Electronic Delivery of Form 1098-T available for 2016 taxes!
Federal regulations allow those eligible to receive IRS Form 1098-T the option to receive the form electronically instead of through the mail. As a result, beginning January 2017, current students can view and print 2016 1098-T information as follows:
Students: Log into Student Center and select "Manage My Account / Make a Payment" to get to your account dashboard.
Authorized Payers: Go to https://public.lionpath.psu.edu and select the "Login" button in the Authorized Payer section.
Once logged in, the 1098-T Section is located in the bottom right-hand corner, which contains your most recent form. Select the hyperlink to view a printable version.
Box 1 on the 1098-T: Is intentionally left blank. Penn State reports tuition billed and not payments received.
Box 2 on the 1098-T: The information listed on your 1098-T form includes the amount of tuition billed for the spring 2016, summer 2016, fall 2016, and spring 2017 terms (as applicable).
IRS tax form instructions provide that education credits and deductions for a taxpayer's 2016 individual tax return are based upon qualified educational expenses paid during the 2016 calendar year (as opposed to tuition billings reported on the form 1098-T).
Penn State cannot provide individual tax advice, you should consult your tax advisor with any tax questions.
Following are the benefits to receiving the 1098-T electronically:
- Electronic delivery will provide access to Form 1098-T up to 2 weeks earlier.
- Online delivery eliminates the chance that the 1098-T will get lost or delayed during delivery.
- You can view a sample electronic Form 1098-T by clicking on the link below.
Students who either only attended Penn State during Spring 2016 semester, or didn't have transactions posted to their account after July 23, 2016, will not have access to the electronic 1098-T. You will receive a printed 1098-T Form in the mail. The mailing address used to send the 1098-T was determined by the first valid address found in this order: 1. Preferred Address; 2. Permanent Address; 3. Local Address.
Penn State releases 1098-T forms to students by January 31, as federally required.
If you are a former student and your address has changed, please use the category "1098-T change of address for former students" in the Contact Us: "Submit a Question/Request form". If the post office returns the printed 1098-T form as undeliverable, the Bursar's Office will resend it to the correct address. However, the 1098-T will NOT be reissued to reflect the updated address.
2016 Tax Year reporting
The following Form 1098-T will be sent to Penn State students by February 1, 2017. The IRS will also receive this information.
Instructions for Student:
Box 1. Shows the total payments received in 2016 from any source for qualified tuition and related expenses less any reimbursements or refunds made during 2016 that relate to those payments received during 2016. Please note, Box 1 is intentionally left blank. Penn State reports tuition billed and not payments received.
Box 2. Shows the total amounts billed in 2016 for qualified tuition and related expenses less any reductions in charges made during 2016 that relate to those amounts billed during 2016.
Box 3. Shows whether your institution changed its method of reporting for 2016. It has changed its method of reporting if the method (payments received or amounts billed) used for 2016 is different than the reporting method used for 2015. You should be aware of this change in figuring your education credits.
Box 4. Shows any adjustment made for a prior year for qualified tuition and related expenses that were reported on a prior year Form 1098-T. This amount may reduce any allowable education credit that you claimed for the prior year (may result in an increase in tax liability for the year of the refund). See "recapture" in the index to Pub. 970 to report a reduction in your education credit or tuition and fees deduction.
Box 5. Shows the total of all scholarships or grants administered and processed by the eligible educational institution. The amount of scholarships or grants for the calendar year (including those not reported by the institution) may reduce the amount of the education credit you claim for the year.
TIP.You may be able to increase the combined value of an education credit and certain educational assistance (including Pell Grants) if the student includes some or all of the educational assistance in income in the year it is received. For details, see IRS Publication 970, for tax year 2016, when it becomes available.
Box 6. Shows adjustments to scholarships or grants for a prior year. This amount may affect the amount of any allowable tuition and fees deduction or education credit that you claimed for the prior year. You may have to file an amended income tax return (Form 1040X) for the prior year.
Box 7. Shows whether the amount in box 1 or 2 includes amounts for an academic period beginning January-March 2017. See Pub. 970 for how to report these amounts.
Box 8. Shows whether you are considered to be carrying at least one-half the normal full-time workload for your course of study at the reporting institution.
Box 9. Shows whether you are considered to be enrolled in a program leading to a graduate degree, graduate-level certificate, or other recognized graduate-level educational credential.
Box 10. Shows the total amount of reimbursements or refunds of qualified tuition and related expenses made by an insurer. The amount of reimbursements or refunds for the calendar year may reduce the amount of any education credit you can claim for the year (may result in an increase in tax liability for the year of the refund).