How does a 1098-T affect my tax return?

A form 1098-T, Tuition Statement, is used to help figure education credits (and potentially, the tuition and fees deduction) for qualified tuition and related expenses paid during the tax year. The Lifetime Learning Credit offers up to $2,000 for qualified education expenses paid for all eligible students per return.

How do I get my 1098-T from University of Oregon?

Students may access duplicate 1098-T statements online through Duckweb….1098-T Tuition Statements for 2021

  1. Log in to Duckweb.
  2. Select “Student Menu”
  3. Select “Tax Notification – 1098-T”
  4. Enter the desired tax year.
  5. Enter the last four digits of your SSN.
  6. Click Submit.

Does a 1098-T decrease refund?

When you entered the 1098-T with scholarships but no tuition TurboTax will treat the scholarship as taxable income. After you have entered the 1098-T you will have the opportunity to enter your education expenses. Once these expenses are more than the scholarship amount your refund should return to normal.

Why does 1098-T not match what I paid?

The 1098-T form reflects payments and refunds made in the previous calendar year. For example, a payment for the spring semester made in January will be reflected in the next tax year. Certain fees are not considered qualified tuition and related expenses. These fees have been deducted from the payment amount.

Can you get in trouble for not filing 1098-T?

If you fail to file Forms 1098-T by either of the respective due dates above and cannot show reasonable cause, you may be subject to a penalty. The amount of the penalty is based on when the Form 1098-T is filed.

Do I get a 1098 T form if I graduated?

You should consult with your tax advisor for specific information regarding your eligibility, as income requirements apply. Students who have already graduated or who have withdrawn will still receive a 1098-T if there was any applicable activity in the 2021 calendar year.

Is the University of Oregon tax exempt?

OUS is not exempt from tax under Code 501(c)(3). Rather, its tax exemption flows from Code 115 and the rule that federal tax provisions do not apply to integral units of state government unless the Code expressly makes the provisions applicable to state governments.

Does the 1098-T form get me more money?

Taxable scholarship income can be reported on 1098-T when the box 5 value exceeds the box 1 value. This could reduce your refund.

How do I get my 1098-T after graduating?

If you paid higher education expenses, you should have gotten a 1098-T from the college or university. You can contact them for a copy. Often you need to go to your online account to get your copy.