Tax Benefits and Savings Options
The Internal Revenue Service (IRS) requires all educational institutions, such as colleges and universities, to issue a Tuition Statement (Form 1098-T) to its enrolled students at the end of each calendar year. These forms must be mailed out by January 31 of the new year and contain the following information:
- Total amounts billed for PSU qualified educational expenses. The IRS allows the educational institution to decide whether to report the total amounts billed or total payments received. PSU, as well as the entire USNH system, have opted to report total amounts billed. We are, therefore, not required to report the amounts paid.
- Total Scholarships and grants
- Prior year adjustments to the above items.
For clarification of qualified educational expenses and additional information about these reporting requirements, please visit the IRS website (www.irs.gov).
You can access your current 1098-T by logging on to myPlymouth and following this click path:
- Go to the ‘Services’ Tab
- Find the ‘myFinances’ channel
- Click on ‘Your Tax Information (1098-T)’
Download this PDF for information on your Tax Benefits and Savings Options. The document, published by the National Association of College and University Business Officers (NACUBO), provides information on tax credits, deductions, and tax incentives to save for college.
To make an address correction for your 1098-T form:
1. Log on to your myPlymouth portal and go to the ‘Services’ tab. On the ‘myProfile’ channel, check the mailing address – this is the address the 1098-T will be sent to. Click and update the address if needed.
2. If you are updating your mailing address specifically for your 1098-T during the months of January through March, it is very important that you contact Student Account Services at 603-535-2215 so we can update your new Mailing address on your current 1098-T form.
Form 1098-T is an American Tax Form. Foreign Universities may not provide a 1098-T. Students will need to contact their Study Abroad Provider directly to see if any tax information will be provided.