Financial Services and Operations

1098-T

Michigan Tech provides the tax form 1098-T to eligible students through the Tax Notification (1098-T) link found under the Students Records tab in banweb by January 31 each year.

The Form 1098-T is NOT an income reporting document. It is an educational institution informational form, required by the IRS, that is meant to assist the student in determining whether or not they are eligible to take a federal income tax education credit such as the American Opportunity Credit or the Lifetime Learning Tax Credit. It should not be considered as tax opinion or advice. In addition to the 1098-T form, you will also need your student account history found under "Student Account Details" in banweb, and personal records such as bank statements, to assist you in completing IRS Form 8863.

For information pertaining to educational tax credits please refer to IRS Publication 970 and to IRS form 8863.

Important note:  Many tax preparers and software incorrectly use this document as an income reporting document (like a W-2). It is NOT a plug and play form. It is up to the taxpayer to decide, based on their circumstances, whether or not they are credit eligible or not. Michigan Technological University is unable to provide you with tax advice. If you have tax related questions, you should seek professional assistance from an informed tax preparer.

Listed below is a description of what is included in each box of the 1098-T form.

 

If you have additional questions about the 1098-T form, please refer to 1098-T FAQ, or IRS Publication 970.