Tax Information

How to Retrieve Tax Information?

Students can log into their Banner account and retrieve their information from TouchNet via Payments and Deposits on Banner Self-Service. If you need a 1098T form for prior to 2016, you can retrieve this online at the UTK website or contact the Bursar’s Office.

What is Form 1098-T?

Eligible educational institutions file Form 1098-T for each student they enroll and for whom a reportable transaction is made.

Other Frequently Asked Questions

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 UT for at least half time during the calendar year, unless the student opted for the paperless copy of the form. Address changes can be made on Banner Self-Service. Students may opt to receive an electronic 1098-T at Banner Self-Service, Personal Tab, Payments and Deposits and then clicking on Click here for Online Payments/, Agreements tab.

Where can I get a listing of payments made to UTM?

Students may view your qualified fees assessed and payments applied to those fees on TouchNet by going to Banner Self-Service, Personal Tab, Payments and Deposits and then clicking on Click here for Online Payments/. If you are not able to get this information on the website, a statement can be obtained from the Bursar’s Office.

Since I received a Form 1098-T from UT, 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?

Check the IRS website, 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 fees for maintenance, tuition, technology, facilities, 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.

Why is there an amount in Box 1 and Box 2 is blank for 2018?

Due to a change to institutional reporting requirements under federal law, beginning with tax year 2018, the University will report in Box 1 the amount of payments received for qualified tuition and related expenses paid during the calendar (tax year) 2018.

**Please note there are changes coming for tax year 2018 (form sent January of 2019). Please be sure to watch the Bursar webpage and your email address for notification of coming changes.

1098T Instructions from the IRS

IRS Tax Information for Students

1098T

1. Log into your MyUTMartin portal
2. Go to Banner-Self Service
3. Go to the Personal Tab
4. Then click on “Payments and Deposits”
5. Then click on "Click here to Online payments"
6. Then click "Home"
7. Then click "Statements"
8. Then click "Action" and then "View"

To view forms from previous years, please use the link below.

View 1098T Information >

 

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