In accordance with NACUBO recommendations, The University of Oklahoma Health Sciences Center will report CARES Act funds in Box 5 for the 2020 tax year, as the grants were administered and processed by the institution.
Please refer to the NACUBO Updates on Taxability, Disclosure Reporting for Emergency Grants to Students and the IRS FAQs: Higher Education Emergency Relief Fund and Emergency Financial Aid Grants under the CARES Act for further details regarding the CARES Act grant aid funds and 1098T reporting.
The 1098-T is an IRS form that assists the student in determining if he/she qualifies for certain education related tax credits under the Taxpayer Relief Act of 1997(TRA97). The IRS requires eligible educational institutions, including the University of Oklahoma Health Sciences Center, to file a 1098-T form each year for each enrolled student (excluding non-resident alien students) for whom a reportable transaction is made during the calendar year. This form is intended to assist in the preparation of your federal income tax return. 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. Specific information related to tax benefits for education may be located in IRS Publication 970.
IRS regulations state that each student who files a request to receive a 1098-T electronically must also provide his/her consent electronically.
By providing consent, you state your intent to receive your 1098-T form electronically. With this consent for an on-line electronic 1098-T, please understand that a paper copy of your 1098-T will not be mailed.
If you elect not to consent, a paper copy of your 1098-T will be sent to you via First Class US Mail to the address currently on file with the University of Oklahoma Health Sciences Center.