1098-T Tax Information
What is a 1098-T?
In 1997, the Taxpayer Relief Act established two education tax credits and a deduction for student loan interest. These credits are explained in Publication 970 from the IRS.
The 1098-T form is a Tuition Payment Statement that includes information that colleges and universities are required to issue for determining a student's eligibility for education tax credits. The 1098-T form issued by the University of Massachusetts reports the amount billed to you by the University over the course of the previous calendar year. This form will assist you or whomever may claim you as a dependent when preparing your federal income tax return.
Note: UMass Lowell is unable to provide tax advice. Receipt of a 1098-T does not mean you automatically qualify for a tax credit.
Tax Information Resources
For questions about how to compute your education tax credit, consult your tax professional or the IRS
, or call the IRS Telephone Assistance Hotline at 800-829-1040.
How to read a 1098-T
Your accountant, tax preparer or the IRS can best advise you how to use this form when preparing your taxes. Universities may choose whether to report payments received or amounts billed; they are not required to report both amounts. The University of Massachusetts has chosen to report qualified tuition and related expense amounts billed.
Box 1: Payments received for qualified tuition and related expenses.
This box will be left blank on all UMass Lowell 1098-T forms.