Tax Information

Tax Information

Form 1098-T Information

IRS Form 1098-T is an informational tax document that may assist taxpayers in determining whether they are eligible to claim a tax deduction or one of the education tax credits (Hope Credit, American Opportunity, or Lifetime Learning Credit).

1098-T forms will be available by January 31st. Students will receive an email when the forms and details are available in the myState portal. For those students who chose paper delivery, 1098-T forms will be mailed by January 31st.  If you’ve elected online delivery, a standard paper form will not be mailed.

The 1098-T form is not necessarily a "plug-and-play" document like a W-2 or 1099 but is rather an informational return required to claim the credit and it is up to the taxpayer to claim the correct amount based on individual circumstances.

Mississippi State University is prohibited from providing tax or legal advice. The decision as to whether or not you qualify for an educational tax credit should be determined in consultation with your personal tax advisor or the Internal Revenue Service. Your personal records in conjunction with the form 1098T may be necessary for determining an education tax credit or deduction.

How Can I Access My Form 1098-T?

Students who are eligible to receive the form 1098-T may obtain an electronic copy of the statement through the myState portal by following the steps below:

  • Log into the myState portal
  • Choose Banner
  • Select myBanner for students
  • Under the Tax Information column, click Tax Relief Act Information (1098-T)
  • Select the appropriate tax year from the drop-down menu

Students may also access their entire transaction history for supplemental information by choosing “Historical Account Detail” under the Tax Information column.

If you have questions about the 1098-T figures provided by Mississippi State University, please contact studentaccounts@msstate.edu and include the student’s name and MSU ID number. These questions cannot be addressed over the phone.

 

Explanation of 1098-T Form

The 2023 1098-T includes the period from 01/01/2023 – 12/31/2023. Reporting activity on a calendar year basis can create a timing difference with Spring semester activity being posted in different calendar years.

Please remember, the 1098-T is not necessarily a "plug-and-play" document like a W-2 or 1099 but is rather an informational return required to claim the credit and it is up to the taxpayer to claim the correct amount based on individual circumstances. It is important that your tax professional understands the details in each box on the 1098-T.

Mississippi State has provided students their entire transaction history for supplemental information. Students can access this information by logging into their myState portal, accessing Banner, and choosing “Historical Account Detail” under the column labeled Tax Information.

Box 1 – The total payments from any source received by an eligible educational institution in 2023 for qualified tuition and related expenses less any reimbursements or refunds made during 2023 that relate to payments received during 2023. Please note the amount in Box 1 will NOT equal to or sum to the charges paid for calendar year 2023 because all charges are not considered qualified tuition and related expenses as defined by the Internal Revenue Service.
Note: If you registered and paid for Spring 2023 classes in 2022, those payments will not be included on the 2023 1098-T. Also, if you register and pay for Spring 2024 classes in 2023, those payments will be included on the 2023 1098-T.

Box 2 – This block will be blank.

Box 3 – Shows whether Mississippi State University changed its method of reporting for 2023. This box will not be checked.

Box 4 - The amount of any adjustments 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 you may claim for the prior year. See Form 8863 or the IRS Pub 970 for more information.

Box 5 – Includes the total of all scholarships, grants, exemptions, and fee waivers administered and processed by the University. Spring 2024 scholarships or grants received in 2023 will appear in Box 5.

Box 6 – The amount of any adjustments made for prior year scholarships, grants, exemptions, and fee waivers that were reported on a prior year Form 1098-T. This amount may reduce any allowable education credit you may claim for the prior year. See Form 8863 or the IRS Pub 970 for more information.

Box 7 - Will be checked if the amount in Box 1 includes amounts for an academic period beginning January – March 2024. See the IRS Pub 970 for how to report these amounts.

Box 8 – Indicates whether you are considered to be carrying at least one-half the normal full-time workload for your course of study at Mississippi State University. If you are at least a half-time student for at least one academic period that begins during the tax or calendar year, you meet the requirements for the Hope Credit. You do not have to meet the workload requirement to qualify for the tuition and fees deduction or the Lifetime Learning Credit.

Box 9 – Indicates 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. If you are enrolled in a graduate program, you are not eligible for the Hope Credit, but you may qualify for the tuition and fees deduction or the Lifetime Learning Credit.

Box 10 – This box will always be blank on 1098-T form the student receives from Mississippi State University.

PLEASE NOTE: Mississippi State University does not provide tax or legal advice. The decision as to whether or not you qualify for an educational tax credit should be determined in consultation with your personal tax advisor or the Internal Revenue Service. Your personal records in conjunction with the form 1098T may be necessary for determining an education tax credit or deduction.