Tax Information

1098-T DEADLINE & ELIGIBILITY

In order to comply with IRS regulations, Towson University will process 1098-T tax forms for tax year 2022 by January 31, 2023. For the 2022 tax year, if you need a correction to the form you receive, or if you do not receive a form but think you are eligible for one, contact the Student & University Billing Office at 410-704-2100 or email us by March 24, 2023. In compliance with University System of Maryland recommendations, TU will not generate 1098-T forms after March 24, 2023.

According to IRS regulations, 1098-T forms are not prepared for students who are non-resident aliens, students whose tuition and related expenses are completely waived or entirely paid with scholarships, grants or third party agreements (such as those with an employer), and students who take only non-credit courses. Towson University cannot generate a 1098-T form for students who fall under one or more of these categories.

IRS Publications

IRS Publication 970 (Tax Benefits for Higher Education), and Publication 520 (Scholarships and Fellowships) is available on the IRS website or by calling 1-800-TAX-FORM.

Form 1098-T

In accordance with requirements of the Tax Relief Act of 1997, the 1098-T tax credit form is intended to provide you with information to assist you in determining your eligibility for possible American Opportunity Credits or Lifetime Learning Credits. This tax credit form will be mailed to the permanent address of the student on or before January 31^st each year. However, you may receive it sooner if you grant consent for us to electronically transmit the form to you. If you have not already done so, please follow the instructions below to grant consent.

Form W-9S

Request for Student's or Borrower's Taxpayer Identification Number and Certification

Form W-9S allows students to provide their correct taxpayer identification number to an educational institution or to a lender of a student loan. This form can also certify the use of the funds for qualified higher education expenses.

Frequently Asked Questions

What is a 1098-T form?

The 1098-T form is used by eligible educational institutions to report information about their US resident status to the IRS as required by the Taxpayer Relief Act of 1997. As an eligible educational institution, Towson University reports certain enrollment and identifying information regarding US resident students that the university has billed qualified education expenses during each tax year. Included in the 1098-T form are qualified charges that were billed as well financial aid, scholarships, and third party benefits for the corresponding tax year.

Why do I need the 1098-T?

The qualified expenses listed on this form may reduce taxes owed for the current filing year, or make you aware of potential qualification to an education credit such as the American Opportunity credit or Lifetime Learning Credit.

How do I get the 1098-T?

If you qualify for one in the given tax year, we will mail a paper copy to your permanent home address on file. This mailing will be postmarked by January 31. If you have not already done so, you may take advantage of our online form that is electronically available earlier than the paper copy. To get the online copy sooner, you must grant consent in the student portal. This electronic process starts in early January. You will be alerted by your campus email once available to view.

To grant consent:

Go to myTU for Students
Login to Towson Online Services Student Dashboard
Click/Tap Student & Faculty Dashboard (tile)
Click/Tap the Financials Menu (left menu)
Click/Tap View 1098-T (left menu)
Click/Tap Grant Consent (button)
Read the agreement, then check the "Yes, I have read the agreement" checkbox.
Click/Tap Submit

Why did I not receive a form?

Not all students will receive a 1098-T form for the tax year. You will NOT receive a form in the following cases:

Courses for which no academic credit is offered, even if the student is otherwise enrolled in a degree program.
Nonresident alien students, unless specifically requested by the student.
Students whose qualified tuition and related expenses are entirely waived or paid entirely with grants, scholarships, or third party benefits.

If you do not receive a form but think you are eligible for one, contact the TU Student & University Billing Office at 410-704-2100 or 1-888-528-7727 by March 24, 2023.

Where can I read more information about The American Opportunity Credit and The Lifetime Learning Credit?

Please visit the IRS web page regarding “Tax Benefits for Education” also known as Publication 970.

Which tax credits do I qualify for?

Towson University is unable to provide you with tax advice or to assist with tax filing instructions. To determine your potential eligibility, please consult your tax advisor or the Internal Revenue Service.

What does the 1098-T form look like?

Here is a blank copy of the 1098-T Form (PDF).

What do the numbers in each box mean and how do you calculate the numbers within each?

All amounts reported on this form are reported as positive amounts. Each box is designated for certain information per IRS regulations.

Box 1: This box includes the total payments from any source received by Towson University for qualified tuition and related expenses less any reimbursements or refunds made during the calendar year that relate to payments received during the calendar year. Please note that the amount in Box 1 will NOT equal to or sum to the charges paid for the calendar year because not all charges are considered qualified tuition and related expenses as defined by the IRS. Room and board is NOT a qualified expense.
Box 2: Beginning with the 2018 calendar year, this box is no longer used on the 1098-T form. Previously (2017 and prior form) included all qualified tuition and mandatory fees billed for the given student during the tax year. Room and board is NOT a qualified expense.
Box 3: This box is checked if Towson University has decided to change its reporting methods to the IRS.
Box 4: The listed amount here (if any) will show the total of qualified tuition and fees reductions in the current calendar year for charges that were reported in a previous calendar year.
Box 5: Grants, waivers, scholarships, and third party benefits received in the tax year are listed in box 5. Examples of amounts that might appear here are Pell and other federal grants, state grants and scholarships, tuition waivers, and Towson University grants. Loan amounts are not reported in this box.
Box 6: The listed amount here (if any) will show the total of any scholarship, grant, or third party benefit reductions in the current calendar year for aid that was credited in a previous calendar year.
Box 7: This box is checked if the amount in box 2 includes amounts for an academic period beginning January through March. For instance you are enrolled in the mini or spring session, but charges for either of those terms actually posted to your account in the prior year.
Box 8: Half-time student status
Box 9: Graduate student status
Box 10: Towson University does not use box 10.

Why aren't there amounts in both boxes 1 and 2 on the 1098-T form?

Prior to the 2018 reporting year, institutions were able to elect to report either the aggregate amount of payments received for qualified tuition and related expenses (box 1), or the aggregate amount billed for qualified tuition and related expenses (box 2) during the calendar year with respect to individuals enrolled for any academic period. Towson University elected to use the amount billed, therefore box 1 was always blank.

Due to federally mandated tax reporting requirements effective for calendar year 2018, Towson University began reporting the total payments from any source received by Towson University for qualified tuition and related expenses in Box 1. Towson University no longer reports any information in Box 2 of the form.

What is the 1098-E?

The 1098-E is a “Student loan Interest Statement” provided by your student loan servicer in each tax year if applicable to you. This form is completely separate from the 1098-T we have discussed above. Towson University does not have any input on the 1098-E because this tax form coincides to any interest paid to a servicer for federal student loans.

You can read more about the 1098-E form and who to contact for questions.