1098T Tax Information
The 2014 1098-T will be available on January 31, 2015. To view this form, please login to the MyUH Portal.
All students, except nonresident aliens students, who attended a University of Hawaii campus during the 2014 calendar year and were billed for qualified tuition and related expenses will be able to view and download their Form 1098-T. Forms will be provided by the end of January 2015. This form will serve as reference in assisting students to determine their eligibility for either the American Opportunity or Lifetime Learning Credit.
The Form 1098-T is a federal tax form which colleges and universities are required to issue in reporting qualified tuition and related expenses billed for each student (except for nonresident alien students) and the scholarships and grants given to each student for the calendar year. Form 1098-T is informational only. Receipt of the Form 1098-T does not indicate eligibility for the tax credit. Additionally, please note the following:
- The Internal Revenue Service (IRS) does not require taxpayers to submit Form 1098-T when filing tax returns.
- The education tax credit amount that each person can claim should be based on each person's personal payment records.
- Professional tax advisors should be consulted. Students and parents are advised to use personal financial records to determine the qualifying amount for tax purposes,
- The University will not determine if a student qualifies for the tax credit or supply tax advice.
The following are brief explanations of each of the tax credits.
American Opportunity Tax Credit
The American Opportunity Tax Credit allows a maximum refundable tax credit of up to $2,500 for each eligible student for qualified tuition and related expenses paid during the first four years of undergraduate education. Qualified tuition and related expenses are tuition, fees, and course materials required for a student to enroll at or attend an eligible educational institution. This credit will be available only for the years 2009 through 2017, unless Congress decides to extend the credit to other years.
Lifetime Learning Tax Credit
The Lifetime Learning Credit allows a maximum credit of up to $2,000 for eligible expenses paid during the calendar year. The Lifetime Learning tax credit applies to students in undergraduate, graduate and professional degree programs and to students enrolled in coursework to acquire or improve job skills. Students who are not eligible to claim the American Opportunity tax credit may be eligible to claim the Lifetime Learning tax credit.
What does this mean for UH students?
A 1098-T form will be generated for all students, except nonresident alien students, who attended a University of Hawaii campus during 2013 and were billed for qualified tuition and related expenses. Forms will be available for viewing in MyUH by January 31, 2015. Contact your campus contact person if you need assistance.
How do I take advantage of these benefits?
Please review the IRS Publication 970 and consult with a professional tax advisor to determine if you are eligible for any tax benefits for education and related issues. IRS Publication 970 will also provide information on how to claim these benefits.
Nonresident alien students
If you are a nonresident alien for any part of the year, you generally cannot claim the education credits. However, if you are considered a resident alien of the United States for tax purposes, as defined by the IRS, you may be eligible for the American Opportunity Tax Credit or Lifetime Learning Credit. For additional information, see IRS Publication 970, Tax Benefits for Higher Education. Further information on claiming education tax credits for non-resident aliens can be found at in IRS Publication 4152.