1098-T Tax Reporting Information
2011 Forms 1098-T will be distributed by January 31, 2011 to students who meet the IRS’ reporting requirements. Forms are mailed to the student’s permanent address of record. Currently enrolled students can access 1098-T information and transaction details on DukeHub. The form 1098-T does not include information on payments made; please consult banking records, old bills or student account history on DukeHub for payment information.
The 1098-T is an informational form issued to students to help determine eligibility for certain educational tax credits. These forms are prepared in compliance with reporting guidelines established by the IRS. Information included on Form 1098-T is reported to the IRS. Included in Form 1098-T are the following financial transactions posted to student accounts in calendar year 2018:
Box 1 – Payments Received
The total in Box 1 includes all payments received by Duke in calendar year 2018 that pay for qualified tuition and related expenses (“QTRE” – see below), as defined by the IRS. QTRE includes payments from students and families, advance deposits, loans, scholarships, grants, and third party sponsor payments. Only the portion of the payments applied to QTRE is reported in Box 1.
Box 2 – Amounts Billed
Effective with 2018 reporting, and to comply with the Consolidated Appropriations Act of 2015, Duke has started reporting Payments Received in Box 1. With this change, Box 2 will be left blank. In prior years, Duke reported “Amounts Billed” in Box 2.
Box 4 – Adjustments to a Prior Year
Box 4 reports adjustments including changes made to items originally reported in Box 1 or Box 2 in a prior calendar year. In 2018, during the transition to the “Payments Received” method, Box 4 will include amounts reported in Box 2 (“Amounts Billed”) in prior calendar years. Previously, Duke used the “Amounts Billed” rather than the “Payments Received” methodology. The “Amounts Billed” methodology is no longer permitted by the IRS.
Box 5 – Scholarships or Grants
Box 5 includes scholarships, grants, and payments from a corporate or government sponsor. Per IRS regulations, Box 5 includes any payments made by someone other than the student or family.
The student must have taken classes for academic credit in any term that began during the 2018 calendar year. In addition, the student’s account must have had a payment or financial aid award posted in calendar year 2018 that was applied to qualified tuition and related expenses.