Taxes 1098-T

You may receive this form in the mail. The 1098-T form is used by eligible educational institutions to report information about their student to the IRS as required by the Taxpayer Relief Act of 1997. Eligible institutions are required to submit the student’s name, address, and tax payer’s identification number, enrollment and academic status. The form is for information only – no actions are required. It serves to alert students that they may be eligible for federal income tax education credits.

While it is a good starting point, the 1098-T, as designed and regulated by the IRS, does not contain all of the information needed to claim a tax credit. There is no IRS requirement that you must claim the tuition and fee deduction or and education credit. Claiming education tax benefits is a voluntary decision for those who may qualify (nonresident aliens do not qualify to claim this tax credit.)

UT Permian Basin is unable to provide tax advice, but should you have questions, you should seek the counsel of an informed tax preparer, advisor or the IRS at 1-800-829-1040.

For more information about Form 1098-T, visit: https://www.irs.gov/pub/irs-pdf/f1098t.pdf