Answer: Every ISU student eligible to receive a 1098-T will have electronic access to their form or receive a paper form by January 31st. To access your 1098-T through your MyISU Portal, see the set of Online 1098-T Access questions below .
Answer: Box 1 (Payments received for qualified tuition and related expenses) is blank because ISU reports “Amounts billed” instead. The IRS provides the option for universities to report either “Payments received” in Box 1 OR “Amounts billed” in Box 2, but not both (refer to Page 14 of IRS Publication 970 for details). ISU has elected to report “Amounts billed”. However, the tax credits are based on the amount of qualified tuition and related expenses actually paid. Please refer to your Account Summary on the MyISU Portal and determine the amount of qualified tuition and related expenses that you actually paid during the calendar year when computing your credit.
Answer: Box 2 (Amounts billed for qualified tuition and related expenses) reflects the “qualified tuition and expenses” billed to your account during the tax year. “Qualified tuition and expenses”, as defined by the IRS, includes tuition and related fees that are required for enrollment or attendance by the University. Examples of those fees include the transportation fee, technology fee and lab fees. Box 2 WILL NOT include expenses billed for room and board.
Answer: Box 4 (Adjustments made for a prior year) reflects any refunds of tuition and fees billed in a previous tax year that you may have received in the current tax year. The amount in Box 4 may reduce any allowable education credit you claimed for a prior year. For more information, refer to “When Must the Credit be Repaid (Recaptured)” for the American Opportunity and Lifetime Learning credits in IRS Publication 970: Tax Benefits for Education.
Answer: Box 5 (Scholarships or grants) reflects any scholarships or grants applied to your account during the calendar year. Tax credits cannot be claimed for tuition expenses paid with tax-free funds. Credit can be claimed, however, for tuition expenses paid with loans of any type. In the case where both sources of funds are used to pay both tuition and housing expenses, all tax-free aid is presumed by the IRS to be applied to tuition expenses first. The exception to this rule would be a scholarship or grant specifically designated by the grantor to be used for housing, books or other non-tuition expenses.
Answer: Box 6 (Adjustments to scholarships or grants for a prior year) reflects any adjustments of scholarships or grants that were originally applied in a previous tax year. Adjustments of scholarships or grants shown in Box 6 could affect an education credit filed in a previous tax year. It is recommended to contact your tax preparer for advice.
Answer: If there is a check mark in Box 7, it means that Box 2 will include billed tuition and fees for an academic semester that began in the new tax year. For instance, the ISU Spring semester begins in January, but the tuition and fees for that semester are billed in December. The billing and the time of instruction take place in two different tax years. This does not occur with the Fall or Summer semesters, which are billed and take place in the same tax year.
Answer: If there is a check mark in Box 8, it means that you were considered at least a half-time student during the tax year. At ISU, “at least half-time” is considered to be 6 or more credit hours in a semester.
Answer: If you believe there is an error on your 1098-T, you can email (firstname.lastname@example.org) or call (812-237-3523 or 812-237-8701) the Office of the Controller.
Answer: You may be eligible for one of two education credits allowed by the IRS. The American Opportunity Credit is available for students for the first four years of postsecondary education. The credit provides up to $2,500 (100% of the first $2,000 in qualified tuition & related expenses, and 25% of the next $2,000). The American Opportunity Credit is calculated on eligible expenses paid during the 2011 calendar year. To be eligible for the credit, the student must be enrolled at least half time for at least one academic period at a qualified educational institution.
The Lifetime Learning Credit is a less restrictive tax credit of up to $2,000 (20% of the first $10,000 of qualified tuition and related expenses) per return (the American Opportunity Credit is per student). The Lifetime Learning Credit is also calculated on eligible expenses paid during the 2011 calendar year.
There are other provisions and requirements that should be reviewed before claiming the American Opportunity or the Lifetime Learning Credits on your tax return. ISU may not provide tax or legal advice and therefore cannot determine if you qualify for one of the credits. If you believe that you qualify for the American Opportunity or Lifetime Learning Credits, consult your tax advisor, or contact the IRS at 1-800-829-1040. For your reference, we have provided some helpful links below.
IRS Publication 970, Tax Benefits for Education, for use in preparing 2011 returns.
NACUBO’s Education Tax Credit site provides information on both tax credits, as well as information about some of the other provisions of the Taxpayer Relief Act. It also has some links to various IRS publications. See "Resources for Students" on this page. NACUBO is the National Association of College and University Business Officers.
Answer: It’s easy! Just log into your MyISU Portal, and follow the directions below:
On the left-hand side of the Homepage, click on the “My Banner Self Service Links”.
From the Main Menu, click “Finance”.
From the “Finance” menu, click “1098T Opt Out of Printed Copy”.
After reading the “Electronic 1098-T Disclosure Statement”, select that you have read and accept the acknowledgement and click “Submit”.
Once you have elected to only receive an electronic version of your 1098-T, you can go back to the Main Menu, and follow the steps below to access the form:
From the Main Menu, click “Student & Financial Aid”.
From the Student Services & Financial Aid menu, click “Student Records”.
From the Student Records menu, click “Tax Notification”.
Enter the Tax Year, and click “Submit”.
Once you’ve accessed your 1098-T, you can print it from your Portal. You can also view the details behind the numbers on your form at the bottom of the screen. Note that you are not required to submit a copy of the 1098-T with your tax return.
Answer: No, once you have elected to receive the 1098-T electronically, your election stays in effect for the remainder of your time at ISU, unless you choose to cancel it.
Answer: The forms will be available online by January 31st. You will receive email notification when your form is available.
Answer: No, online access for 1098-T forms is available to ISU students only.