Tax Information

Questions about the interest deduction, Hope Scholarship, Lifetime Learning Credit, eligibility, limitations on deduction amounts, and filing information should be directed to an IRS representative or other tax professional. Please contact the University only if you have a question about the amounts reported on the 1098-E or 1098-T.

Detailed information about the tax credits mentioned below is provided in the Internal Revenue Service Publication 970, Tax Benefits for Higher Education, which may be accessed on the IRS web site.


1098-E, Student Loan Interest Statement

1098-E Interest Deduction Notice

As provided in the Taxpayer Relief Act of 1997, borrowers may be eligible to claim a deduction for interest paid on qualified student loans for educational expenses. Form1098-E (supplied to the student at the end of each calendar year) reflects the amount of qualifying interest paid to Tennessee Technological University during the applicable tax period. This same information will also be transmitted to the Internal Revenue Service.

The deduction is limited to interest due and paid during the calendar year. The amount reported on Form 1098-E is the full amount of interest paid to the University during the above referenced period.

The above information is based upon the University’s interpretation of IRS guidelines and should not be considered official tax advice. Questions about the interest deduction, eligibility to claim the interest deduction, limitations on the deduction amount, and filing information should be directed to an IRS representative or other tax professional. Please contact the University only if you have a question about the amount of interest reported.

Detailed information about the interest deduction is provided in the Internal Revenue Service Publication 8863, Education Credits (American Opportunity and Lifetime Learning Credits), which may be accessed on the IRS web site.

Download the Instructions for IRS Form 8863 - Education Credits »

1098-T, Tuition Statement

1098-T Tuition Statement

1098-T FAQ List »

Background:

The Taxpayer Relief Act of 1997 allows a tax credit to be claimed for out-of-pocket payments made to eligible higher education institutions during the tax year for tuition and certain fees. The Internal Revenue Service (IRS) requires that Tennessee Tech University provide a 1098-T statement to students for your use in completing IRS Form 8863. An IRS Form 1098-T will be mailed or accessible online no later than January 31 of each year to Tennessee Tech University students enrolled, or having enrollment transactions, during the previous year; however, the issuance of this form does not imply eligibility to claim the tax credit . Foreign students or students who have more scholarships and/or grants than charges on their student account will not be reported.

Based on IRS reporting rules, Tennessee Tech University chose to report amounts billed in the calendar year for qualified tuition and related expenses (adjusted by discounts, waivers and nontaxable graduate assistantships) in BOX 2 of the 1098-T form instead of reporting BOX 1. The amounts reported to the student and IRS for the tax year will be the amount of qualified tuition and related expenses charged (not paid) from January 1, [Tax Year] until December 31, [Tax Year]. This amount may or may not include certain Spring charges depending on when you registered and when the tuition was charged.

Understanding Your 1098-T Form:

Box 2:
Box 2 shows the amounts billed for qualified tuition and related expenses during the previous year. You may be able to deduct some or this entire amount from the income you report on your federal tax return.

Box 3:
Schools can either report billed or paid amounts, and are required to report if a change is made in reporting method. If Box 3 is checked, your school has simply changed its reporting method.

Box 4:
Box 4 shows any adjustment made for any prior year for qualified tuition and related expenses that were reported on a prior year’s 1098-T Form. This amount could reduce any allowable education credit that you claimed for any prior year.

Box 5:
Box 5 shows the total of all scholarships or grants processed and administered by the eligible school or university. The amount of grants or scholarships for the calendar year (including those not reported by your institution) could reduce the amount of the education credit you can claim for the year.

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

Box 7:
A checkmark in Box 7 means that Box 2 includes the amount for an academic period beginning January-March of the previous year.

Box 8:
A checkmark in Box 8 means that you are considered to be carrying at least one-half the normal full-time workload for your course of study at the reporting institution for the reporting or registered year.

Box 9:
A checkmark in Box 9 means that you are considered to be enrolled in a program which leads to a graduate degree, graduate-level certificate, or other recognized graduate-level educational credential.

Box 10:
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.)

Online "Opt-In" 1098-T Available

To be more environmentally conscious, Tennessee Tech University offers students the ability to receive their 1098-T Tuition Statement online with Eagle Pay ». To find out how to "opt-in" to receive an electronic 1098-T Statement please see our Tutorials & Frequently Asked Questions ».

Student SSN/TIN is Required

Failure to provide your correct identifying number could result in a penalty imposed on you from the IRS for each incorrect document (due to incorrect or missing SSN/TIN). To provide your identifying number, please complete the IRS W-9S form. Refusal to submit your SSN/TIN to Tennessee Tech University should be done by completing the Tax Information Request Refusal Form. Forms can be returned the following ways:


Hand Delivered
Tennessee Tech University - Business Office
Derryberry Hall Room 100


Mail
Tennessee Tech University - Business Office
Box 5037
Cookeville, TN, 38505-0001


Fax
Fax Number: (931) 372-3898
ATTN: Bursar

Last edited 2018.01.18 by Smith, Matt.