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?

Between January 25 and January 31, 2017, the Bursar Office will mail out 1098T forms to most students who were enrolled at Mercer during 2016.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: ellison_jk@mercer.edu, by February 15, 2017.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!
  • As permitted by IRS Regulations, Mercer reports qualified charges, not payments.
  • VERY IMPORTANT: If you registered for spring 2016 during November or December 2015, those charges were reported on your 2015 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 2016, and were billed for spring tuition and fees in December 2015, may not receive a 2016 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:
    http://www.irs.gov/individuals/education-credits
  • 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 2016 by accessing your MyMercer portal and choosing "Manage My Account."

 

Explanation of Boxes on 1098T Form:

 

Box 1. Payments Received for Qualified Tuition and Related Expenses
Mercer does not report this information. We are required to report either Box 1 or Box 2. Like most educational institutions, we report Box 2.

Box 2. Amounts Billed for Qualified Tuition and Related Expenses
Amounts billed during the "calendar year" for qualified tuition and related expenses. Please refer to IRS guidelines for specifics regarding qualified expenses other than tuition.

Box 3. Checkbox for Change of Reporting Method
This box would only be checked if Mercer changed its method of report. We have always reported "Amounts Billed," therefore the box will not be checked.

Box 4. Adjustments Made for a Prior Year
Any reductions in charges made for qualified tuition and related expenses made during the calendar year that relate to amounts billed that were reported for a prior year. Example: The student registers and is charged for spring 2016 classes in December 2015. In January 2016, the student drops a class, thereby reducing the amount of tuition charged. This reduction should be reflected in Box 4.

Box 5. Scholarships or Grants
Total amount of scholarships or grants that were posted during the calendar year for payment of the student's cost of attendance. Scholarships and grants generally include all payments received from 3rd parties (excluding family members and loan proceeds).This includes payments received from governmental and private entities such as the Department of Veterans Affairs, the Department of Defense, civic and religious organizations, and nonprofit entities. See IRS link for exceptions.

Box 6. Adjustments to Scholarships or Grants for a Prior Year
Any reduction to the amount of scholarships or grants that were reported in a prior year.

Box 7. Checkbox for Amounts for an Academic Period Beginning in January through March of 2017
This box will be checked if any amounts billed for qualified tuition and related expenses reported for 2016 relate to an academic period that begins January through March 2017. This applies to students who registered in November or December 2016 for spring 2017. If you were charged and billed for spring prior to the end of 2016, that tuition will be reported on the current 1098T. Please refer to IRS Publication 970: http://www.irs.gov/pub/irs-pdf/p970.pdf

Box 8. Check if At Least Half-Time Student
This box will be checked if the student was enrolled at least half-time during any academic period that began in 2016. See Higher Education Act 34 CX.F.R., Section 674.2(b) to determine the standards established by the Department of Educations as "half-time."

Box 9. Check is a Graduate Student
This will include graduate programs, or programs leading to a graduate-level degree, graduate-level certificate, or other recognized graduate-level educational credential.

Box 10. Insurance Contract Reimbursements or Refunds
Mercer does not populate this box. 

 

Additional Information:

IRS Website

IRS Publication 970