1098-T

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. For 2014, these federal tax benefits include the American Opportunity Credit, the Lifetime Learning Credit, and the tuition and fees deduction. Every YSU student whose student account had financial transactions post to it during the calendar year will have online access to their Form 1098-T or receive it in paper form 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 whomever 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.