1098T Tax Form Information
1098Ts WILL BE POSTED TO YOUR MYMERCER PORTAL ELECTRONICALLY. IF YOU WISH TO RECEIVE A PAPER COPY, PLEASE SEND AN EMAIL TO BURSAR@MERCER.EDU.
WHAT IS A 1098T AND SHOULD I RECEIVE ONE?
On January 31, 2019, the Bursar Office will electronically post 1098T forms to most students who were enrolled at Mercer during 2018. Only those students who opt out of this electronic format will be sent a paper copy. The IRS requires educational institutions to provide this form to students who meet certain criteria. Here are a few facts and answers to commonly asked questions regarding the 1098T that we hope you will find helpful.
- The 1098T is an "information form" only.It does not contain all the information needed to determine if you are eligible to receive a tax credit, and you are not required to attach it to your federal income tax return.
- Students enrolled in non-credit programs are not eligible to receive 1098T forms.
- IRS REQUIRES THAT EITHER YOUR SOCIAL SECURITY NUMBER OR YOUR TIN APPEAR ON THE 1098T in order for them to match your tax records to the electronic file provided by the University. Students who fail to provide Mercer with an accurate Social Security number or TIN will be subject to a $50 fine from the IRS. It is imperative that this number is correct in your Mercer records. If you have not reported your Social Security Number or TIN yet, please provide a copy of your card to the Registrar's Office as soon as possible to avoid a possible fine.
- Non-citizen students will only be issued 1098Ts upon request. If you are eligible to file taxes and need a 1098T Form, please request one from the Bursar Office by emailing: firstname.lastname@example.org, by February 15, 2019. This will ensure that your information will be included in the IRS electronic file submitted by Mercer University. All requests must be submitted in writing!
- VERY IMPORTANT: If you registered for spring 2018 during November or December 2017, those charges were reported on your 2017 1098T and this was noted in Box 7. For more information regarding how this should be handled on your tax return, refer to IRS Publication 970 or contact the IRS Help Line.
- Students who graduated in spring 2018, and were billed for spring tuition and fees in December 2017, may not receive a 2018 1098T. Those charges were reported in Box 7 during the calendar year in which they were charged. For regulations regarding reporting these charges, please consult the IRS.
- Mercer University cannot provide tax preparation assistance or advice. For guidance, please consult your tax preparer, or visit the IRS website at:
- After January 31, you may visit your MyMercer student portal to print additional copies of the 1098T. "Prior year" 1098Ts are already available on the portal now. You may also obtain detailed transaction information for 2018 by accessing your MyMercer portal and choosing "Manage My Account."
Notification of 2018 - 2019 Changes in Tax Reporting
In previous years, your 1098-T included a figure in Box 2 that represented the qualified tuition and related expenses (QTRE) we billed to your student account for the calendar (tax) year. Due to a change to institutional reporting requirements under federal law, beginning with tax year 2018, we will report in Box 1 the amount of QTRE you paid during the year.
Depending on your income (or your family’s income, if you are a dependent), whether you were considered full or half-time enrolled, and the amount of your qualified educational expenses for the year, you may be eligible for a federal education tax credit. (You can find detailed information about claiming education tax credits in IRS Publication 970, page 9.)
The dollar amounts reported on your Form 1098-T may assist you in completing IRS Form 8863 – the form used for calculating the education tax credits that a taxpayer may claim as part of your tax return.
Mercer University is unable to provide you with individual tax advice, but should you have questions, you should seek the counsel of an informed tax preparer or adviser.
Below is a blank sample of the 2018 Form 1098-T, that you will receive in January 2019, for your general reference. For more information about Form 1098-T, visit https://www.irs.gov/pub/irs-pdf/f1098t.pdf.