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The information provided in this portlet is NOT tax advice. It is offered only as general information for Southern Virginia University students and their families. Whether you may take advantage of potential tax credits depends upon your individual facts and circumstances, information which is known only to you. Please consult IRS publications or a qualified tax professional for advice on computing, claiming, or determining qualification for any tax benefit.

{expander}What is a 1098-T?

The 1098-T form is used by Southern Virginia University to report qualified billed tuition and related expenses, as well as scholarships and grants awarded, for each student. These forms assist students and their families in determining a student's eligibility for the American Opportunity and Lifetime Learning Education Tax Credits using IRS Form 8863.

{expander}How do I know if I qualify for an education tax credit or deduction?

Southern Virginia University cannot provide individualized information about how to file taxes and the amount of credit or deduction to claim. For more information about eligibility and requirements, see: Pub 970-Tax Benefits for Education, Form 8863-Education Credits, and the Form 1040 or 1040A instructions.

{expander}What qualifies as tuition and related expenses?

According to the definition by the IRS, "qualified tuition and related expenses" include tuition and other expenses required for enrollment or attendance at the university. For additional information regarding qualifying and non-qualifying expenses, please refer to the IRS website.

{expander}What if I paid more than is reflected on my 1098-T?

Southern Virginia University reports the total amount of qualified tuition and related expenses that was billed for semesters that began in 2017 (Box 2), rather than reporting qualifying payments received (Box 1). Therefore, it is possible that during the 2017 calendar year late payments were made for semesters attended prior to 2017, or advance payments were made for the Jan 2018 semester, that will not be reflected. These amounts would have been reported on prior year 1098-T’s, or will be reported on the 2018 1098-T.

{expander}Why didn’t I receive a 1098-T?

There are several possibilities:

  • Tuition & Related Expenses were less than scholarships or grants
  • 1098-T’s are only generated for students whose billed qualified tuition and related expenses (Box 2) exceeded the amount received through scholarships or grants (Box 5). If your billed qualified tuition and related expenses (Box 2) were less than the scholarships or grants received, the university did not issue you a 1098-T.
  • You are looking for your 1098-T at the wrong address:
    IRS regulations require mailing your 1098-T to your legal home/permanent address, not your local or campus address. Check at home to see if your family received the form.
  • Your 1098-T was mailed to the wrong address:
    If your legal home/permanent address on file with the University is incorrect, then your form may have gone astray. Please notify the Registrar’s Office of your updated address. You may obtain copies of your 1098-T through MySVU (see steps under “How do I get a copy of my 1098-T?”)
  • You are a Non-resident Alien or Foreign Student who did not have a valid Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) on file:
    IRS regulations specify that the university is not required to issue a 1098-T in this situation, unless the student requests the form.

{expander}How do I get a copy of my 1098-T?

Follow the steps below to obtain a copy of your 1098-T information:

  • Login to MySVU by entering your Student ID and password. If you have forgotten your password, select “I forgot my password” and a new password will be emailed to you.
  • Select the Finances Tab, My Financial Info, and click Go To My 1098-T Info.
  • The current tax year appears in the window by default. If you need a copy of a 1098-T from a prior year, select the tax year of interest from the drop-down menu.
  • After retrieving your 1098-T online, you may print as many duplicate copies as desired. Note that you are not required to submit any copy of the 1098-T with your tax return.

{expander}What if my name, social security number, or address is incorrect on my 1098-T?

Reporting to the IRS depends primarily on your SSN or ITIN (Individual Taxpayer Identification Number) and name, so it is very important for you to have the correct information on file with the University. You must submit a written request to change or correct your SSN or name in person to the Registrar’s Office. You will be required to supply a signed, legible copy of your Social Security card. Address changes can be made in person in the Registrar’s Office or through MySVU.

{expander}Did Southern Virginia University send a copy of this form to the IRS?

Yes. Section 6050S of the Internal Revenue Code, as enacted by the Taxpayer Relief Act of 1997, requires institutions to file information returns to assist taxpayers and the Internal Revenue Service in determining eligibility for the American Opportunity, Hope, and Lifetime Learning Education Tax Credits using IRS Form 8863.

{expander}What am I supposed to do with the 1098-T Form?

Keep it for your records. Since the university sends your 1098-T information to the IRS, there is no need to attach a copy of the form to your tax return. The information contained in the 1098-T will help you to determine your eligibility for the American Opportunity, Hope, and Lifetime Learning Education Tax Credits using IRS Form 8863.

An eligible educational institution, such as a college or university, in which you are enrolled and an insurer who makes reimbursements or refunds of qualified tuition and related expenses to you, must furnish this statement to you. You, or the person who may claim you as a dependent, may be able to claim an education credit on Form 1040 or 1040A for the qualified tuition and related expenses that were actually paid in 2017. Institutions may report either payments received in box 1 or amounts billed in box 2. The amount shown in box 1 or 2 may represent an amount other than the amount actually paid in 2017.

Your institution must include its name, address, and information contact telephone number on this statement. It may also include contact information for a service provider. Although the service provider may be able to answer certain questions about the statement, do not contact them or the filer for explanations of the requirements for (and how to figure) any educational credit that you may claim. For more information about the credit, see: Pub 970-Tax Benefits for Education, Form 8863-Education Credits, and the Form 1040 or 1040A instructions.

{expander}Account Number

May show an account or other unique number Southern Virginia University assigned to distinguish your account.

{expander}Box 1

Schools may elect to report data for either Box 1 or Box 2 in any tax year, but not for both. Southern Virginia University elects to report data for Box 2. No amount will be reflected in Box 1.

{expander}Box 2

Southern Virginia University reports in Box 2 the amount you were billed for qualified tuition and related expenses during calendar year 2017. Qualifying expenses are defined as “tuition and fees that a student must pay to be enrolled at or attend an eligible educational institution.” At Southern Virginia University, general tuition and course fees are qualified tuition and related expenses, while the athletic and transportation fees, meal plan and housing charges are non-qualified tuition and related expenses. For additional information regarding qualifying and non-qualifying expenses, please refer to the IRS website.

{expander}Box 3

This box will only be checked if Southern Virginia University has changed its method of reporting from last year. The University has not changed its reporting method, so box 3 will be blank.

{expander}Box 4

Southern Virginia University reports in Box 4 any adjustments made in qualified tuition and related expenses during calendar year 2017 that were reported on a prior year Form 1098-T. This amount may reduce any allowable education credit you may claim for the prior year. See “recapture” in the index to Pub. 970 to report a reduction in your education credit or tuition and fees deduction.

{expander}Box 5

Southern Virginia University reports in Box 5 the net amount of scholarships or grants that were received or applied to your student account during calendar year 2017. The amount of scholarships or grants for the calendar year (including those not reported by the institution) may reduce the amount of the educational credit you claim for the year.

{expander}Box 6

Southern Virginia University reports in Box 6 any adjustments to scholarships or grants made during calendar year 2017 for scholarships and grants that were reported for a prior year. This amount may affect the amount of any allowable tuition and fees deduction or education credit that you claimed for the prior year. You may have to file an amended income tax return (Form 1040X) for the prior year.

{expander}Box 7

This box is checked if the amount reported in Box 1 or 2 includes amounts for an academic period beginning January-March 2018. Southern Virginia University only reports billed expenses for academic periods that began in 2017 (Spring/Jan 2017, Summer 1 2017, and Fall/September 2017). Box 7 will be blank.

{expander}Box 8

This box is checked if you were at least a half-time student (carrying at least one-half the normal full-time workload for your course of study) at Southern Virginia University during any academic period that began in calendar year 2017. If you are at least a half-time student for at least one academic period that begins during the year, you meet one of the requirements for the American Opportunity Credit. You do not have to meet the workload requirement to qualify for the Lifetime Learning Credit.

{expander}Box 9

Southern Virginia University does not award graduate-level degrees. Box 9 will be blank.

{expander}Box 10

Southern Virginia University is not an insurer. Box 10 will be blank.

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