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1098T TAX FORMS AND SPRING 20 BILLING COMING SOON. Please see attached for details.

Dear UMMS students,

 

Please read this important email about tax year 2019 1098-T reporting and information about spring 2020 term billing.

 

1098-T - The 1098-T is a record of a student’s financial information required to be reported to the IRS and provided to the student by UMMS.  This information includes total amount of payments received for qualified tuition and related expenses (QTRE) and total amount of scholarships or grants disbursed to the student in the calendar year.

Qualified Tuition and Related Expenses (QTRE) -- Qualified Tuition and Related Expenses (QTRE) are tuition and fees required for the enrollment or attendance of a student for a course of instruction at an eligible educational institution. The test for determining whether any fee is a QTRE is whether the fee is required to be paid to the eligible educational institution as a condition of the student's enrollment or attendance at the institution. Per the IRS, QTRE do not include the costs of room and board, insurance, medical expenses (including student health fees), transportation, and similar personal, living, or family expenses, regardless of whether the fee must be paid to the eligible educational institution for the enrollment or attendance of the student at the institution.

The IRS has determined that all qualified higher education institutions must report QTRE amounts paid in Box 1. Reporting of scholarships and grants are reported in Box 5.  UMass adpoted Box 1 reporting starting tax year 2018.

More resources about 1098-T -- For more detailed explanation about Box numbers on 1098-T and a list of Q&A, please go to https://www.umassp.edu/treasurer/tax-and-compliance/1098-t

 

Please note, UMMS representatives are not permitted to provide individual tax advice and we would suggest that you seek professional advice from a qualified accountant or attorney if you encounter complicated tax situations.

 

Resources about IRS tax benefits for education -- The following links provide additional IRS information and helpful resources regarding education credits:

Important action item and timelines of UMMS 1098-T of tax year 2019

Your tax year 2019 1098-T will report all qualified payments and scholarships received within calendar year 2019 as of December 31, 2019.  It will be processed on December 31, 2019 and mailed towards later part of January 2020 to your “Current/Mail” address stored in the PSCS system.  It will also be available on your PSCS Student Center for viewing. 

To ensure prompt delivery of your 1098-T, please verify and update, if necessary, your “Current/Mail” address in PSCS, no later than December 27, 2019, by following this navigational path: https://www.umassmed.edu/studentlife

  • On Office of Student Life webpage, click on ‘Oracle PeopleSoft’ icon on the left-hand navigation area. Log in with your network credentials;
  • Click on the 'Profile' tile on your homepage and then on 'Addresses' from the left-hand navigation;
  • Verify your address under the 'Current' address type. To make any changes, click on the pencil icon;
  • Update the details and select the date when the new address is expected to be effective, earliest being current date. Click on the 'Save' button.

(Please ensure the address is U.S. domestic with all components including zip code.)

 

 

Spring 2020 term billing - School of Medicine (SOM, including PhD/MD full-time at SOM side) – Spring 2020 tuition and fees will be calculated, financial aid disbursed, refunds processed, and e-bills sent to students during the first 10 days of January 2020.  Balance not covered by financial aid (including the $264.50 out-of-pocket fees for PhD/MD in SOM years 1/2/3/4) will be due by February 3, 2020.  

 

Please note: UMMS does not accept prepayment before 1/1/2020 for spring 2020 tuition and fee charges.

 

Nursing – Spring 2020 tuition and fees will be calculated, and e-bills sent to students during the first week of January 2020.  Balances not to be covered by Financial Aid will be due by January 13, 2020.  Financial aid will be disbursed the week of January 13, 2020 for GDNP and AGRN year 1 students and the week of January 20, 2020 for all other Nursing students.  Students whose account is to be paid in full with awarded financial aid will not be charged with late fee if financial aid is disbursed after the bill due date.  Refunds will be processed right after financial aid disbursements.

 

Please note: UMMS does not accept prepayment before 1/1/2020 for spring 2020 tuition and fee charge.

 

GSBS (including PhD/MD full-time at GSBS side) – Spring 2020 tuition and fees will be billed to GSBS office or student’s PI in late February.  Financial aid will be disbursed after a student’s account has been paid in full by the PI or GSBS office.  The Bursar’s office will coordinate with the Financial Aid office and the responsible paying party to assist with expediting this process.

 

Thank you for your attention to this important email and please let us know if you have further questions (Cathy.Stolarczyk@umassmed.edu  508-856-6612 or Yi.Chen@umassmed.edu  508-856-6641)  Please do notreply to all” when you reply to this email with a question.