The 1098-T is a record of the financial information reported by Harvard to the IRS on a student's behalf. This information includes the total amount billed for qualified tuition and fees in a calendar year (Box 2) and the total amount of scholarships or grants disbursed in the calendar year (Box 5). Please note that Harvard does not report payment information to the IRS, which means that Box 1 on your form will not be populated.
The 1098-T is intended to help students determine if they qualify for an American Opportunity or Lifetime Learning tax credit. If another individual claims a student as a tax dependent, or is responsible for filing their taxes, it is very important that they receive a copy of the 1098-T.