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.
Michigan Tech does not include amounts paid for books or campus store inclusive access
fees in the Form 1098-T. You should consult a tax advisor to determine if payments
for books, inclusive access, equipment or fees should be considered when preparing
your tax returns and determining eligibility for education tax credits or deductions.
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.