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Wondering why you received a 1098-T form? Here you will find helpful information and appropriate resources to help guide you through the 1098-T process.
If you have specific questions regarding your personal tax filing and the 1098-T, contact your tax professional.
What is Form 1098-T?
A: Form 1098-T is a tax form GMercyU is required to file with the IRS and send to each student. The form provides information that helps you to determine your eligibility for a tax benefit from either the Hope Scholarship Credit or the Lifetime Learning Credit.
Will I get a form 1098-T from Gwynedd Mercy University?
A: You should receive a 1098-T Form if you were a student taking any course(s) for credit during the semesters of Spring 2017, Summer 2017 or Fall 2017. You will also receive a 1098-T Form if you were charged for any course(s) for Spring Semester 2018 prior to December 31, 2017. You will not receive a 1098-T Form if tuition and expenses are paid entirely with scholarships and grants.
Gwynedd Mercy University generates 1098-T forms based on the amounts billed for qualified tuition and related expenses that occurred between January 1 and December 31.
For example: If you registered for the spring semester between these dates, the amounts billed for tuition and qualified expenses will appear on this year's 1098-T. Grants and Scholarships applied to your account after December 31 will appear on next year’s 1098-T. Again, only those charges that are 1098-T eligible as well as grants and scholarships that were posted to your account between January 1 and December 31 will appear on this year's 1098-T.
When will I receive my 1098-T Form?
A: GMercyU’s 1098-T processing vendor will mail your 1098-T Form by January 31 or you can sign up for an electronic copy. Once signed up you will receive notification when the form is available for download. If you need a replacement copy for tax years 2011 through 2016 email firstname.lastname@example.org. Please include the tax year, your full name, date of birth and last 4 numbers of your social security number.
BONUS FEATURE: You can sign up now to automatically receive next year's 1098-T form electronically here. Follow the step-by-step instructions on the web form. Once GMercyU creates the form you will receive an e-mail that the form is available and you can print a copy for yourself, your parents and your tax advisor anytime you choose, and as often as needed.
To what address will my 1098-T Form be mailed?
A: GMercyU will mail your 1098-T Form to your home address as listed in the GMecyU’s records as of the January date the forms are prepared. Please make sure your address has been updated if you have recently moved.
Why is there no amount in box for “Payments received"?
A: Educational institutions have the option of reporting either an amount in Box 1 “Payments received” or Box 2 “Amounts billed for qualified tuition and related expenses.” Gwynedd Mercy University has chosen the option to report an amount in Box 2. Information about your payments can be found at the www.irs.gov.
Where can I get additional information about whether I'm eligible for any tax benefits?
A: Gwynedd Mercy University cannot determine if you are eligible for either of the available tax credits or the amount of credit for which you may qualify. Please consult your tax advisor or IRS Publication 970, Tax Benefits for Higher Education, for more information. This publication may be downloaded and printed from www.irs.gov. The IRS offers free forms, publications, and other information at each local IRS office and by calling 1-800-TAX-FORM.
Qualified tuition and related expenses are considered the required student enrollment tuition and fees. Personal expenses such as room and board, student health insurance, medical expenses, and transportation are not considered qualified expenses even if the payment of such fees is required for enrollment purposes.
Per IRS instructions for 1098-T Form, educational institutions do not have to file form 1098-T if qualified tuition and expenses (box 2) are entirely waived or paid entirely with scholarships and grants (box 5). Remember, calculations are based on the entry date of the charges for your qualified tuition and expenses as well as the entry date of the posting of your scholarship or grant. These can easily occur in two separate tax years.
Note: Student loans do not appear on your 1098-T.
Please contact your tax consultant for further clarification of qualified expenses.