1098-T Supplemental Information

University of Mount Saint Vincent is providing information supplemental to the information reported on the IRS Form 1098-T to assist you and your tax preparer in completing your tax return. This information has not been reported to the IRS. Follow the instructions provided below under “Payments Received for Qualified Tuition and Related Expenses” to view and print paid tuition information.

Amounts Billed for Qualified Tuition and Related Expenses (Form 1098-T, Box 2)
A detailed description of the amount reported in Box 2, qualified tuition and related expenses billed during the calendar year, is provided in the Explanation of IRS Form 1098-T Tuition Statement. Additional detailed information regarding billed amounts is available by logging in to Self-Service, selecting the “Student” tab at the top of the page, selecting the “Student Account” option and clicking on the “Payment History” link.  This supplemental information reflects all qualified tuition and related expenses billed by semester and type of fee.  This detailed information is supplemental and is not reported to the IRS.

Prior Year Adjustments – Tuition and Qualified Fees Billed (Form 1098-T, Box 4)
A detailed description of the amount reported in Box 4, adjustments made for a prior year, is provided in the Explanation of IRS Form 1098-T Tuition Statement. Additional detailed information regarding prior year adjustments reported in box 4 is available by logging in to Self-Service selecting the “Student” tab at the top of the page, selecting the “Student Account” option and clicking on the “Payment History” link.  This supplemental information reflects all reductions in prior year billed tuition and qualified fees by semester.  This detailed information is supplemental and is not reported to the IRS.

Scholarships and Grants (Form 1098-T, Box 5)
A detailed description of the amount reported in Box 5, Scholarships and Grants, is provided in Explanation of IRS Form 1098-T Tuition Statement. Additional detailed information regarding scholarships and grants reported in box 5 is available by logging in to Self-Service, selecting the “Student” tab at the top of the page, selecting the “Student Account” option and clicking on the “Payment History” link.  This supplemental information reflects all scholarships and grants by semester and type of aid. This detailed information is supplemental and is not reported to the IRS.

Prior Year Adjustments – Scholarships and Grants (Form 1098-T, Box 6)
A detailed description of the amount reported in Box 6, adjustments to scholarships or grants reported for a prior year, is provided in the Explanation of IRS Form 1098-T Tuition Statement.  Additional detailed information regarding amounts reported in box 6 is available by logging in to Self-Service, selecting the “Student” tab at the top of the page, selecting the “Student Account” option and clicking on the “Payment History” link.  This detailed information is supplemental and is not reported to the IRS.

Payments Received for Qualified Tuition and Related Expenses
The amount shown in box 2 of Form 1098-T and reported to the IRS is the qualified tuition and related expenses billed to you during the calendar year.  The amount shown in Box 4 of Form 1098-T and reported to the IRS represents adjustments to amounts billed in prior years.  These amounts may be different from the amount actually paid or refunded during the calendar year, although for many students the amounts will be the same.  Under section 25A of the Internal Revenue Code and the associated regulations, a taxpayer may take a tuition and fee deduction or claim an education tax credit only with respect to qualified tuition and related expenses actually paid during the calendar year.  You may not be able to take a tuition and fee deduction or claim an education credit with respect to the entire amount billed and reported in box 2.

Qualified tuition and related expenses are sometimes referred to as qualified education expenses, although the terms are not always interchangeable.  For purposes of the Form 1098-T provided by the University of Mount Saint Vincent, see the following categories of charges that are included or not included on the Explanation of IRS Form 1098-T.

The University of Mount Saint Vincent is providing as supplemental information the details of payments received and refunded during the calendar year for qualified tuition and related expenses via Self-Service payment history. The University of Mount Saint Vincent has attempted to present as accurately as possible the payments received, but in some instances complete information is not available. As described below, your own records should serve as the primary source of information used in determining whether, and for how much, a tuition and fee deduction can be taken or an education credit claimed.

The supplemental paid data can be viewed by logging in to Self-Service selecting the “Student” tab at the top of the page, selecting the “Student Account” option and clicking on the “Payment History” link.  This supplemental information reflects all payments made to University of Mount Saint Vincent during the calendar year for qualified tuition and related expenses.

The payments are presented in detail by semester, date, description, and amount. Positive amounts represent direct payments of tuition, as well as student account credits that paid or cleared a qualified tuition or related expense.

Types of Payments Included

• Direct payments by cash, check, or credit card
• Financial aid credited to tuition and related expenses, including loans
• Payments from outside sponsors
• Credits posted to your student account by University of Mount Saint Vincent departments
• Charge reversals from University of Mount Saint Vincent departments

Payments received for qualified tuition and related expenses do not include amounts that are waived due to the student’s status as a benefits eligible University of Mount Saint Vincent faculty or staff member or the spouse or dependent of a University of Mount Saint Vincent faculty or staff member or tuition charges waived due to the student’s status as an eligible research or teaching assistant/associate.

Negative payments represent tuition refunds, which generally result when classes are dropped or withdrawn from.  Tuition refunds, i.e. negative payments, must be subtracted from positive payments to calculate qualified tuition and related expenses paid during the calendar year.  Tuition refunds are first used to pay tuition charges and are only paid to the student if in excess of tuition charges.

The paid information being provided is supplemental and is not reported to the IRS.

Use Your Own Records
You should not rely solely on the supplemental information provided by University of Mount Saint Vincent.  If you are taking the tuition and fee deduction or claiming one of the education credits, you should also use your own records to determine tuition paid, refunds of qualified expenses, and tax-free educational assistance.  This is particularly true if an employer or other non-University of Mount Saint Vincent entity has reimbursed you for tuition paid or paid your tuition directly on your behalf.  The information on the supplemental report does not reflect any refunds or reimbursements paid to you or on your behalf by third parties, but these amounts must be considered in determining eligibility for the tax credits.  If you have further questions regarding your qualification for the Education Tax Credits, please obtain available information from the IRS and/or consult with a tax advisor.

Contact
You may also call (718) 405-3298 to correct information shown on the 1098-T or supplemental report.