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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 2019. This information will be available in late January 2020.

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

The 1098-T is provided to assist you in completing the IRS Form 8863 should you want to pursue the federal education tax credit.  Whether or not you qualify for the credit depends on many factors including income, full-time versus part-time registration, the amount of qualified educational expenses, etc.  (Detailed information for claiming education tax credits is in IRS Publication 970 for 2019).

2019 1098T

(Student tuition account activity posted January 1, 2019 – December 31, 2019)

IRS regulations require the University of Richmond (and all universities) to report the amount of payments received for qualified tuition and related expenses (less reimbursements or refunds) in Box 1. This does not include housing, meal, and miscellaneous charges. 

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