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1098T Tax Reporting Information

Form 1098T is mailed to the student at their permanent address no later than January 31st and is furnished to assist you and your tax preparer in calculating any education tax credits that you may be eligible for.

You may also view your 1098T online by logging in to BannerWeb. At the main menu select *Student Services *Student Records *Tax Notification.*Enter Tax Year 2018. This information will be available in late January 2019.

Please make sure that you have provided your (student’s) correct Social Security Number to the Bursars Office for accurate 1098T reporting purposes.                                                

Important IRS Regulatory Change for 1098T Reporting                 

The Internal Revenue Service has implemented a change to the requirements that universities must follow when producing IRS tax form 1098T for the upcoming 2018 tax year. Because this may impact your decision as to when to pay your Spring 2019 tuition bill, it is important that you review the information below.

2018 1098T

(Student tuition account activity posted January 1, 2018 – December 31, 2018)

IRS regulations will require the University of Richmond (and all universities) to report the amount of paid qualified tuition and fees in Box 1. This is different because the reporting of tuition and fees billed in Box 2 will no longer be allowed. Please refer to your tuition invoices or view the tuition charges online at https://controller.richmond.edu/tuition/fees/index.html

With the Spring tuition bill due on the first Monday in December 2018, please consider the due date as well as the IRS regulatory change when determining whether to pay your Spring 2019 bill prior to or after January 1, 2019. You may want to consult with your tax advisor before making this decision or view the IRS websites below.  You may also contact the IRS Public Liaison office at 1-800-829-1040.

https://www.irs.gov/newsroom/tax-benefits-for-education-information-center

https://www.irs.gov/help/ita/am-i-eligible-to-claim-an-education-credit

The University of Richmond cannot offer any tax advice regarding 1098T forms.

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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