Educational institutions are required by law to report to students the amount of qualified tuition and related expenses that have been 支付 by the student during the calendar year. 天博体育app has reported the qualified tuition and related expenses 支付 during the calendar year (January 1 – December 31). 天博体育app mails paper copies of the 1098-T form to students each January and also reports this same information to the IRS. Depending on your income (or your family’s income, 如果你是受抚养人), whether you were considered full or 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 970, 9页.)
Box 1 includes qualified tuition and related expenses (QTRE) billed to your student account and 支付 for during the calendar (tax) year. Qualified tuition and related expenses include tuition charges as well as mandatory student fees. 例如, if the tuition and fees for the spring of 2023 are billed in December 2022 但不是 支付 until 2023, the amounts will be reflected on the 2023 1098-T Form.
往年, 天博体育app’s 1098-T Form 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, 从2018纳税年度开始, we will report in Box 1 the amount of QTRE you 支付 年内.
Why is my enrollment status reported?
To assist the student and the IRS in determining if the student qualifies for these tax credits, 天博体育app is required to indicate whether the student was enrolled at least half time for one semester during the calendar year.
How do I use the 1098-T for tax purposes?
The 1098-T form must be post-marked by January 31st 每年的. Students may elect to receive an electronic copy of their 1098-T and opt out of receiving a mailed copy of their 1098-T. To opt in to receive only an electronic copy of your 1098-T, 请去MyWestern, 财务状况, 付款, 纳税申报表.
What are the benefits of receiving the 1098-T form electronically?
There are several reasons such as:
- Allows the student to access their 1098-T tax form information about 2 weeks earlier than if it were mailed to her/him. Students who do not opt to receive their 1098-T tax form electronically can expect to receive a paper copy of their 1098-T tax form after January 31 each year.
- There is no chance of it getting lost, delayed, or misplaced since students can access a copy 24/7.
- Students will also be able to access prior years’ 1098-T tax forms for future needs in a quick and easy fashion.
- Students are able to access their electronic copy using their smart phones, 平板电脑, 或者电脑，当他们需要的时候.
- Eco-friendly since no paper is needed.
天博体育app is not required to issue a form to students whose qualified tuition and related expenses were billed 但不是 支付 during the calendar (tax) year. If you believe that you should have received a 1098-T but have not received a mailed copy, 请去MyWestern, 财务状况, 付款, 纳税申报表 to print off a copy or contact the 收银员’s Office at 608.785.9121 or email@example.com.
How can I obtain a copy of my 1098-T?
To obtain a copy of your 1098-T, 请去MyWestern, 财务状况, 付款, 纳税申报表. 1098-T Forms will not be available on your MyWestern account until mid – late January.
Where can I obtain additional information about Form 1098-T?
For more information about Form 1098-T, visit http://www.irs.gov/forms-pubs/about-form-1098-t.