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 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.
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 31st 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 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.
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.
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.
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:
Not all students will receive a 1098-T form for the tax year. You will NOT receive a form in the following cases:
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.
Please visit the IRS web page regarding “Tax Benefits for Education” also known as Publication 970.
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.
Here is a blank copy of the 1098-T Form (PDF).
All amounts reported on this form are reported as positive amounts. Each box is designated for certain information per IRS regulations.
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.
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.