1098-T (Tax Form) Frequently Asked Questions

 

1.What is a Form 1098-T?

The University of Central Florida (UCF) is required to file a Form 1098-T Tuition Statement with the Internal Revenue Service for UCF students who made payments for qualified tuition and related expense during the calendar year for qualified tuition and related fees. The Form 1098-T is used to compute eligibility for education related tax credits. UCF only reports payments made for qualified tuition and related fees during the calendar year not the total amount of payments that posted to your account.

BOX 1 will include total payments made during the calendar year for Qualified Tuition & Related Expense. Payment made for tuition will include most tuition related charges on the student account except for the following:

• Transportation Access Fees
• Health Fees

Others Non Qualified Tuition and Related Expense Fees not included in box 1 are:


• Housing/Residence Hall Payments
• Application Fees
• Transcript Fees
• Diploma Fees
• Short Term Advances for Books or Textbook Purchase Program.


NOTE: Student health payments, meal plan, housing, parking, labs, and misc. fee payments are NOT included as Qualified Tuition and Related Expense payments.


BOX 2 will include always be blank.

2. When will my Form 1098-T be available?

Students who elect to receive an electronic Form 1098-T may access it via the myUCF Portal any time after January 25th (estimated date). Otherwise, a paper copy will be sent via the U.S. Postal Service no later than January 31st to the permanent mailing address.

3. HWhy did I not receive a Form 1098-T?

There are several possibilities:

• You did not enroll in courses at UCF during the January 1st through December 31st calendar year.

• You did not have any payments to report for Qualified Tuition and Related Expense.

• Your paper copy of the Form 1098-T was mailed to the mailing address on record and returned by the Postal Service.

4. How do I view, print and download my 1098-T Tuition Statement?

1) Log into the MyUCF Portal.
2) Click on Student Self Service.
3) Scroll to the Finances Section.
4) Click on 1098-T Tax Management
5) Click on the Opt-In Icon
6) Click on the View Print Form Icon
7) Click on My Tax Documents
8) Select to form to view

5. How do I consent to receive my Form 1098-T electronically?

To Opt In for electronic delivery:
1) Log into the MyUCF Portal.
2) Click on Student Self Service.
3) Scroll to the Finances Section.
4) Click on 1098-T Tax Management
5) Click on the Opt-In Icon

6. Can I get a copy of Form 1098-T for prior years?

Yes, all years which you qualified for a form will be accessible by you online when you opt in for E-delivery.

7. How do I update my permanent and mailing addresses?

Remember to keep your contact information current in the UCF portal as follows:


1. Log into the my.UCF.edu portal.
2. Under Student Self Service, select Personal Information.
3. In the Personal Information box, select Home and Mailing Addresses.
4. Select the Edit box and update your permanent and mailing address information.

8. My address has changed and is now different than the one listed on my Form 1098-T. Will this affect me?

No. The address shown on Form 1098-T is irrelevant for Internal Revenue Service income tax filing purposes. The single most important information on the form is your Social Security Number.

9. The Social Security Number (SSN) on my Form 1098-T is missing or incorrect. What should I do?

Reporting to the Internal Revenue Service depends primarily on your SSN. It is very important for you to have the correct information on file with the university.

Follow these steps to have a corrected Form 1098-T generated:

• Update your SSN with UCF Registrar's Office. Once updated notify Student Account Services.

NOTE: The university cannot advise you on your tax situation; only you and your tax professional can determine your eligibility for a credit.

FOR MORE TAX INFORMATION - consult your tax professional or refer to the following:

Internal Revenue website: http://www.irs.gov/
Telephone: 800-829-1040
TTY: 800-829-4059
Publication 970: Tax Benefits for Higher Education: http://www.irs.gov/publications/p970/index.html

Tax Benefits for Education: Information Center

Scholarships, Fellowships, Grants, and Tuition Reductions

American Opportunity Credit

Lifetime Learning Credit

Student Loan Interest Deduction

Student Loan Cancellations and Repayment Assistance

Tuition and Fees Deduction

If you have questions about the interpretation of the rules and guidelines regarding the Hope and Lifetime Learning credits, contact your tax professional.




 


 

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