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1098-T Frequently Asked Questions

1098-T Frequently Asked Questions

What is the IRS Form 1098-T?

The Form 1098-T is a statement that colleges and universities are required to issue to certain students. It provides the total dollar amount paid by the student for what is referred to as qualified tuition and related expenses (or “QTRE”) in a single tax year. This form is informational only and should not be considered as tax opinion or advice. It serves to alert students they may be eligible for federal income tax education deductions or credits. To determine the amount of QTRE paid and the amount of scholarships and grants received, a taxpayer should use their own financial records.

When will I receive my Form 1098-T?

Your Form 1098-T will be mailed to your permanent address on or before January 31. The form is also available on your Warrior Central account.

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

There are potentially many reasons for this discrepancy. First, the amount in Box 1 only represents amounts paid for qualified tuition and related expenses (QTRE) and does not include payments made for room and board which, though important, are not considered mandatory education expenses for tax purposes. Secondly, Form 1098-T reports amounts that the student paid in a certain year, and the pay date does not necessarily correspond to the dates that the classes were attended. The best and most accurate source of information about the amounts that you paid for qualified tuition and related expenses will be your Statement of Account.

Why is a payment I made in 2021 not included on the 2021 1098-T?

Our campus is closed from December 23rd to January 5th. Any cash or check payment made during that time is recorded on January 6th. Electronic payments through Nelnet are recorded on the date the payment is processed.

Does the 1098-T include charges for books?

No, Midland University does not include amounts paid for books in Box 2 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?

Box 1 of Form 1098-T reflects payments made during the calendar year for qualified tuition and related expenses and it is not based on when the classes were attended or billed to the student account. Your Statement of Account 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 of Account in your Warrior Central Account.

How do I prepare my tax returns without a Form 1098-T?

Form 1098-T reports payments received from the student for qualified tuition and related expenses (Box 1) during the preceding calendar year.  However, if the student receives scholarships, grants and/or fellowships in the preceding year in excess of the amounts they paid in QTRE, Midland University is not required to issue a Form 1098-T to the student. When determining your eligibility for education related tax credits and deductions, you will need to report the amount you paid for qualified education and related expenses.  Therefore, your Statement of Account will be the best and most accurate source of information for amounts paid for qualified education and related expenses. This is true regardless of whether you receive a Form 1098-T or not.

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

The university in 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.
Why isn’t Box 2 filled out on my Form 1098-T when it has been in prior year?

In years prior to 2018, Form 1098-T included a dollar amount in Box 2 that represented the qualified tuition and related expenses (QTRE) Midland University billed to your student account for the calendar (tax) year. Due to a change to institutional reporting requirements under federal law, beginning with tax year 2018, Midland University must report in Box 1 the amount of QTRE you paid during the year.

I can’t get access to my Form 1098-T because I have graduated and have forgotten my access information.

Please contact the help desk at (402) 941-6270 or email helpdesk@midlandu.edu for assistance.

Will Midland University answer tax-related questions?

We are unable to provide tax advice. You should refer all tax-related questions to your tax advisor. For guidance you may want to consider IRS Publication 970 in addition to choosing a Tax Professional.

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