It’s tax season, and for most of us, that means W-2s and tracking down every last possible deduction. For those of us with college-age children or who are taking classes ourselves, though, it also means tracking down 1098-T forms to file along with our federal tax returns. The University of Virginia prints and sends a 1098-T form to students who qualify for one. Students have the option to receive their form electronically through their SIS, instead, and we make an effort to steer them that direction to save time and money.
The 1098-T form is the driver of hundreds of phone calls and emails to the SFS Contact Center during tax season, and while we can help customers understand why they may not have qualified to receive a form for the prior tax year, we stop short of providing them tax advice on how to account for their education-related expenses, referring them instead to IRS publications or a qualified tax preparer. To help the majority of people who have questions about the forms, however, we have prepared a section of the SFS website to address the most common questions about 1098-T forms and other tax information topics. We invite you to take a look for yourself, especially if you will be claiming any education tax credits yourself for 2014.