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.
The 1098T forms for 2014 will be available in MyCUInfo after January 31 to students who grant consent to receive the form electronically. Students who grant consent to receive their 1098T in MyCUInfo will NOT receive the form in the mail. For instructions on how to grant consent and access the form, please see How-To’s.
To revoke your consent, please visit the Bursar’s Office.
For students who do not want to receive the 1098T form in MyCUInfo, the forms will be mailed to home addresses at the end of January.
International students: Click here for information on filing taxes as a Non-U.S. Citizen
IRS Publication 970, Tax Benefits of Higher Education (Pub 970 for 2014 will be posted here as soon as the IRS publishes it.)
For tax advice regarding your specific situation, you should contact a tax professional.
For additional information, call the IRS at 800-829-1040.