Form 1098-T, TUITION STATEMENT

The University will be mailing to eligible students their IRS Form 1098-T, Tuition Statement by January 31st. The form is mailed to a student’s “permanent address” as indicated in Banner.  You may also access your 1098-T by logging on to the MAXIMUS TRA SERVICES secure website at https://tra.maximus.com.  If you are a first time user, click on "First Time Students" and follow the instructions.  For TRA website assistance, you may call the Maximus TRA Services Help Desk at (800) 223-0043, available from 10:00 AM to 8:00 PM (Eastern Time) Monday through Friday.

This form is intended to alert students that they may be eligible to claim education tax benefits/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 benefit/credit.  Claiming education tax benefits is a voluntary decision for those who may qualify. Determination of eligibility for an educational tax credit is the responsibility of the taxpayer.

This information is not intended as legal or tax advice. Individuals should review IRS Publication 970 "Tax Benefits for Higher Education" or contact the IRS or a tax practitioner about personal income tax situations.

1098-T Frequently Asked Questions

What information is reported?

On the 1098-T, Yeshiva University reports the following student information to the IRS:

  • student’s name and permanent address
  • taxpayer identification number
  • dollar amount of eligible payments toward qualified transactions
  • dollar amount of financial aid credited to your account
  • adjustments to transactions reported in prior years
  • whether you were a graduate student during the calendar year
  • whether you were at least a half-time student during the calendar year
  • whether any payment amounts reported pertain to courses beginning in the first quarter of the coming year

YU is required to report all qualified transactions in the calendar year they posted to your account, regardless of the academic period to which they belong. The university cannot modify the reporting method. Use your personal records and student account statements to determine the amounts you actually paid toward the charges reported on the 1098-T.

Why did I receive a W9S requesting my Taxpayer Identification Number?

The IRS requires the university to request your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) annually if it is not recorded on your student account.
You can fax the form to 212-960-0037.
You can also mail it to:
Yeshiva University, OSF
Furst Hall, 500 W 185th Street, 121
New York, NY 10033

If you received a 1098-T prior to our receiving your W9S, you can go to https://tra.maximus.com to print out a revised copy.

How do I read my Form 1098-T?

Box 1

Beginning with calendar year 2018, IRS regulations require schools to report in Box 1 amounts paid during the calendar year for “qualified tuition and related expenses” (QTRE) that were incurred during the calendar year. This reflects payments received for qualified expenses (generally tuition and required fees) from all sources (including loans, scholarships, cash/check/credit card payments, 529 plan payments) during the 2020 calendar year. Box 1 does not include payments for room and board, health insurance, graduation fees, etc.  This amount is not reduced by scholarships and grants reported in Box 5.  Additional information regarding what qualifies as QTRE can be found on the IRS website.

Box 2 and 3

Reserved by the IRS.

Box 4

Shows adjustments made to qualified tuition and related expenses that were reported in a prior year Form 1098-T.  For example, refunds or reimbursements made in 2020 that relate to payments received and reported to the IRS on a Form 1098-T in a prior year.  This amount may reduce a tax benefit that you claimed in a prior year.  Please consult your tax preparer or the IRS.

Box 5

Shows total scholarships and grants posted to the student account in calendar year 2020.  This may affect the amount of an education tax benefit claimed for the year.

Box 6

Shows adjustments to scholarships and grants made during the 2020 calendar year that related to amounts reported on a prior year’s 1098-T.   This may affect the amount of an education tax benefit claimed for a prior year,  Please consult with your tax preparer or the IRS.

Box 7

Shows whether a portion of the Box 1 reported 2020 payments relate to an academic period that begins in January through March of 2021.

Box 8

Shows whether the student was at least a half-time undergraduate student during any semester that began in 2020.  

Box 9

Shows whether the student was enrolled in a program or programs leading to a graduate-level degree, graduate-level certificate, or other recognized graduate-level educational credential.

Why was I not issued a 1098-T?

YU is not required to report 1098-Ts for non-credit programs or for non-resident alien students.

Why don’t the numbers on my Form 1098-T equal the amounts I paid to Yeshiva University during the year?

A: There are potentially many reasons for this discrepancy. First, the amount in Box 1 includes payments received from all sources, including financial aid and third-party sponsors.  Second, Box 1 only represents amounts paid for qualified tuition and related expenses (QTRE) that were incurred during the calendar year and does not include payments made for room and board, insurance, health service fees, or parking which, though important, are not considered mandatory education expenses for tax purposes.  Finally, Form 1098-T reports amounts that the student paid in a certain calendar year, and the pay date does not necessarily correspond to the dates that the classes were attended. For example, tuition for the Spring semester is typically billed in December so a student may have paid tuition for the 2020 Spring semester in 2019 despite the fact that classes didn’t start until 2020. The best and most accurate source of information about the amounts that you paid for qualified tuition and related expenses will be your account summary - go to https://insidetrack.yu.edu. Your Statement and Payment History will be under Student Accounts > Account Summary by Term.

Does the 1098-T include charges for books?

A: No, amounts paid for books are not included in Box 1 of Form 1098-T.  You should consult with your tax advisor to determine if payments for books, equipment or fees should be considered when preparing your income tax returns and determining eligibility for education tax credits or deductions.

What semesters are included in my Form 1098-T?

A: Typically, charges are posted to your student account in the prior December for the Spring semester and in July for the Fall semester.  Box 1 of Form 1098-T reflects payments made during the calendar year for qualified tuition and related expenses that were incurred during the calendar year and it is not based on when the classes were attended or billed to the student account. Your Statement and Payment History in https://insidetrack.yu.edu will show the dates payments were posted to your account and are a valuable resource for determining the semesters that are included in your Form 1098-T. You can access your Statement and Payment History in https://insidetrack.yu.edu via Student Accounts - Account Summary by Term

I graduated in May of 2020, will I receive a Form 1098-T for 2020?

Some May 2020 graduates will not be issued a 2020 Form 1098-T because there is a possibility that payments for QTRE for Spring 2020 were made on or before December 31, 2019. If a student paid for the Spring 2020 semester and any other outstanding QTRE charges in calendar year 2019, then the student would not receive a 2020 Form 1098-T.

I am a graduate student and I received fellowships or stipends.  Is my fellowship reported on my Form 1098-T?

A: Fellowships/stipends/housing grants or living allowances posted directly to your student account and for which you did not receive a cash/check payment, are considered financial aid and will be reported in Box 5 as scholarships or grants.  For any fellowships, stipends, or grants received by check/cash, you will receive a year-end tax letter from Yeshiva’s Tax Office explaining the general tax treatment of such payments. The amounts reported in these letters are in addition to the amounts reported in Box 5 of your Form 1098-T.  Please consult your tax advisor regarding the tax treatments of these items as they may be constitute taxable income to you depending on your circumstances.

Do I need to report my scholarships as taxable income?

Scholarships that pay for qualified tuition and related expenses are generally not taxable to the student. However, if any portion of your scholarships paid for non-qualified expenses, for example room and  board, then you may be responsible for reporting such portion as taxable income on your tax return.  You should consult your tax advisor. For further guidance, please review IRS Publication 970 "Tax Benefits for Higher Education" at the IRS Web site.

What if the amount in Box 5 exceeds Box 1 and my tax software is counting it as income?

The 1098-T form is not meant to be an indicator of income. The form is an informational return for your personal records, and is not required to be submitted with your tax return. IRS Form 1098-T contains information to assist the IRS and you in determining if you are eligible to claim educational related tax credits such as the American Opportunity Credit and Lifetime Learning Tax Credit.
Form 1098-T does not indicate whether you received a taxable scholarship or fellowship. It is the sole responsibility of the student to report and pay taxes on the taxable portion of any scholarship, fellowship, or grant that is received. This is not the responsibility of the University. For example, you may need to report taxable income if the total amount of your grants or scholarships received during the year exceeded the amount you paid for qualified education expenses in that year. Please refer to IRS Publication 970 and consult with your tax preparer if you have additional questions regarding how the 1098-T relates to your specific tax preparation

I received a CARES Act Student Emergency Financial Grant. Is that grant taxable and/or reportable on Form 1098-T?

In accordance with IRS guidance, CARES Act student emergency financial aid grants are treated as nontaxable disaster relief payments and are not reported on Form 1098-T. Please see the IRS website for more details. https://www.irs.gov/newsroom/faqs-higher-education-emergency-relief-fun…

The Social Security (SSN) or Individual Taxpayer Identification Number (ITIN) on my Form 1098T is missing or incorrect. What should I do?

Reporting to the IRS depends primarily on your SSN or ITIN, so it is very important for you to have the correct information on file with the University. If your SSN or ITIN is missing or incorrect, please ASAP complete Part I of Form W-9S, which can be printed from the link here and submit it to the Office of Student Accounts to ensure the data we send to the IRS is accurate.  You may have also received an email from Maximus TRE Services requesting that you complete a Form W-9S.
You can fax the form to 212-960-0037.
Or mail it to:
Yeshiva University, OSF
Furst Hall, 500 W 185th Street, 121
New York, NY 10033

My accountant says that the University must provide me with a form 1098-T.

The University is not required, by the IRS, to furnish a Form 1098-T in the following instances:

  • Payments for courses for which no academic credit is offered, even if the student is otherwise enrolled in a degree program.
  • Enrolled student is a nonresident alien, unless requested by the student.
  • Students whose qualified tuition and related expenses are entirely waived or paid entirely with grants/scholarships.
  • Students for whom you do not maintain a separate financial account and whose qualified tuition and related expenses are covered by a formal billing arrangement between an institution and the student's employer or a governmental entity, such as the Department of Veterans Affairs or the Department of Defense.

 

Yeshiva University does not provide legal and/or tax advice.  The above is provided for informational purposes only.  For tax advice on your specific situation, contact the IRS or a tax professional.