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 your eligibility for education tax credits.
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 2023.
Please make sure that you have provided your (student’s) correct Social Security Number to the Bursars Office for accurate 1098T reporting purposes.
2023 1098T
(Student tuition account activity posted January 1, 2023 – December 31, 2023)
1098-T INFORMATION GUIDE BACKGROUND
The University of Richmond is required by the Internal Revenue Service (IRS) to file an annual Tuition Statement (Form 1098-T) for each student who is a US citizen or permanent resident pursuing a degree, and for whom a reportable financial transaction is made during the calendar year. This is pursuant to the 1997 Taxpayer Relief Act. Detailed information for claiming education tax credits is in IRS Publication 970. Form 8863 and instructions are available by quick links to the left.
DEFINITION AND PURPOSE OF THE 1098-T Unlike the W-2, which is an income statement, the1098-T is a Tuition Statement. Its main purpose is to be used to determine if you qualify for educational tax credits. It is not intended to reflect a statement of taxable income. The 1098-T reports on all financial transactions incurred during a calendar year, not academic year. Educational tax credits are defined as all payments received for Qualified Tuition and Related Expenses (QTRE) and are capped at the total QTRE for the tax year. They include:
- Tuition
- Graduation Fees
In order to have QTRE payments to report, there must be a tuition charge to offset the amount paid within the same calendar year.
Note: Housing, meals and other non-tuition charges on your student account are not considered QTRE.
The University of Richmond cannot provide individual tax advice. Please seek the counsel of an informed tax preparer or advisor with questions. You may also view the IRS websites below or 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
