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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                 

Spider Family:

For the 2018 tax year, due to a change in federal law, your 1098-T tax form will report information differently.  In previous years, the 1098-T included a figure in Box 2 that represented the qualified tuition and related expenses (QTRE) we invoiced to your student account for the calendar year.  This year, we will report in Box 1 the amount of QTRE you paid during the calendar year.

The 1098-T is provided to help complete 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, page 9.)

Unfortunately, University of Richmond is unable to provide individual tax advice.  Seek the counsel of an informed tax preparer or advisor with questions

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

You may want to consult with your tax advisor 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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