As an eligible educational institution, NMSU is required to report reportable transaction information to the IRS, as well as, furnish a Tax Form 1098T to each student having a reportable transaction posted to their account during a tax year. You, or the person who can claim you as a dependent, may be able to claim an education credit on Form 1040 or 1040A for the qualified tuition and related expenses during the calendar year. To see if you qualify for the credit, see Pub. 970, Tax Benefits for Education; Form 8863, Education Credits; and the Form 1040 or 1040A instructions; each located at www.irs.gov.
The IRS provides the option for universities to report either “payments received” in Box 1, or “Amounts billed” in Box 2, but not both. New Mexico State University reports qualified tuition and related expenses that were billed during the tax year (Box 2) and scholarships and grants.
Tax Form 1098-Ts will not be generated for students classified as non-resident aliens.
Tax Form 1098-T will be available to students by January 31st and will provide the following information:
· A summarization of the total amount of qualified tuition
· Summarization the total amount of scholarships and grants received
· Indication if the student attended at least half-time during the calendar year
· Indication if the student was a graduate student
· Indication if some of the qualified tuition, scholarships and grants were adjusted from the previous reporting year
|Direct access to annual Tax Form 1098-T notices.|
You can also request a copy of your 1098-T form at (575) 646-4911.
For information and assistance in the calculation of any applicable education tax credit or in the preparation of your income tax return, we recommend you contact a tax preparer, refer to IRS Publication 970 (Tax Benefits for Higher Education) or contact the IRS at (800) 829-1040.