In previous years, your 1098-T included a figure in Box 2 that represented the qualified tuition and related expenses (QTRE) we billed to your student account for the calendar (tax) year. Due to a change to institutional reporting requirements under federal law, beginning with tax year 2018, we will report in Box 1 the amount of QTRE you paid during the year.
The 1098-T form is available to all Pace University students who had qualifying tuition and fees charged during calendar year 2019 to comply with the American Opportunity Credit, formerly the Hope Credit and Lifetime Learning Credit. For specific instructions, refer to the IRS publication 970: Tax Benefits for Higher Ed (PDF) or www.irs.gov for all IRS forms.
Who is eligible for a 1098-T form?
All Pace University students who incurred qualified tuition and fees during calendar year 2019. Students must have a valid Social Security number or Taxpayer ID number and valid Mailing Address on record with the University. Students with assigned University ID's as their Social Security number do not qualify by IRS regulations to receive a 1098-T form.
Can I receive a 1098-T if I submit my Social Security/Taxpayer Identification Number to Pace?
Yes, if you complete the Pace Substitute W-9S form along with your Social Security/TIN Card and picture ID. Your SSN/TIN number will be added to your student record and a 1098-T will be generated. Last year, the deadline for submitting your SSN/TIN was February 22, 2019 in order for Pace to have transmitted your 2018 1098-T information to the IRS with your proper Tax ID.
When will 1098-T Forms be available?
1098T forms for 2019 will be available to view and print at "MyPace," select "Student Records," and then "Tax Year 2019 Tax Notification" by January 31, 2020. Students will not be mailed a copy of their 2019 1098T. The 1098-T form will only be available through the MyPace Portal. Under Student Records, click Select Tax Year, enter the applicable Tax Year, then click Tax Notification.
Questions? If you have specific questions regarding filing your 2019 federal tax return and eligibility to claim an educational tax credit, the IRS Publication 970: Tax Benefits for Education (PDF) may be of assistance or you may visit the IRS website, or contact your tax professional. For questions regarding receipt of your 2019 1098-T, contact OSA at (914) 773-3966 during normal business hours.
Understanding Your 1098-T
Instructions for Students:
An eligible educational institution, such as a college or university in which you are enrolled, and an insurer who makes reimbursements or refunds of qualified tuition and related expenses to you must furnish this statement to you. You, or the person who can claim you as a dependent, may be able to claim an education credit on Form 1040 or 1040A for the qualified tuition and related expenses that were actually paid in 2019. To see if you qualify for the credit, see Pub. 970, Tax Benefits for Education; Form 8863, Education Credits; and the Form 1040 or 1040A instructions. Your institution must include its name, address, and information contact telephone number on this statement. It may also include contact information for a service provider. Although the service provider may be able to answer certain questions about the statement, do not contact them or the filer for explanations of the requirements for (and how to figure) any education credit that you may claim.
Account number. May show an account or other unique number the filer assigned to distinguish your account.
Box 1. Shows the total payments received from any source for qualified tuition and related expenses less any related reimbursements or refunds.
Box 2. No longer used due to a change to institutional reporting requirements under federal law.
Box 3. Shows whether your institution changed its method of reporting for 2019. It has changed its method of reporting if the method (payments received or amounts billed) used for 2019 is different than the reporting method used for prior to and including 2017. You should be aware of this change in figuring your education credits. The credits are allowable only for amounts actually paid during the year and not amounts reported as billed, but not paid, during the year.
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. 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.
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 1040-X) for the prior year.
Box 7. Shows whether the amount in box 1 includes payments received for qualified tuition and related expenses for an academic period beginning January-March 2019. 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. If you are at least a half-time student for at least one academic period that begins during the year, you meet one of the requirements for the American Opportunity credit. You do not have to meet the workload requirement to qualify for the lifetime learning credit.
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.
Instructions to access 1098-T via MyPace Portal:
- Go to the Pace website
- Click "Current Students" tab
- Click "MyPace Portal"
- Login with your user ID or if you have forgotten, contact ITS at (914) 773-3333
- Click "Students"
- Click "Students Records"
- Click "Tax Notification"
- Enter "Tax Year ____" hit submit
- Tax Notification for Tax Year _____
- 1098-T is available to print