Taxpayer Relief Act of 1997 - Frequently Asked Questions
What is Form 1098T? The 1098-T form is used by eligible educational institutions to report information about their students to the IRS as required by the Taxpayer Relief Act of 1997.
How do I receive a copy of Form 1098-T? The IRS requires Form 1098-T to be postmarked by January 31 of the following calendar year. This form is mailed to the student's permanent address (not billing address) who was enrolled at the University of Tennessee for at least half time during the calendar year. Address changes can be made on line at http://cpo.utk.edu or in the Office of the University Registrar, 209 Student Services Building.
Where can I get a listing of payments made to the University of Tennessee? Students may view their qualified fees assessed and payments applied to those fees at http://cpo.utk.edu/ This site can be accessed with a valid student ID number and PSC. If a student is unable to obtain this information from the website, a statement can be mailed to the students billing address.
Since I received a Form 1098-T from the University of Tennessee, am I qualified for one of the education tax credits? Determination of eligibility is the responsibility of the taxpayer.
How can I find out if I am eligible for a tax benefit? Read IRS Publication 970 from the IRS web site, contact the IRS, or contact a tax advisor.
My Form 1098-T contains incorrect information. How can this be corrected? Contact the Bursar's Office and explain what information you feel is incorrect. If Form 1098-T does contain incorrect information, a corrected form will be issued.
What are Qualified and Non-Qualified expenses? As determined by the Federal Government, Qualified expenses are defined as expenses required by and paid to the institution for enrollment purposes. They include maintenance, tuition, technology fee, facilities fee and a portion of the programs and services fee.
Non-qualified expenses are defined as books, room and board, student activities, parking, athletics, insurance, equipment, or other similar personal living expenses.
As a result, the amount of Qualified expenses will likely be less than the total amount of money paid.