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1098 -T forms are now available on-line
1098-T Questions and Answers
What are 1098-T forms?
The Taxpayer Relief Act of 1997 allows taxpayers to claim federal income tax educational credits for some higher education expenses.
Do all students get 1098-T forms?
No, only students who meet all of the following criteria are eligible for the 1098-T Form for tax year 2005
o FIU received payments of qualified tuition and related expenses from the student
o Student is not a non-resident alien
o Student is enrolled in classes for academic credit during 2005
o Student tuition and expenses is not entirely waived or paid in full by scholarship
o Student tuition and expenses not covered by a third party payment arrangement
When will the 1098-T forms be mailed to students?
o Starting for Tax Year 2005, the forms are not mailed to students
o FIU provides the information on the forms to students electronically on the PantherSoft Learner Services site
o FIU no longer mails forms to students on an annual basis
o The forms should be available to students on-line no later than January 31, 2008
How do students see the 1098-T information?
From PantherSoft Learner Services students should:
o Click Finances
o Click 1098-T Data
o Click Accept when the Form 1098-T Electronic Recipient Statement displays (displays the first time you log on)
o Click FIU 1098T-2005 link
o The Student 1098-T Tuition Statement displays. This page displays all the information on the 1098-T Form
o From this page, click Box 1-5 Details to see details of the information in the boxes
How do students print a replica of the 1098-T in the IRS format?
In most cases, printing the replica of the form is not necessary because all the information is already displayed. However, if desired, from PantherSoft Learner Services students should
o Click Finances
o Click 1098-T Data
o Click Accept if the Form 1098-T Electronic Recipient Statement displays
o Click FIU 1098T-2005 link
o Click and a replica of the forms displays. Students must have the latest version of Adobe Acrobat Reader to see the replicated form. A link to download the latest version is on the page
Students say they aren’t seeing a copy of the form when they click
o If the student doesn’t have the latest version of Adobe Acrobat Reader, a blank page displays
o Be sure that pop-ups are allowed on the page
o If using a computer at a place of employment, there could be corporate firewalls that prohibit this type of download at work – the student should try at home or at an FIU computer lab
o Remember, the values on the form display without having to see a replica in the IRS format
Does the student have to download the latest version of Adobe Acrobat Reader?
o No, only if the student wants to print a replica of the form in the IRS format
o The values for the boxes on the 1098-T form display and can be used for tax filing purposes, without the actual form replica printed
What does it mean if a student accepts or declines an electronic copy?
o If the student Accepts, he/she agrees to receive 2005 and future tax year forms electronically and the message doesn’t display again
o If the student Declines accepting the form electronically, he/she should contact Student Financials and request a copy. The next time the student comes to the 1098-T page, the option to accept will display again
What should the student do to correct any bad data in PantherSoft
The Registration Office makes the corrections to a student’s personal data. Students need to go to the Registration Office to fix the following:
o Bad or Invalid Social Security Number
o Bad Address
o Citizenship not indicated or not non-resident alien
Once the change has been made by Registration, the student should contact Student Financials –
What information is in the various boxes on the 1098-T Form?
Box 1 – Payments Received
o This box should be blank.
o FIU uses the Amounts Billed method of reporting – not the Payment Method
o This is consistent with the reporting method from previous years
Box 2 – Qualified Expenses (Amounts Billed)
o The amounts billed during the calendar year, less any reductions in charges made during the calendar year that relate to the amounts billed for the same calendar year
Box 3 – Adj made for prior year (Adjustments Made for a Prior Year)
o Any reduction in charges made during the calendar year that relate to amounts billed that were reported for a prior year
Box 4 – Scholarships/Grants
o Total Amount of any scholarships or grants processed during the calendar year for the payment of the student’s costs of attendance. This can include tuition waivers, but not loans
Box 5 – Adj to Scholarships & Grants for prior year (Adjustments to Scholarships or Grants for a Prior Year)
o Any reduction to the amounts of scholarships or grants that were reported for a prior year
Box 6 – Includes Future Period (Checkbox for Amounts for an Academic Period beginning in January through March 0f 2006)
o This box is checked if any amounts billed for qualified tuition and expenses reported for 2005 relate to the academic period that begins in Jan – March 2006
o For example, this could include tuition and expenses for Spring 2006 that were billed in December, 05 (student enrolled in 2005)
Box 8 – At Least Half Time Student (Check if a Least Half-Time Student)
o This box is checked if the student was at least a half-time student during the academic period that began in 2004
o A half-time student is a student enrolled for at least half the full-time academic workload for the course of study the student is pursuing
Box 9 – Graduate Student (Check if a Graduate Student)
o This box is checked if the student was a graduate student.
o The student is a graduate student if 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
Whom should the student contact about the information on the form?
o Contact the Student Financials Office by phone (305-348-2126) or via email at stufinan@fiu.edu
Whom should the student contact about how to file for tuition tax credits or to determine eligibility for tuition tax credits?
o FIU does not provide tax advise
o Contact a tax expert
o Get details about 1098-Ts from the IRS website
http://www.irs.gov/instructions/i1098et/index.html
http://www.irs.gov/pub/irs-pdf/i1098et.pdf