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.
In previous years, your 1098-T included a figure in Box 2 that represented the qualified tuition and related expenses (QTRE) we billed to your student account for the calendar (tax) year. Due to a change to institutional reporting requirements under federal law, beginning with tax year 2018, we will report in Box 1 the amount of QTRE you paid during the year.
Depending on your income (or your family’s income, if you are a dependent), whether you were considered full of half-time enrolled, and the amount of your qualified educational expenses for the year, you may be eligible for a federal education tax credit. (You can find detailed information about claiming education tax credits in IRS Publication 971, page 9.)
The dollar amounts reported on your Form 1098-T may assist you in completing IRS Form 8863-the form used for calculating the education tax credits that a taxpayer may claim as part of your tax return.
Elon University is unable to provide you with individual tax advice, but should you have questions, you should seek the counsel of an informed tax preparer or adviser.
For more information about Form 1098-T, visit https://www.irs.gov/pub/irs-pdf/f1098t.pdf.
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?
- Box 1 will include payments for qualified tuition and related expenses.
- Box 5 will include funds received from scholarships and grants. This 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 back of the 1098-T 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.
Are all payments reported in Box 1?
No. The IRS does not consider housing, food, insurance, or any other ancillary items as qualified tuition payments (qualified payments = payments made towards tuition only).