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Form 1098-T

Electronic Delivery of Form 1098-T available for 2013 taxes!

Federal regulations allow those eligible to receive IRS Form 1098-T the option to receive the form electronically instead of through the mail. As a result, beginning January 2014, current students can view and print 2013 1098-T information by logging on to eLion and providing electronic consent. Once the student has signed up for the electronic form 1098-T, the form can be printed as needed for tax preparation or other reasons until October 2014. Following are the benefits to receiving the 1098-T electronically:

  • Electronic delivery will provide access to Form 1098-T up to 2 weeks earlier.
  • Online delivery eliminates the chance that the 1098-T will get lost or delayed during delivery.
  • Signing up for online delivery is easy and you can change your mind and withdraw from online delivery at any time. You can view a sample electronic Form 1098-T by clicking on the link below.

Be on the lookout for sign-up information, which will be included with your 1098-T form in January.

2013 Tax Year reporting

The following Form 1098-T will be sent to Penn State students by February 1, 2014. The IRS will also receive this information. The supplemental information which accompanies your 1098-T form will not be sent to the IRS.

Sample of Form 1098-T that will be mailed to student.

Instructions for Student

Box 1. Shows the total payments received in 2013 from any source for qualified tuition and related expenses less any reimbursements or refunds made during 2013 that relate to those payments received during 2013. Please note, Box 1 is intentionally left blank. Penn State reports tuition billed and not payments received. For information regarding total payments made to your student account, please see the supplemental information accompanying your 1098T.

Box 2. Shows the total amounts billed in 2013 for qualified tuition and related expenses less any reductions in charges made during 2013 that relate to those amounts billed during 2013.

Box 3. Shows whether your institution changed its method of reporting for 2013. It has changed its method of reporting if the method (payments received or amounts billed) used for 2013 is different than the reporting method used for 2012. You should be aware of this change in figuring your education credits. The credits are allowable only for amounts actually paid during the year and not amounts reported as billed, but not paid, during the year.

Box 4. Shows any adjustment made for a prior year for qualified tuition and related expenses that were reported on a prior year Form 1098-T. This amount may reduce any allowable education credit that you claimed for the prior year (may result in an increase in tax liability for the year of the refund). See “recapture” in the index to Pub. 970 to report a reduction in your education credit or tuition and fees deduction.

Box 5. Shows the total of all scholarships or grants administered and processed by the eligible educational institution. The amount of scholarships or grants for the calendar year (including those not reported by the institution) may reduce the amount of the education credit you claim for the year.

Box 6. Shows adjustments to scholarships or grants for a prior year. This amount may affect the amount of any allowable tuition and fees deduction or education credit that you claimed for the prior year. You may have to file an amended income tax return (Form 1040X) for the prior year.

Box 7. Shows whether the amount in box 1 or 2 includes amounts for an academic period beginning January-March 2014. See Pub. 970 for how to report these amounts.

Box 8. Shows whether you are considered to be carrying at least one-half the normal full-time workload for your course of study at the reporting institution. If you are at least a half-time student for at least one academic period that begins during the year, you meet one of the requirements for the American opportunity credit. You do not have to meet the workload requirement to qualify for the lifetime learning credit.

Box 9. Shows whether you are considered to be enrolled in a program leading to a graduate degree, graduate-level certificate, or other recognized graduate-level educational credential.

Box 10. Shows the total amount of reimbursements or refunds of qualified tuition and related expenses made by an insurer. The amount of reimbursements or refunds for the calendar year may reduce the amount of any education credit you can claim for the year (may result in an increase in tax liability for the year of the refund).