Form 1098T
Frequently Asked Questions
What is a 1098-T and why do I need one?
The College sends them out to assist you in preparing your federal income tax return and reports the information to the Internal Revenue Service. The purpose is to assist you in determining whether you are eligible for an education tax credit using IRS Form 8863. Your tax preparer or the IRS can best advise you in the utilization of this form when preparing your taxes. You may also read IRS Publication 970 at www.irs.gov to determine if you qualify for an education tax credit.
This form is for informational purposes only. It is NOT to be filed with your tax return. It is NOT to report scholarship income to the IRS.
What has changed on the 1098-T?
For calendar year 2017 and prior, Hampshire College reported amounts billed for qualified tuition and related expenses in Box 2. Starting with calendar year 2018, per IRS regulations, educational institutions are required to report payments received for qualified tuition and related expenses in Box 1. No amount will appear in Box 2. The amount reported in Box 1 is the total amount of payments received, less any refunds made during the calendar year that relate to the payments received for qualified tuition and related expenses during the same calendar year. Payments received include scholarships, grants, or loans received.
What are qualified tuition and related expenses?
Qualified tuition and related expenses are tuition, fees, and course materials required for a student to be enrolled at or attend an eligible educational institution. Charges and fees for room, board, insurance, medical expenses (including student health fees), transportation, and similar personal, living, or family expenses are not considered qualified tuition and related expenses.
Where can I find a record of the payments I made and the amounts Hampshire College billed?
Your E-Bill indicates payments received and charges billed by Hampshire College. You can access your E-Bill by logging in to TheHub or at https://ebilling.hampshire.edu/.
Where can I find my 1098-T online?
Students must log in to TheHub to view and print their 1098-T Forms. Click on "Students" on the menu on the right. Under the Financial Info heading, click on "View My 1098-T Forms." Your 1098T statements for all applicable years will be listed by year.
When will my 1098-T be mailed to me?
If you did not consent for electronic delivery only, your 1098-T form will be mailed at the end of January. Each form must be postmarked (if mailed) by January 31. The forms are mailed to your home address on file. To verify or update your mailing address, please contact central records.
I'm a parent. Can I access my student's 1098-T form on TheHub?
Students must log in to TheHub to view and print their 1098-T Forms. The student is responsible for providing information to other parties in accordance with FERPA (Family Education Right to Privacy Act).
Can you fax a copy of my 1098-T to my accountant?
The fastest way to obtain your 1098-T Form is to log in to TheHub. Click on "Students" on the menu on the right. Under the Financial Info heading, click on "View My 1098-T Forms." Your 1098T statements for all applicable years will be listed by year. You can print a copy for you to fax to your accountant.
How does this affect my taxes/how much can I deduct?
Hampshire College cannot offer tax advice. Consult your accountant, tax preparer, or the IRS (www.irs.gov) on which amounts you can include for tax purposes.
Where on my tax form do I put this information?
Your tax preparer or the IRS can best advise you in the utilization of this form when preparing your taxes. You may also read IRS Publication 970 at www.irs.gov to determine if you qualify for an education credit.
The Social Security number is missing or incorrect on my 1098-T Form. Whom should I contact?
You will need to bring your Social Security card to central records so they can update the information. Alternatively, complete Section I of IRS Form W-9S and mail it to Hampshire College, Central Records, 893 West St, Amherst, MA 01002.
I lost my 1098-T form. Where can I get another one?
Students must log in to TheHub. Click on "Students" on the menu on the right. Under the Financial Info heading, click on "View My 1098-T Forms."Your 1098T statements for all applicable years will be listed by year.
How can I provide consent for electronic delivery only?
Students must log in to TheHub. Click on "Students" on the menu on the right. Under the Financial Info heading, click on "1098 Electronic Consent." Select the electronic delivery only method (option 1) and click "Submit."