Why did I receive a 1098-T?
Colleges and universities are required by U.S. law each year to provide each student who is a “US person” for tax purposes with Form 1098-T, to assist the students and their families in computing any tax credit or deduction they may be able to claim, based on amounts they have spent for education. A 1098-T is not required to be furnished if a student's qualified tuition and related expenses are entirely waived or paid entirely with scholarships or grants. If a 1098_T is generated the student will have online access through his/her Penguin Portal and will receive a paper copy in January. Receiving Form 1098-T does not necessarily indicate that you are entitled to claim any of the education-related tax credits or deductions.
What should I do with my Form 1098-T?
You should immediately give it to whoever is responsible for preparing your tax returns (typically a parent or professional tax preparer). If you prepare your own tax returns, you should keep your Form 1098-T in a file with your other tax documents. Form 1098-T should remain in your files. You do not need to attach Form 1098-T to your tax returns.
If you need additional information, please visit the University Bursar/Student Accounts website.
For more information on tax benefits for education, consult IRS Publication 970.