1098-T | Financial Services & Operations

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.

Box 1

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 2021 and 2022, less payments reported on the 2021 1098T. All payments made, whether they be for housing or other fees, are included in this amount.

It is helpful if you refer to the "Student Account Details" link found in MyMichiganTech/Banweb under "Payments/Confirm Enrollment" to see the timing of when payments and charges were applied.

Box 2

Will be blank.

Box 3

Will be blank.

Box 4

Will include adjustments made for a prior year. Payments received. Will include reimbursements or refunds of qualified expenses made in 2022 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.

Box 5

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.

Box 6

Includes any adjustments to scholarships or grants previously reported on the 1098T.

Box 7

Will be checked if any payments received for qualified tuition and related expenses reported for 2022 relate to an academic period that begins in January through March of 2023.

Box 8

Will be checked if you were an undergraduate student enrolled at least half time.

Box 9

Will be checked if you were enrolled as a graduate student during 2022.

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