1098-T Reporting

1098-T Reporting

Important Upcoming IRS Regulatory Changes for 1098T Reporting:

Years Prior to 2018 1098T Reporting: Fairfield University reported Box 2 – Amounts Billed for Tuition and Related Expenses.

2018 1098T Reporting: IRS regulations require all Universities to report Box 1 – Payments Received for Tuition and Related Expenses. Box 2 reporting is no longer allowed.

Important Notes: Payment Processing related to the IRS 2018 1098T reporting changes- *

  • The Spring billing statement will continue to be issued in late November/Early December.
  • Payments received via mail in late December of any calendar year will be recorded on the student account in the following calendar year. Therefore, payments mailed and received by the University in late December will not be eligible for 1098T tax reporting in the current calendar year.
  • Electronic payments received via the Fairfield University Online Billing and Payment site will continue to be processed on the student’s account on the date the payment is made.

*click here to view email/letter sent in December 2018

Under the Taxpayer Relief Act of 1997, certain tax benefits may be available to students who have incurred qualified expenses for higher education. To assist you in the determination of eligibility for an education tax credit, Fairfield University provides Form 1098-T.

1098-T forms are mailed annually to your home address on file by January 31.

The 1098-T form is for information purposes only, and, while you should retain a copy for your records, you are not required to submit if with your tax return.

The information reported to students on form 1098-T is also reported by Fairfield University to the IRS. Fairfield University is required to report this information to the IRS, along with your Social Security Number, or Tax Identification Number. If you have not already provided this information to Fairfield University, please complete and submit the attached Fairfield University Substitute Form W-9S to the University Registrar.

 

Fairfield University cannot provide you with tax advice. If you need assistance in determining how to report this information on your tax return, please refer to IRS Publication 970 (available on the IRS website) or consult a licensed tax preparer.

Frequently Asked Questions

I did not receive my 1098-T Form. How to I receive another copy?

You are able to view and print your 1098-T form for the current year, as well as past years’ forms, by accessing my.Fairfield and searching 1098-T. Fairfield University is not able to email or fax copies of the 1098-T to anyone.

What are “qualified” expenses?

Qualified educational expenses include tuition and enrollment fees for credit courses but it does NOT include room & board, and miscellaneous charges such as health insurance fees, parking permits or fines.

For tax years prior to 2018 - I graduated in May but did not receive a 1098-T? Why did I not receive a 1098-T?

The information on form 1098-T, for years prior to 2018, was based on the amounts billed in the calendar year. Charges for the Spring semester are typically billed in November or December. Therefore, these amounts would have been reported on the prior year’s 1098-T form.

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