1098-T Tax Information

1098-T Tax Information
1098-T Tax Information
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Schedule a Visit
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January 31st
in your Banner Self-Service Portal. Select "View 1098-T" under My Finances.
Not all students receive a 1098-T tax form.
You can review your account details under My Finances or email
businessservices@asun.edu
with any questions.
Arkansas State University-Newport  is not qualified to provide legal or tax advice.
The information provided may reflect recent revisions in IRS regulations. For tax
advice on your specific situation, contact a tax professional.
Frequently Asked Questions
How do I file the 1098-T tax form with the IRS?
ASU Newport does not give tax advice on how to use the form. If you have such questions,
please contact your tax preparer, tax adviser or the IRS. The
IRS has published information
about the 1098-T tax form available online.
Does the 1098-T include charges for books?
No, ASU Newport does not include amounts paid for books in Box 2 of Form 1098-T. You
should consult with your tax advisor to determine if payments for books, equipment
or fees should be considered when preparing your income tax returns and determining
eligibility for education tax credits or deductions.
My accountant says that the university must provide me with a form 1098-T.
The IRS does not require the university to furnish a Form 1098-T in the following
instances:
Payments for courses in which no academic credit is offered, even if the student is
otherwise enrolled in a degree program.
The enrolled student is a nonresident alien.
Students whose qualified tuition and related expenses are waived or paid entirely
with grants/scholarships.
Students for whom you do not maintain a separate financial account and whose qualified
tuition and related expenses are covered by a formal billing arrangement between an
institution and the student's employer or a governmental entity, such as the Department
of Veterans Affairs or the Department of Defense.
More FAQ on the IRS website.
Items Reported on the 1098-T
The items below are generally reported on the 1098-T.
Paid Tuition
Paid Mandatory Student Fees
Paid Course/lab Fees
Waivers
Scholarships
Grants
Items NOT Reported on the 1098-T
Payments to the items below are NOT reported on the 1098-T.
Unless noted otherwise, the IRS does not generally allow you to claim these items
when calculating your allowable educational expenses and payments.
Student Loans - If applicable, your loan provider will issue tax statements for deductible
loan interest
Room and Board Expenses
Fines (i.e., parking, library)
Tuition and Fees for Non-Credit Courses
Books
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