1098T Frequently Asked Questions

What is a 1098T Form?

Section 6050S of the Internal Revenue Code requires eligible educational institutions to file information returns to assist taxpayers in determining the amount of qualified tuition and related expenses for which an educational tax credit is allowable. 1098T forms are made available to students in January of each year.

Where can I find my form online?

Visit Ontrack and log-in with your student credentials. Under the  Financial Information section, select "View My 1098-T Forms."

Why did I receive a 1098T Form?

Receipt of a 1098T form indicates you were enrolled in at least one course at Elon University during the past calendar year. It does not mean that you are eligible for a tuition and fees deduction, Hope Credit, or Lifetime Learning Credit. According to federal tax regulations, determination of qualified charges and payments is the responsibility of the tax payer.

What information is provided on the 1098T Form?

Educational institutions are required to report either the amounts received for tuition and qualified expenses or the amounts billed for qualified tuition and related expenses during the calendar year.
Elon University reports the amount billed during the calendar year for qualified tuition and expenses. This information is reported on the 1098T Form in Box 2, Amounts Billed for Qualified Tuition and Related Expenses.

Box 1, Payments for Qualified Tuition and Related Expenses, will be blank.

Box 5, Scholarships and Grants, includes any scholarships and grants reported for the calendar year. Any adjustments to qualified tuition or scholarships and grants previously reported are provided in Boxes 4 and 6.

For a detailed explanation of each box on the 1098T Form, please see the "Instructions to Student" printed on the form.

Where can I obtain information on the educational tax credits?

For information about the tuition and fees deduction, the Hope Credit, and Lifetime Learning Credit, see IRS Publication 970 Tax Benefits for Education, Form 8863 Education Credits, and the Form 1040 or 1040A Instructions. The publications and forms may be found on the IRS website.

Also, reference the doucment: 1998-T for parents provided by the IRS.

Consult your personal tax advisor for additional information to determine if you qualify. Elon University does not provide tax advice.

Why are all my boxes blank?

If all of the boxes on your 1098-T reflect 0.00, you did not have any qualified tuition or related expenses billed to your account between January 1 and December 31 of that tax year. For example, if you are a Spring graduate but you registered for your courses during pre-registration in December, that semester’s tuition charges were on your previous year’s 1098-T form.

The 1098T Form covers calendar year 2014; why does it include amounts billed for the Spring 2015 semester?

Any qualified tuition and fees billed in calendar year 2014 for the Spring Semester 2015will be included in the 2014 1098T Form. Box 7 accounts for an academic period beginning in January through March 2015 will be checked.

Are all fees reported in Box 2?

No. The IRS does not consider room, meals, or insurance as qualified tuition.