Taxes for students can be confusing but on this page you’ll find some tips for approaching tax time a bit more confidently.
Do you need to file?
You may need to file a tax return depending on your gross income and whether your parents can claim you as a dependent. Find out if you need to file a tax return and if you can be claimed as a dependent.
Keep in mind that scholarships and grants are typically tax free, but there may be situations where you have to include them in taxable income.
- Find whether your scholarship or grant is tax-free
- Find out if you need to include your scholarship, fellowship or education grant as income on your tax return with the Interactive Tax Assistant
You may be able to get a refund even if you aren’t required to file. For example, you may qualify for a refund if you worked a part-time or full-time job for the year and your Form W-2 shows federal and state withholding.
Tax Benefits
If you have student loans or pay education costs for yourself, you may be eligible to claim education deductions and credits on your tax return, such as loan interest deductions, qualified tuition programs (529 plans) and Coverdell Education Savings Accounts.
For more information, see Tax Benefits for Education.
Students who are dependents on their parents’ tax returns aren’t generally eligible to claim education credits. In this case, the student’s parents may be eligible to claim the education deductions and credits.
What is a 1098-T?
Educational institutions are required to file a Form 1098-T, Tuition Statement, with the IRS and to provide a copy of the form to the student, for each enrolled student for whom there is a reportable transaction. A reportable transaction includes payments received, or refunds made for tuition and related expenses.
Your 1098-T will not be mailed to you. You can access your 1098-T online in the Student Hub. This document is prepared by the university and available towards the end of January each year.
- Log onto the Student Hub.
- Click on the “Student Profile” button under the Web Services section and log in.
- Click on the window button at the top of the page (next to MSU Denver logo)”.
- Click on the “Menu” button.
- Click on the ” Students” button.
- Click on the “Student Accounts” button.
- Select “1098-T Tax Notification” button.
- Select the correct year in the drop-down menu and the 1098-T form should automatically populate on the page.
- Print screen for your personal records.
Additional Resources
- Office of the Bursar, 1098-T Information: This site can help you request a paper copy of the 1098-T or direct you to additional resources about this document.
- Internal Revenue Service (IRS): If you’re filing independent of your parents, this site can give you guidance on all the rules and regulations related to taxes.
- Tip: There are a lot of helpful tools and calculators on this site that can give you detailed advice but they require you to gather together pay stubs, W-2s, and other important financial documents. It’s well worth the time to do so though!