Form 1098-T Frequently Asked Questions
What Is A 1098-T Form?
Section 6050S of the Internal Revenue U.S. Code requires eligible educational institutions to file information returns to assist taxpayers in determining the amount of qualified tuition and related expenses for which an educational tax credit is allowable. 1098-T forms are made available to students by January 31 each year.
Why Did I Receive A 1098-T Form?
Receipt of a 1098-T form indicates a student was enrolled in at least one academic credit course at Barry University during the past calendar year. It does not mean that you are eligible for a tuition and fees deduction, American Opportunity Credit (AOTC), or Lifetime Learning Credit. According to federal tax regulations, determination of qualified charges and payments is the responsibility of the taxpayer.
What Information Is Provided On The 1098-T Form?
Educational institutions are required to report the payments made for tuition and qualified expenses (QTRE) during a calendar year.
Box 1. Payments Received for Qualified Tuition and Related Expenses.
Box 2. Blank.
Box 3. Blank.
Box 4. Adjustments Made for a Prior Year Payments received. Enter reimbursements or refunds of qualified tuition and related expenses made in 2020 that relate to payments received.
These requirements also apply to an adjustment made in connection with a nonresident alien for which the educational institution filed and furnished a Form 1098-T for the prior year.
Box 5. Scholarships and Grants, includes any scholarships and grants processed during the calendar year for the payment of the students’ cost of attendance. Scholarships and grants generally include all payments received from third parties (excluding family members and loan proceeds) including payments received from governmental and private entities such as the Department of Veterans Affairs, civic and religious organizations, and nonprofit entities.
Box 6. Adjustments to Scholarships or Grants for a Prior Year.
Box 7. Checkbox for Amounts for an Academic Period Beginning in January Through March of 2021
Check this box if any payments received for qualified tuition and related expenses reported for 2020 relate to an academic period that begins in January through March of 2021.
Box 8. Check if at Least Half-Time Student.
Box 9. Check if Graduate Student.
Box 10. Insurance Contract Reimbursements or Refunds. Blank.
For a detailed explanation of each box on the 1098T Form, please see the "Instructions to Student" printed on the form.
How Can I Obtain Information On The Amount Of Tuition Paid To Barry University During The Calendar Year?
You can print in WebAdvisor an Accounts Receivable (AR) statement itemizing your student account activity during the calendar year by clicking on the AR Statement for the 1098-T Tax Year link under 1098-T Tuition Statement.
For further information about charges and credits, call:
LAW STUDENTS: (321) 206-5636
MAIN CAMPUS AMD PACE: (Main Campus): (305) 899-3585
NOTE: Barry University does not provide tax advice.
If The 1098-T Form Covers Calendar Year 2020, Why Does It Include Amounts For The Spring 2021 Semester?
Any qualified tuition and fees billed in calendar year 2020 for the Spring Semester 2021 will be included in the 2020 1098-T Form. Box 7 accounts for payments received for an academic period beginning in January through March 2021.
How Can I Obtain A 1098-T Form If I Did Not Receive One?
Each year, students who are eligible to receive a 1098-T form but have no current mailing address or social security number on file with the university are sent an email from the Registrar’s Office instructing them on how to go about updating the missing information. Please check your school email for this notification.
If the university does not have your current address and/or your social security number on file, you will not receive a 1098-T form. Please contact the Registrar’s Office at 305-899-3860 for instructions on how to update your personal information or email email@example.com. Please include your full name, phone number, student ID, and email address. You will be contacted in a timely manner.
How Important Is My Social Security Number To Receiving A 1098-T Form?
A student’s social security number is critical to receiving a 1098-T form. The IRS mandates that no tax form can be created without a valid SSN. To avoid not receiving a 1098-T form from the university, each student with a valid SSN must supply that number to the Registrar’s Office on Barry’s main campus or go to their site manager or advisor at an off-site location. When that SSN is input into the system, a 1098-T form can be created.
In January, every student who is eligible to receive a 1098-T form but does not show a social security number on file will receive an email from the university’s Registrar informing them of such and instructing the student what to do to get their social security number on file.
If you have a social security number, please ensure that the Registrar’s Office has it on file.
Contact the IRS at www.irs.gov or consult with a professional tax preparer or advisor. The following online resources may also be helpful:
Q: My accountant says that the University must provide me with a Form 1098-T.
A: Per the IRS, the University is not required to furnish a Form 1098-T in the following instances:
- Payment for course for which no academic credit is offered, even if the student is otherwise in a degree program.
- Enrolled student is a nonresident alien.
- Students whose qualified tuition and related expenses are entirely waived or paid entirely with grants/scholarships.
- Students for whom the University does not maintain a separate financial account and whose qualified tuition and related expenses are covered by a formal billing arrangement between the University and the student’s employer or a governmental entity such as the Department of Veteran Affairs or the Department of Defense.