Change in reporting method for upcoming 1098-T

Nov. 29, 2018

In previous years, any 1098-T you received from UMD included a figure in Box 2 that represented the qualified tuition and related expenses (QTRE) that we billed to your student account for the calendar (tax) year. Due to a change to institutional reporting requirements under federal law, beginning with tax year 2018, we will report in Box 1 the amount of QTRE you paid during the year. Note that all electronic payments must be completed successfully by 4:00pm December 27, 2018 local school time to be included on the 1098-T reporting for 2018.   

Depending on your income (or your family’s income, if you are a dependent), whether you were considered full or half-time enrolled, and the amount of your qualified educational expenses for the year, you may be eligible for a federal education tax credit. (You can find detailed information about claiming education tax credits in IRS Publication 970, page 9.)

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 taxpayer may claim as part of your tax return.

University of Maryland is unable to provide you with individual tax advice, but should you have questions, you may seek the counsel of an informed tax preparer or adviser. For more information about Form 1098-T, visit https://www.irs.gov/pub/irs-pdf/f1098t.pdf. or the UMD tax page at Billpay.umd.edu/Tax

The 1098-T is not ready to view as of this writing but will be on or before January 31st, 2019.  Our office will reach out to all individuals who will receive a 1098-T form via the email on record once it is available.