Tax Incentives for Education - Frequently Asked Questions
Disclaimer
The University of Colorado is not qualified to provide legal and/or tax advice. The information provided may or may not reflect recent revisions in IRS regulations. For tax advice on your specific situation, contact a tax professional. For additional information regarding the education tax credits you can call the IRS at 1-800-829-1040. You can also refer to IRS Form 8863 and the instruction that go with it for more information regarding how to calculate and claim the education tax credit and the loan interest deduction.
- What is Form 1098-T?
- How do I receive a copy of Form 1098-T?
- Why is box 1 blank?
- Where can I get a list of payments made to the university?
- Since I received Form 1098-T from the university, am I qualified for one of the education tax credits?
- How can I find out if I am eligible for a tax benefit?
- My Form 1098-T contains incorrect information. How can this be corrected?
- What is Form 1098-E?
- Why didn't I receive Form 1098-E?
1. What is Form 1098-T?
IRS Form 1098-T, Tuition Payment Statement, is an informational statement required by the IRS. To assist the student and the IRS in determining if the student qualifies for the Hope Scholarship credit, the university is required to indicate whether the student was enrolled at least half time for one semester during the calendar year. The IRS also requires the university to indicate if the student was enrolled exclusively in graduate level courses. If this indicator is marked, it could mean the student is not eligible for the Hope Scholarship credit. Please see Understanding the Hope Tax Credit and Understanding the Lifetime Learning Tax Credit for credit requirements.
2. How do I receive a copy of Form 1098-T?
The university must mail this form to every student by January 31, as required by the IRS. Form 1098-T is mailed to the permanent address on file with the Registrar as of December 31. You can also download a copy of the form and the detailed charges on CUConnect.
3. Why didn't CU print financial information on Form 1098-T?
The university is not required to report the amount paid. The university is required to report billed amounts only (in box 2).
4. Where can I get a list of payments made to the university?
A link to a more detailed list of financial transactions is available at Tax Incentive for Education. Students log on to CUConnect. Go to the Financial tab and click on 1098T Form and scroll down.
5. Since I received Form 1098-T from the university, am I qualified for one of the education tax credits?
Determination of eligibility is the responsibility of the taxpayer. The university is required to file Form 1098-T with the IRS and to provide Form 1098-T to each student on whose behalf payments of qualified tuition and related expenses were received.
6. How can I find out if I am eligible for a tax benefit?
Read IRS Publication 970 from the IRS web site (you must have Adobe Acrobat reader), contact the IRS at 800-829-1040, or contact a tax advisor.
7. My Form 1098-T contains incorrect information. How can this be corrected?
Call the campus you attended, explaining what information you feel is incorrect. If Form 1098-T does contain incorrect information, a corrected form will be issued.
| Boulder Campus | 303-492-5381 |
| Continuing Education Boulder | 303-492-2212 |
| Downtown Campus | 303-556-2710 |
| Colorado Springs Campus | 719-255-3391 |
| Anschutz Medical Campus | 303-724-8032 |
8. What is Form 1098-E?
Form 1098-E, Student Loan Interest Statement, is an informational statement required by the IRS to be issued by your lender or your student loan servicer. The IRS requires Form 1098-E to be postmarked by January 31 of the following calendar year.
9. Why didn't I receive Form 1098-E?
The lender or student loan servicer is only required to file Form 1098-E if the loan is within the first 60 months that interest payments are required, and if those interest payments total $600 or more for the calendar year. For more information, contact your lender or student loan servicer (1-800-848-0979).
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