Please note that Cameron University cannot provide tax advice to individuals. If you have questions about filing your taxes, you should consult a personal tax advisor. Eligible students will be issued a 1098-T tax form by January 31st each year. International students may be issued a 1042-S tax form.
The 1098-T form is intended to assist you, or your parents, in the preparation of your federal income tax return to see if you are eligible for two tax credits: the American Opportunity Credit and the Lifetime Learning Credit. The 1098-T is only informational. The amounts on the 1098-T may be different than what you paid during the tax year. When figuring the credit/deduction, use only the amounts you paid or are deemed to have paid during the tax year for qualified education expenses. It is the taxpayer’s responsibility to determine the amount of qualified tuition and fees paid, and to determine whether they are eligible for any tax credits. Your accountant, tax preparer, or the Internal Revenue Service (www.irs.gov) can best advise you in the utilization of this form when preparing your taxes.
You may access your 1098-T in AggieAccess by selecting the "Tax Notification" link under the "My Info" tab. Eligible students will also receive a paper copy in the mail.
Box 1 shows the amount of payments received during the calendar year less any refunds. This amount cannot exceed the amount of qualified tuition and related expenses that are assessed during the calendar year. Box 4 shows the amount of adjustments to prior year payments. Box 5 shows the amount in scholarships and grants that were disbursed to the account during the calendar year. Box 6 shows any adjustments to scholarships and grants from a prior year. The 1098-T also indicates graduate student classification and half-time or greater enrollment.
Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding, is issued to international students who received a non-qualified taxable scholarship during the tax year. The 1042-S is a report of tax withhold and is issued by March 15.
Taxable scholarship amounts and the amount of tax withholding charged to you are reported to the Internal Revenue Service (IRS) on the 1042-S form. Room and board scholarships and stipends are considered taxable income.
The taxable portion of your scholarships will be taxed at a rate of 14%. If you are an international student from a country that has a tax treaty with the United States, you may be exempt from the 14% tax. A list of countries with tax treaties can be found in IRS Publication 901.
For additional information on taxes for international students, please visit Employment and Taxes.
