IRS Form 1098-T
Colleges and universities use Form 1098-T to report information about tuition, fees, scholarships, and grants posted to a student's account to the Internal Revenue Service (IRS) as required by the Taxpayer Relief Act of 1997. The reported information is used to determine eligibility for educational tax credits such as the American Opportunity Credit. For more information on tax benefits for education, review Publication 970 on the IRS Web site at www.irs.gov.
In addition, NSU is required to provide each eligible student with a copy of their Form 1098-T on an annual basis. This form is informational only and serves to alert students that they may be eligible for federal income tax education credits. A copy of Form 1098-T is furnished to students every January.
Please note that the enrollment information, by itself, does not establish eligibility for either credit or deduction.
Sign up for Electronic Delivery of Form 1098-T
If you are eligible to receive IRS Form 1098-T, you may choose to receive it electronically instead of through the mail. When your tax document is ready, you will receive an email to your NSU email account containing a link for you to access your tax information via your secure SharkLink account. In order to protect your privacy, the email will not contain any information specific to you. If at any time you no longer wish to receive Form 1098-T electronically, you may withdraw your consent by submitting a request in writing to the Office of the University Bursar.
Benefits of Receiving Form 1098-T Electronically
- is faster than the traditional mailing process
- is easy and more secure
- eliminates the chance of the form getting lost, misdirected, or misplaced once received
- allows you to access your current and past year's 1098-T tax information from anywhere anytime
- is friendlier to the environment.
Frequently Asked Questions
NSU is required to provide each qualifying student with a Form 1098-T either electronically via NSU email or via paper process sent through the United States Postal Service. However, eligible students may access their 1098-T information anytime in SharkLink. (Click on the Student tab, click on 1098-T Tax Form, enter Tax Year 2012, submit, pres Tax Notification.)
You are a qualifying student if you have had financial transactions posted to your student account during a specified calendar year and you are:
- a U.S. citizen, or
- a lawful permanent resident ("green card" holder), or
- a resident alien for tax purposes, by virtue of passing the Substantial Presence Test for the year.
Otherwise, you are a nonresident alien (also known as a "foreign person") for tax purposes and therefore do not qualify for a Form 1098-T.
Like all colleges and universities, NSU is required to submit summary information from your Form 1098-T to the Internal Revenue Service (IRS). This includes only the information on the actual Form 1098-T itself, but not the specific detail from the supplemental table below your Form 1098-T. The State of Florida does not require NSU to report Form 1098-T data.
No. You are responsible for making your Form 1098-T available to your parents or tax preparer.
NSU annually furnishes Form 1098-Ts in late January for each preceding calendar year. However, students can access their 1098-T information anytime in SharkLink. (Click on the Student tab, click on 1098-T Tax Form, enter Tax Year 2012, submit, pres Tax Notification.)
If you have not completed the Electronic Signup Form, you will receive a paper copy of your Form 1098-T via the United States Postal Service. NSU encourages all eligible students to sign up for electronic delivery of Form 1098-T to expedite delivery and for easy and secure access. With the electronic process, you will receive an email to your NSU email account containing a link for you to access your tax information when your tax document is ready. In order to protect your privacy, the email will not contain any information specific to you.
No. Your consent for electronic delivery carries over to subsequent years that you are eligible to receive Form 1098-T unless you withdraw your consent by submitting a request in writing to the Office of the University Bursar.
Form 1098-T informs you that you may be eligible for federal income tax education credits. Receipt of the form does not indicate eligibility for any tax credit, nor does it contain all the information needed to claim a tax credit.
If you prepare your own tax returns, keep your Form 1098-T in a file with your other tax documents. You do not need to attach Form 1098-T to your tax returns nor are you required to claim education tax benefits. If you work with a tax preparer or consultant, be sure to submit Form 1098-T along with all other pertinent tax information.
A sample copy of Form 1098-T is available on the IRS Web site at www.irs.gov/pub/irs-pdf/f1098t.pdf. The IRS instructs institutions to report either payments received (Box 1) or amounts billed for qualified tuition and related expenses (Box 2). Once an institution has selected one of these two options, reporting methods cannot be changed without IRS permission. NSU reports amounts billed for qualified tuition and related expenses (Box 2) that were billed during the preceding year. Therefore, Box 1 will be blank.
NSU does not give any tax advice. For more information, visit the IRS Web site at www.irs.gov or consult your tax specialist.