charges must be paid
- [00:03:25.410]to UNL as a condition
- [00:03:26.550]of enrollment or attendance per the IRS publication.
- [00:03:29.340]These costs that are not qualified will be absent
- [00:03:31.350]from box 1 but should any undergraduate scholarships
- [00:03:33.690]or grants as well as graduate fellowships
- [00:03:35.370]be applied to those expenses that don't qualify,
- [00:03:37.367]their amounts will be included in box 5.
- [00:03:40.080]Hence why the box 1 amount will most likely be less
- [00:03:42.600]than the amount of box 5 on the form 1098T.
- [00:03:45.690]Most students' primary reason for
- [00:03:47.010]needing the 1098T document
- [00:03:48.107]during their federal tax return filing is to
- [00:03:50.610]determine figuring eligibility for
- [00:03:52.320]either the American Opportunity Credit
- [00:03:53.880]or Lifetime Learning Credit.
- [00:03:55.650]For this reason, UNL must send the form 1098T
- [00:03:58.080]to each enrolled student by January 31st of each tax year.
- [00:04:01.260]An institution will report payments received
- [00:04:03.540]in box 1 for qualified education expenses.
- [00:04:06.180]In addition, form 1098T should give other information
- [00:04:09.120]for the student's institutions such
- [00:04:10.650]as adjustments made for prior years, confirmed via box 4
- [00:04:13.260]the amount of scholarships or grants
- [00:04:15.360]from the proceeding calendar year, confirm
- [00:04:17.130]via box 5 reimbursements or refunds
- [00:04:18.635]which would be in box 6,
- [00:04:20.940]and whether the student was enrolled
- [00:04:22.140]at least halftime, box 8,
- [00:04:23.820]or was a graduate student box 9.
- [00:04:26.400]UNL may ask a student to submit
- [00:04:27.930]to Husker hub a completed form W9S, the request
- [00:04:30.960]for students or borrowers taxpayer identification number
- [00:04:33.480]and certification
- [00:04:34.680]in order to be able to process a student's form 1098T
- [00:04:37.200]with their ITIN number or social security number.
- [00:04:39.489]Here's UNL's form W9S request
- [00:04:42.360]for students taxpayer identification number,
- [00:04:44.430]Part I of the form will ask
- [00:04:45.450]for the student's name, address,
- [00:04:46.770]and either their social security number
- [00:04:48.120]our ITIN number, taxpayer identification,
- [00:04:50.820]as well as their eight digit NU ID number.
- [00:04:53.004]Part II of the form requires a student's
- [00:04:55.320]handwritten signature certifying that the number
- [00:04:57.120]of the student inputted
- [00:04:57.960]in part I is the correct taxpayer identification number
- [00:05:00.390]or social security number.
- [00:05:01.680]Should the student not be able to sign the certification
- [00:05:03.780]of their ITIN or social security number.
- [00:05:05.880]They should select the correct option out
- [00:05:07.380]of the two presented in part III
- [00:05:09.030]and then hand write their signature in and put the date
- [00:05:10.890]in the areas indicated.
- [00:05:12.150]If there's any questions pertaining to this document
- [00:05:13.920]should UNL be asking for a student to complete it
- [00:05:15.900]feel free to contact a student services specialist
- [00:05:17.880]in Husker hub.
- [00:05:18.713]We'll be happy to assist you through the process.
- [00:05:20.076]The only thing we would not be able to assist students
- [00:05:22.350]with is applying for a social security number
- [00:05:23.829]or an ID taxpayer identification number.
- [00:05:26.640]We can direct students, however, to where applying
- [00:05:28.650]for one of those can be completed.
- [00:05:30.090]On the final minutes of this video, I wanna focus back
- [00:05:32.100]to box 5 of form 1098T, as mentioned previously, box 5
- [00:05:35.543]on form 1098T reports the total amount of scholarships
- [00:05:38.400]or grants administered and processed by the office
- [00:05:40.470]of scholarships and financial aid during the calendar year.
- [00:05:42.721]The best way to confirm what is being included
- [00:05:45.030]in box 5 is to bring up the billing statement
- [00:05:46.980]for each semester of the calendar year
- [00:05:48.540]in which you're looking at the 1098T form
- [00:05:50.295]then add up any of the scholarships
- [00:05:52.290]and grants that were administered in any semester
- [00:05:54.390]you were enrolled and attended at least half time.
- [00:05:56.343]You can confirm that the scholarship grant
- [00:05:58.350]and assistance totals from each semester when
- [00:06:00.660]added together match what the totals found
- [00:06:02.610]in the view details section of box 5 in your Myred.
- [00:06:05.790]The IRS publication also states that scholarships
- [00:06:07.890]and grants generally include all payments received
- [00:06:09.690]from third parties,
- [00:06:10.740]excluding family members and loan proceeds.
- [00:06:13.290]A Pell Grant is an example of a grant administered
- [00:06:15.600]and processed by UNL, the payer, in all cases.
- [00:06:18.750]And so that Pell Grant amount would be included
- [00:06:20.700]in box 5. In closing for students who are not sure
- [00:06:23.670]whether or not they should have to file a form 1098T
- [00:06:26.130]with the IRS or furnish the statement to them.
- [00:06:29.175]Would make sure to read the information contained
- [00:06:31.650]within the 1098T forms, IRS publication.
- [00:06:35.370]You do not have to file form 1098T
- [00:06:37.260]or furnish this statement for courses
- [00:06:39.030]for which no academic credit is offered,
- [00:06:40.830]even if the student is otherwise enrolled
- [00:06:42.540]in a degree program.
- [00:06:43.620]Qualified tuition related expenses or tuition fees
- [00:06:46.487]and course materials required for the student to be enrolled
- [00:06:49.410]or attend UNL the following are not qualified tuition
- [00:06:52.410]related expenses.
- [00:06:53.370]And thank you so much for allowing me to walk you
- [00:06:55.050]through the 1098T both how to obtain
- [00:06:57.360]and read the information from the 1098T form.
- [00:07:00.510]Should you have any other further questions
- [00:07:02.130]please feel free to get
- [00:07:02.970]in touch with the student services specialist
- [00:07:04.590]via any of the contact methods shown here.
- [00:07:07.020]Also check out more of our Husker hub explains videos
- [00:07:09.600]on our Huskerhub.unl.edu website.
- [00:07:11.945]Take care.
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- Tags:
- 1098
- 1098-T
- 1098 T
- tuition statement
- taxes
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