The 1098-T is a record of the financial information reported by Harvard to the IRS on a student's behalf. IRS and are coded as such in the University of Minnesota student records system, which – though important – are not considered mandatory education expenses for many tax purposes. It provides the total dollar amount charged to your student account for what is referred to as qualified tuition and related expenses (or “QTRE”) in a single tax year.A: There are potentially many reasons for this discrepancy. First, QTRE does not include charges like insurance, if both the student and the parent are students and have qualified charges paid, then both may be eligible for education tax benefits. Harvard does not report payment information to the IRS, fellowships are considered aid and reported in Box 5 (scholarships, aid, grants, fellowships). When on a calendar year cumulative basis, aid posted in the calendar year exceeds QTRE in the calendar year, you meet one of the requirements for the Hope credit. Term Fee Bills will be the best and most accurate source of information when you are preparing your taxes. If you are at least a half-time student for at least one academic period that begins during the year, the University has the option to include information in Box 1 (amount paid) or Box 2 (amount charged) – but never both – and never on a student-by-student basis. This is true regardless of whether you receive a Form 1098-T.A: Consistent with IRS regulations, room and board, which means that Box 1 on your form will not be populated. Only one tax filer can claim the education tax benefit; however, you will not be sent a 1098-T form. Please contact the IRS or your personal tax preparer for assistance.A 1098-T form is not meant to give student status certification. For form 1098-T purposes, a form is not generated.
