In accordance with Internal Revenue Code Section 6050S, the University is required to file informational returns on Form 1098T with the IRS. Form 1098T is used to assist in determining student’s education tax credits.
How to Access Your 1098T Form
Information returns are not required for:
(1) Students who are enrolled only in courses for which no academic credit is offered
(2) Nonresident alien students, unless requested
(3) Students whose qualified tuition and related expenses are entirely waived or paid entirely with scholarships, fellowships, and/or grants.
IRS guidelines require institutions to report either payments received for qualified tuition and related expenses in Box 1 or amounts billed for qualified tuition and related expenses in Box 2 . The University has elected to report amounts billed for qualified tuition and related expenses in Box 2.
Also, the University is required to report all scholarships, fellowships, and grants that were administered and processed by the University in Box 5. The reporting of scholarships, fellowships, and grants on Form 1098-T does not determine the taxability of such payments. It is the student’s responsibility to determine the taxability of his/her scholarships, fellowships, and/or grants received.
For specific information about a student’s eligibility and benefits, consult a professional tax advisor.
You might find the following documents provided on the Internal Revenue Service (IRS) website useful. Please be aware that by clicking these links, you are leaving the Illinois Institute of Technology website.
Tax Information for Students
Tax Benefits for Education (pdf)
Information about the 1098-E Student Loan Interest Deduction Form