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Education Tax Credits

University of Richmond 1098T Supplemental Information

The 1098T contains important income tax information that the University of Richmond furnishes to the Internal Revenue Service. Form 1098T is furnished to students to assist them and their tax preparers in:

  • Calculating any education tax credits for which a student may be eligible
  • Completing Form 8863, which attaches to the tax return

This form reports the qualified tuition and related expenses invoiced to a student by the University of Richmond during the calendar year that ends December 31, 2016. Under Internal Revenue Code Section 25A, students may be eligible to claim an education tax credit for qualified tuition and related expenses actually paid during the 2016 tax year.

Form 1098-T will be mailed to all qualifying students no later than January 31, 2017.

This form also reports the amount of scholarships or grants that the student has received during the 2016 tax year. Students may not be able to claim a tax credit for the entire amount of qualified tuition and related expenses that they paid during the year as these scholarships or grants will have reduced the amount paid.

The amount of education tax credits available to a student may be affected by these situations:

  • The amount of grants and scholarships received but not administered through the University of Richmond may reduce the amount of an allowable education tax credit for the taxable year.
  • The amount of any reductions in charges for qualified tuition and related expenses, or any reduction in the amount of scholarships or grants, reported by the University of Richmond to you may affect the amount of any allowable education tax credit for the taxable year.
  • Any reimbursements or refunds of qualified tuition and related expenses reported by an insurer may reduce the amount of any allowable education tax credit for the taxable year.

Questions Regarding Amounts

For questions regarding the amounts shown on Form 1098-T, call Student Accounts toll free at (866) 241-8893 or (804) 289-8147.

Determining Qualification

Whether a student qualifies for an education tax credit should be determined in consultation with a personal tax advisor or the Internal Revenue Service. The University of Richmond cannot make this determination for a student.

View your 1098-T

Log in to BannerWeb. At the main menu select Student Services. Select Student Records; Tax Notification. Enter Tax Year 2016. This information will be available in late January 2017.

Retrieve Payment History

Log in to BannerWeb. At the main menu select Student Services. Select Student Records; Account Summary by Term. Statements for the last 24 months are also available on QuikPAY.

Contact Student Accounts

Phone number: (804) 289-8147
Toll free: (866) 241-8893
E-mail: bursar@richmond.edu

Monday through Friday, 8:30 a.m.–5 p.m.

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