IRS Form 1098-T
Please be advised that Wabash College is prohibited from providing legal, tax, or accounting advice to students and we are not responsible for any use you make of this information.
What is a Form 1098-T?
Form 1098-T is an informational return that eligible colleges and universities are required to issue to each student that is enrolled and for whom a reportable transaction was made. Eligible educational institutions are required to submit the student’s name, address, and taxpayer identification number (TIN), enrollment and academic status. Educational institutions must also report amounts to the IRS pertaining to qualified tuition and related expenses, as well as scholarships and/or grants, taxable or not. Families filing a U.S. tax return may be eligible for educational tax credits when claiming their Wabash College student as a dependent.
Please note that the 1098-T may not provide all the information you need to determine eligibility; you will also need your personal financial records. Wabash College cannot provide tax advice. Please consult the IRS or a tax professional to find out more about education credits, deductions, and your eligibility.
How do I get my Form 1098-T?
In mid-January of each year, the Business Office will generate an IRS form 1098-T for all students who had qualified tuition and related expenses billed to them during the previous calendar year. Students who have consented to receiving their 1098-T electronically can access it online through their Wabash Self-Service account as soon as it is available. If you are unsure of your electronic consent status, please log into your Student Self-Service account, click the Tax Information box, and select 1098 Information. If you need to update your electronic consent status, you can do so on this screen. Students must authorize their parent/guardian to access Form 1098-T specifically.
Students who have not provided electronic consent will receive their 1098-T by mail no later than January 31 of each year.
Does every student get a Form 1098-T?
Wabash College must file a Form 1098-T for each student enrolled for the given calendar year – and for whom a reportable transaction was made. The IRS does not require the College to provide a Form 1098-T for international students.
Why didn’t I receive a Form 1098-T?
If your address is not current on your student record, then the 1098-T may have been sent to an old or incorrect address, or we may not have a valid TIN on file for you.
If you did not receive a 1098-T, please email studentaccounts@wabash.edu.
How is Box 1 calculated?
Box 1. Payments Received for Qualified Tuition and Related Expenses: (https://www.irs.gov/instructions/i1098et).
Box 1 is the total amount of payments received for qualified tuition and related expenses (QTRE) from all sources during the calendar year. The amount reported is the total amount of payments received less any refunds made during the calendar year that relate to payments received for qualified tuition and related expenses during the same calendar year. The amount reported is not reduced by the scholarships and grants reported in box 5.
What fees are considered qualified tuition and related expenses?
The IRS defines qualified tuition and related expenses as “tuition and fees required for enrollment or attendance of a student for a course of instruction at an eligible institution.”
For purposes of the tuition and fees deduction, the following are some examples of items that are included and items that are not included as qualified tuition and related expenses:
Included:
- Tuition
- Student Activity Fee
- Health Center Fee
Not Included:
- Housing and Meal Plan costs
- Payment Plan Fees
- Student Health Insurance Premium
- Books, Supplies and Equipment
What amounts are reported on Form 1098-T?
Box 1 represents amounts paid for qualified tuition and related expenses
Box 2 is not reported by Wabash College
Box 4 represents reductions made to amounts billed for qualified tuition and related expenses that were reported for a prior calendar year.
Box 5 represents the total amount of scholarships or grants that were processed for the payment of qualified tuition and related expenses.
Box 6 represents the amount of reductions or refunds made for scholarships or grants that were reported for a prior year.
Box 7 Indicates, if checked, that Box 1 includes payments received for an academic period beginning in the next calendar year.
Box 8 is only checked if you have been at least a half-time student for at least one academic period that began during the calendar year.
Will a copy of the Form 1098-T be sent to the IRS?
Yes. Section 6050S of the Internal Revenue Code, as enacted by the Taxpayer Relief Act of 1997, requires institutions to file information returns to assist taxpayers and the IRS in determining eligibility for educational tax credits. The annual deadline for Wabash College to file the required tax information electronically with the IRS is March 31, although data may be transmitted earlier.
Additional Resources
- IRS Publications and Forms
- Form 8863 Instructions for Education Credits
- Form 1040 Instructions (PDF)
- IRS Information on American Opportunity Credit
- IRS information on Lifetime Learning Credit
- Compare Education Credits and Other Deductions
What if I still have questions?
Please read the information available on the resource links provided above. If you still have a question regarding an amount reported on your 1098-T, please contact Student Accounts by sending an email to studentaccounts@wabash.edu.