The IRS requires the University to issue Form 1098-T, “Tuition Payments Statement,” to each student who paid “qualified educational expenses” in the preceding tax year. Form 1098-T is made available to students in January of each year.
Form 1098-T Frequently Asked Questions
Where can I find my form online?
Visit OnTrack and log-in with your student credentials. Under the Financial Information section, select “Tax Information (W-2/1095-C/1098-T).”
Why did I receive a Form 1098-T?
Receipt of Form 1098-T 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 Form 1098-T?
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 Form 1098-T 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 Form 1098-T, 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.
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 Form 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 Form 1098-T.
The Form 1098-T covers the previous calendar year; why does it include amounts billed for the current year’s spring semester?
Any qualified tuition and fees billed in the previous calendar year for the spring semester will be included in the Form 1098-T. Box 7 accounts for an academic period beginning in January through March will be checked.
Are all fees reported in Box 2?
No. The IRS does not consider room, meals, or insurance as qualified tuition.