Your 1098-T -Norwich University is required to furnish this information to you and to the Internal Revenue Service (IRS). The 1098-T does not indicate your eligibility for tax benefits.
- You may receive a 1098-T but not qualify for education tax benefits.
- The 1098-T provides information that you may use to determine your eligibility for tax incentives.
- For assistance in determining your eligibility for education tax benefits, consult IRS Publication 970 or consult with a tax advisor.
The dollar amounts reported on your Form 1098-T may assist you in completing IRS Form 8863 – the form used for calculating the education tax credits that a tax payer may claim as part of your tax return. Many taxpayers will require additional information from their personal records in addition to Form 1098-T. Review instructions and more information about IRS Form 8863 and Education TAX Credits.
Visit the IRS website: https://www.irs.gov. In the search box, enter “Publication 970.” Referenced in that document is “Form 8863.” This is the form used to determine eligibility for the tax credits. Be sure to review the version of this document for the 2018 tax year.
Norwich University is unable to provide individual tax advice and nothing in this document should be construed as tax advice.
Accessing your 1098-T:
- Paper forms will be in the mail to the student’s permanent address no later than January 31.
- If you opted to receive electronically … you will receive an email notifying you the 1098-T is ready. Go to https://www.viewmyforms.com log in and print out your 1098-T.
- if you lost your 1098-T and need a copy go to https://www.viewmyforms.com. For traditional student log-in use your Norwich email. For Online student log-in use your permanent/home email.
Important Change in Tax year 2018:
Colleges and universities may no longer choose to report “Amounts billed for qualified tuition and related expenses” in Box 2 of the 1098-T. Due to a change in federal regulations, we are now required to report the amount of “Payments received for qualified tuition and related expenses” in Box 1 of the 1098-T.
A key to understanding the shift from reporting “charges billed” to “payments received” is to recognize that Norwich university is required to report payments received for qualified charges. As such, what is reported in Box 1 is effectively capped by your qualified charges.
Not all charges are considered “qualified charges” by the IRS. For a detailed explanation of qualified charges, see IRS Publication 970.