Educational Tax Benefits
A tax credit directly reduces the amount of federal tax. A tax deduction is subtracted before calculating taxable income.
No, you cannot claim a credit for tuition and required fees if paid for with a tax-free scholarship.
Yes, they qualify if you must repay the loan. The credit is claimed in the calendar year in which the expenses are paid, not the year in which the loan is paid.
For additional information regarding educational credits, deductions, and benefits, see Tax Information for Parents and Students.
Michigan Tech is required by IRS Section 1.65050S-1 to send Form 1098-T to students who were enrolled in courses for the calendar year and who had qualified tuition and required fees billed during the calendar year. The form is used to assist the IRS and students in determining eligibility for education-related benefits.
You should receive a 1098-T form if you were enrolled in courses for the calendar year, had qualified tuition and required fees billed more than scholarships administered, and are a US citizen.
Michigan Tech provides the tax form 1098-T to eligible students through the Tax Notification (1098-T) link found under the Student Records tab in banweb by Jan. 31. Previous years' 1098-T forms can be found there as well.
If you have not opted to receive the form electronically, Michigan Tech will mail the 1098-T form to your current home/permanent address listed in MyMichiganTech by January 31.
Your current permanent mailing address may be changed in banweb.
You may access all the transactions on your tuition account in banweb by selecting "Payments/Confirm Enrollment," then "Student Account Detail."
Here are the possible reasons:
- You did not have any billed eligible tuition and required fees for the calendar year (tuition, course related fees, student activity fees, and experience tech fees). Michigan Tech bills for the Spring semester in November of the prior year. Therefore, if you were only enrolled during the Spring semester, the amounts were actually billed in the prior year.
- It may have been mailed to an old address.
- You are a nonresident alien and therefore not eligible for the benefits.
- You received grants, scholarships, etc. that exceeded the amounts billed for eligible tuition and required fees and therefore are not eligible.
- You may have opted to receive the form electronically.
- No payments were made during the calendar year.
You may contact the Financial Services and Operations Accounts Receivable department if your social security number or any other information is incorrect.
Due to federal regulations on privacy rights for individuals, the University is only authorized to provide 1098-T information to students, unless the student has authorized the release of this information via Guest Access in banweb/MyMichiganTech.
The 1098-T may be printed from banweb under Student Services, which is accessed with your ISO user ID and password. Choose "Students," "Student Records," "Tax Notification (1098-T)."If you need to review more than one year's 1098-T you will need to return to the "Students" menu and select the appropriate year.
No. The 1098-T is an information report. You should keep it with your other tax information, along with copies and receipts of charges and payments for each semester.
Colleges and universities are required to provide the IRS with the same information that is reported on your IRS Form 1098-T.
Not necessarily. There are many eligibility requirements and restrictions with these education benefits. The tax benefits are based on the amount of eligible tuition and required fees paid during a particular calendar year out of your own pocket (loans count as out of pocket). Michigan Tech is unable to provide tax advice regarding how to use Form 1098-T when filing your tax return. You should consult your tax professional to determine whether you meet all the criteria for these benefits and the eligible amount. You may refer to IRS Publication 970 for additional information.
Michigan Tech is required to file information regarding qualified tuition and required fees and scholarships on Form 1098-T, and the IRS requires us to furnish the SSN if available.
Without your SSN, Michigan Tech cannot properly report your qualified tuition and required fees to the IRS.
Refer to IRS Publication 970—Tax Benefits for Higher Education for further information about these topics. Additional information may also be found on the IRS website.
Tax forms and publications may be ordered by calling the IRS at 800-829-3676. Questions may be directed to the IRS by calling 800-829-1040.