1098T

Notice regarding 2014 1098Ts

Due to changes in tuition and fee billing cycles and timing, your 2014 1098T may show lower tuition and fee amounts billed than you’re used to seeing.  This is not an error.  Prior to 2014, spring tuition was billed the December before.  Effective spring 2015, spring tuition was billed in January.  Next year, your 1098T billed amounts will reflect both fall and spring semesters.  

How To Access Your 1098T

Every January the University of Colorado provides IRS Form 1098T to all students who were enrolled during the previous tax year.  The main purpose of the form 1098T is to help students determine if they are eligible to receive two tax credits:  the American Opportunity credit and the Lifetime Learning credit.   We follow Internal Revenue Code section 6050S and the corresponding regulations in reporting Form 1098T, Tuition Statement, for each year a student is enrolled in credit hours at the university.  The University of Colorado elected the reporting of Tuition Statement Box 2, amounts billed, at the inception of the Form 1098T reporting requirement and has continued to report under this allowable method.  Accordingly, as provided in regulations, the University of Colorado does not report Tuition Statement
Box 1, payments received.

It is the taxpayer’s responsibility to determine the amount of qualified tuition and fees paid, and to determine whether they are eligible for any tax credits.

To assist the student and the IRS in determining if the student qualifies for these tax credits, 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 American Opportunity credits. Please see Tax Breaks for Higher Education for credit requirements.

How To Access Your 1098T

The 1098T forms for 2014 will be available in MyCUInfo (Billing > 1098T Form) after January 31.

International students: Click here for information on filing taxes as a Non-U.S. Citizen

Resources

IRS Publication 970, Tax Benefits of Higher Education (Pub 970 for 2014 will be posted here as soon as the IRS publishes it.)

IRS Form 8863

College Tuition Tax Credits

IRS Tax Benefits for Education:  Information Center

American Opportunity Credit

For tax advice regarding your specific situation, you should contact a tax professional.
For additional information, call the IRS at 800-829-1040.