1098T forms are issued by the University to students that incurred a net charge of eligible fees during a given calendar year. This form is to be used by the student to determine eligibility to receive the Hope or Lifetime Learning Tax Credits. More information on both may be found at: http://www.irs.gov/pub/irs-pdf/f1098t.pdf

Please note the following:

• 1098T forms will be mailed out to eligible students by the University no later than January 31, 2010. Eligible students are those that incurred qualified charges in an amount totaling more the total amount of aid granted in the calendar year.
• The IRS does not require taxpayers to submit 1098T forms when filing tax returns.
• The education tax credit amount should be based on the taxpayer's personal records.
• Professional tax advisors should be consulted for questions regarding eligibility to receive tax credits. University staff is not licensed to advise or determine if a student qualifies for tax credits or to supply tax advice.
• Tax law requires that forms be sent to the student's permanent address on file with the University. Please keep addresses current to ensure receipt.

What is the 1098-T form?
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. Eligible educational institutions are required to submit the student's name, address, taxpayer identification number (SSN), enrollment and academic status. Beginning in tax year 2003, educational institutions were required to also report amounts to the IRS pertaining to qualified tuition and related expenses, as well as scholarships and/or grants, taxable or not. A 1098-T form must also be provided to each applicable student.

Why is there not an amount in Box 1?
Institutions may elect to report either the total amount of payments received for qualified tuition and related expenses (box 1), or the total amount billed for qualified tuition and related expenses (box 2) during a calendar year (January 1 - December 31) with respect to individuals enrolled for any academic period. MBU has elected to report amounts billed for qualified tuition and related expenses.

Who will be sent a 1098-T form?
Only those students who were charged for eligible tuition expenses during January 1 - December 31 will receive a 1098-T. Also, students without a Social Security Number on file will be sent a form, W-9(S), requiring you to report your social security number to the University for tax reporting purposes. We must also have a valid, updated address for each student; otherwise we will be unable to send the form.

Why can't the University give more tax information or advice?
We are not trained or qualified individual tax experts and are not able to review your final and full tax return. Therefore we are not able to evaluate all of the taxpayer's individual circumstances.

What amounts are included in Box 4, Scholarships or grants?
The amount in this box includes all educational grants (federal and state) and academic scholarships (scholarships offered by MBU or private sources). Graduate assistantships, employer sponsored tuition payments, and other payments not paid out-of-pocket are also required to be reported in this box.

Is the Missouri MOST program considered an out-of-pocket payment?
Yes.

What expenses are eligible for the Hope or Lifetime Learning credit?
Tuition and other required fees to enroll or attend an accredited educational institution. However, these expenses must be reduced by any grants, scholarships, employer assistance, exemptions, etc. Books, room and board, and other expenses are excluded unless required and paid directly to the University.

Do qualified expenses need to be adjusted for proceeds from student loans?
No, student loans are considered your payments, therefore are not deducted from tuition costs.

May I receive a 1098T for previous years?
We can print a copy of the information and mail it to you or you may come to the Financial Services Office to pick it up.

When will the 1098T be available to me?
The 1098T forms will be mailed on January 31, 2010.

How may I receive information on my spouse’s or child's qualified expenses and grants or aid?
Because this information is part of the student's private educational records, federal privacy laws protect these accounts. We are unable to disclose information to anyone without written consent by the student. If a student wishes us to release this information, they will need to go to Financial Services and complete the Statement Release Authorization form or fax a written, signed request, detailing information for release of 1098T to a third party.

How may I receive a corrected 1098T?
If your 1098T requires correction, please contact Student Financial Services at 314-392-2359 or e-mail 1098T@mobap.edu and include information regarding your concerns. Please include the best way to contact you in the event further research needs to be conducted. You may request a corrected 1098T form be mailed to you or you may fax a written, signed,  request that includes the fax number and location where the form is to be faxed. The Financial Services Office fax number is (314) 744-5320.

How do I find out how much interest I paid on a student loan?
Call your loan servicer and request form 1098E.