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
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.
The total amount of payments received from all sources including scholarships and grants (except for those designated for room and board) up to the amount billed for qualified expenses (tuition, course related fees, student activity fees and experience tech fees) less refunds, that were billed in 2019 and 2020, less payments reported on the 2019 1098T. All payments made, whether they be for housing or other fees, are included in this amount.
You may want to print out your "Student Account Details" found in MyMichiganTech/Banweb under "Payments/Confirm Enrollment" to see the timing of when payments and charges were applied.
Will be blank.
Will be blank.
Will include adjustments made for a prior year. Payments received. Will include reimbursements or refunds of qualified expenses made in 2020 that relate to payments received that were reported for any prior year after 2002. Amounts billed. Will include reductions in charges made for qualified expenses made during the calendar year that relate to amounts billed that were reported for any prior year after 2002.
Includes the total amount of any scholarships or grants processed during the calendar year for the payment of the student's cost of attendance less loans.
Includes any adjustments to scholarships or grants previously reported on the 1098T.
Will be checked if any payments received for qualified tuition and related expenses reported for 2020 relate to an academic period that begins in January through March of 2021.
Will be checked if you were an undergraduate student enrolled at least half time.
Will be checked if you were enrolled as a graduate student during 2020.