Tax Matters

There are a number of tax benefits and credits offered by the federal government to college students.

The 1098-T is a record of a student's financial information required to be reported by UMass Chan Medical School to the student and to the IRS, which will assist you or your parents in preparation 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 in 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 whether any fee is a QTRE is whether 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 more detailed explanation about Box numbers on 1098-T and a list of Q&A, please go to:  University of MA, Treasurer's 1098-T website

1098T forms are mailed out every year by 1/31 for the previous calendar year to student's Current/Mailing Address that is maintained in PSCS. Please ensure that the information is accurate and up to date.

If you have moved, please update your "Current/Mailing Address" via PSCS self service to ensure prompt delivery of your 1098T form.  To verify address information:

• Log into PSCS Self Service
• Click on the “Profile” tile on the landing page and then click “Addresses” on the left-hand navigation area.
• Verify and make any necessary changes to your “Current/Mailing Address". Please ensure the address is U.S. domestic with all components including the zip code.

In addition to the hard copy (Copy B) that is mailed to you, you may also view your 1098T and Financial Transcript/Summary Information online via PSCS Self Service:

• Log into PSCS Self Service
• Click the “Finances” tile > then click on the left-hand side "View 1098-T" link (for 1098-T form) or "1098T Fin.Transcript/Summary" link (for 1098-T Summary Information 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