The Office of Student Accounts produces the 1098Ts each year in January for the entire student population.
The tax forms are mailed and postmarked to students by January 31st. The tax forms provided include the following:
- Box 1: Starting in tax year 2018, due to IRS legislation that changed Form 1098-T reporting requirements, the University of Miami will report payments received for qualified tuition and related expenses in Box 1. Prior to 2018, IRS allowed reporting in Box 1 payments received, OR in Box 2 amounts billed for qualified tuition and related expenses. Box 2 will no longer be used and will be grayed out on the form.
- Box 2: Now no longer used, will be grayed out. Used to contain amounts billed for qualified tuition and related expenses
- Box 4: Adjustments made for a prior year
- Box 5: Scholarships or grants
- Box 6: Adjustments made to scholarships or grants for a prior year
- Box 8: Half-time status
- Box 9: Graduate student status
The University of Miami cannot provide tax advice. A tax professional should be consulted for such advice. Below is some helpful information regarding tax benefits and accessing the Form 1098-T.
Why is the 1098-T Form important to you?
The 1098-T Form helps you identify eligible college expenses for valuable education credits up to $2,500.
This form is not required to be included or returned with your tax return. In addition, receipt of the 1098-T form does not indicate eligibility for the tax credit.
What are the education tax credits?
- The AOTC, American Opportunity Tax Credit, can help pay for the first four years of college if you attend at least half-time. The credit provides up to $2,500 per student per year, or up to $10,000 over four years of education.
- The LLC, Lifetime Learning Tax Credit, can help pay for any level of college or for education courses that advance or improve your job skills. The credit provides up to $2,000 per return per year.
How do I claim one of these credits?
These tax credits are available to taxpayers who paid education expenses for themselves, their spouse or for their dependent(s). To claim a credit, you must file a Form 1040 or Form 1040-A federal tax return and complete Form 8863. Form 1098-T contains helpful information needed to complete Form 8863.
Can I still claim education tax credits if I got a Pell Grant or other scholarship?
Most likely you can. Some students may be able to increase their credit by including some of the grant money in the student’s income. Students with tuition expenses and Pell Grants or other scholarships should use the resources below to maximize their benefits.
Use the Interactive Tax Assistant tool on IRS.gov to see if you can claim the credit.
Where can I learn more about these valuable tax credits for higher education?
Everything you need is online at Education Credits.
How do I access my 1098-T?
The 1098-T tax forms are mailed and postmarked to students by January 31st. Online access is currently available for tax years 2013 - 2018, where applicable. Please contact Accounts Receivable directly if you require a copy of a prior year 1098-T tax statement.
You can view your 1098-T by clicking here.
Additional Information
Why did I not receive a 1098-T?
See exceptions listed on the IRS website providing information on Form 1098-T.
How can I get a copy of my 1098-T from a prior year?
You may access your 1098-T from a prior year in which you were eligible to receive a form online by clicking here.
Why is there nothing in Box 1 of my 1098-T?
The University of Miami reports amounts billed for qualified tuition and related expenses, which are reported in Box 2. Payments you made to the University of Miami are not reported on the Form 1098-T. Starting in tax year 2018, due to IRS legislation that changed Form 1098-T reporting requirements, University of Miami will report payments received for qualified tuition and related expenses in Box 1. Prior to 2018, IRS allowed reporting in Box 1 payments received, OR in Box 2 amounts billed for qualified tuition and related expenses. Box 2 will no longer be used and will be grayed out on the form.
How can I view my Student Account information?
To view your student account, please log into CaneLink. If you cannot view your CaneLink account using Mozilla Firefox, please use Internet Explorer or Google Chrome as your web browser.
What are qualified expenses?
See Publication 970
See Tax Benefits for Education --> Information Center
Who do I contact with questions on my 1098T Form?
If you have any questions related to your tax form 1098T, you can email MyForm1098T@miami.edu, or contact 305-284-6430 (option #5). It is important to review your Form 1098T statement and compare the Form 1098T to your CaneLink account. Some stipends or awards may be taxable and yet not reportable on Form 1098-T. Please consult your tax advisor for further details.
