IRS form 1098-T is available each year by January 31 electronically via Wolverine Access in pdf printable format to all students who were registered for an academic term during the previous calendar year, and have either “Qualified Tuition and related expenses” or awarded scholarships and grants, or both. (Example: 2018 Form 1098-T was available by January 31, 2019.)
Due to a change in federal law, the amount of Qualified Tuition and Related Expenses (QTRE) paid to your U-M student account for the calendar year 2018 and beyond will be reported in Box 1 of the Federal Tax Form 1098-T.
This marks a change from previous years in which the Form 1098-T included the QTRE that U-M billed to your student account for the calendar year. This information appeared in Box 2 of the form.
Please note that the Form 1098-T is informational only and should not be considered tax advice. It serves as an alert that you may be eligible for federal income tax education credits. Depending on your income (or your family’s income, if you are a dependent), your enrollment status (full- or half-time), and the amount of your qualified educational expenses for the year, you may be eligible for a federal education tax credit.
It is important to note that the Form 1098-T does not include all of the information needed to claim a tax credit. The dollar amounts reported on your Form 1098-T may assist you in completing IRS Form 8863, which is used for calculating the education tax credits that a taxpayer may claim as part of a tax return. Your student account history (available in Wolverine Access) and personal records, including bank statements, may also be of assistance in calculating any eligible education tax credit.
You can find detailed information about claiming education tax credits on page nine of IRS Publication 970, Tax Benefits for Education.
Your 2019 Form 1098-T will be available to you by January 31, 2020. For more information about Form 1098-T, visit: https://www.irs.gov/pub/irs-pdf/f1098t_19.pdf.
Important Note: The University of Michigan is unable to provide you with tax advice. If you have any tax-related questions, you should seek the counsel of an informed tax preparer or adviser.