Important Upcoming IRS Regulatory Changes for 1098T Reporting
2017 1098T Reporting: Fairfield University will report Box 2 – Amounts Billed for Tuition and Related Expenses for calendar year 2017. This is the same reporting method as prior years.
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-
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 Fairfield University Substitute Form W-9S (PDF) 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.
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.
Why is Box 1 left blank?
Fairfield University is required to report either payments received (Box 1) or amounts billed (Box 2), but not both. The University, like the majority of colleges and universities, has elected to report amounts billed (Box 2).
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.
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 is 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.