Tax Matters
There are several tax benefits and credits offered by the federal government to college students.
The 1098-T is a record of a student's financial information and is required to be reported by UMass Chan Medical School to the student and to the IRS. The 1098-T will assist you or your parents when preparing for your federal income tax return. Specifically, starting tax year 2018, it includes the total amount of payments received for Qualified Tuition and Related Expenses (QTREs) and total amount of scholarships or grants disbursed during the calendar/tax year.
Qualified Tuition and Related Expenses (QTREs) -- QTREs are tuition and fees required for the enrollment or attendance of a student for a course of instruction at an eligible Higher Ed institution. The test for determining if any fee is a QTRE is whether or not the fee is required to be paid to the eligible educational institution as a condition of the student's enrollment or attendance at the institution. Additionally, per the IRS, QTRES do not include the costs of room and board, insurance, medical expenses (including student health fees), transportation, and similar personal, living, or family expenses, regardless of whether the fee must be paid to the eligible educational institution for the enrollment or attendance of the student at the institution.
For a more detailed explanation about Box numbers on the 1098-T and a list of Q&A, please go to: University of MA, Treasurer's 1098-T website
1098-T forms are furnished to the students via their PSCS self service portal each year during the mid of January. Those who have signed the e-consent do not receive a physical copy of their 1098-T via U.S. mail.
How to access 1098-T and supporting form via PSCS self-service portal
- Log in to your PSCS self service portal
- Click the “Finances” tile on the home page
- Click “View 1098-T” at the left side panel and click any year you want to open
- Click “1098T Fin. Transcript/Summary” at the left side panel and click any year you want to open the supporting form
Please note, UMass representatives are not permitted to give individual tax advice, and we would suggest that you seek professional advice from a qualified accountant or attorney if you encounter complicated tax situations.
The following links provide additional IRS information and helpful resources regarding education credits:
IRS Publication 970, Tax Benefits for Education
Tax Benefits for Education: Information Center
Education Credits
American Opportunity Tax Credit
Lifetime Learning Credit
IRS hot line: 1-800-829-1040