The 1098-T Form

The 1098-T form is used by eligible educational institutions to report information about their students to the IRS as required by the Taxpayer Relief Act of 1997. Eligible educational institutions are required to submit the student’s name, address, and taxpayer’s identification number (TIN), enrollment and academic status. Beginning with 2003, 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. A 1098-T form must also be provided to each applicable student. This form is informational only. It serves to alert students that they may be eligible for federal income tax education credits. It should not be considered as tax opinion or advice. While it is a good starting point, the 1098-T, as designed and regulated by the IRS, does not contain all of the information needed to claim a tax credit. There is no IRS requirement that you must claim the tuition and fees deduction or an education credit. Claiming education tax benefits is a voluntary decision for those who may qualify.

Using the 1098-T Form

In January of each year, Wheaton College presents the IRS Form 1098-T all students insideWheaton portals who had qualified tuition and other related educational expenses billed to them during the previous calendar year. This form is informational only and should not be considered as tax opinion or advice. It serves to alert students that they may be eligible for federal income tax education credits. Receipt of Form 1098-T does not indicate eligibility for the tax credit. To determine the amount of qualified tuition and fees paid, and the amount of scholarships and grants received, a taxpayer should use their own financial records and/or refer to the account activity information located at Campus Commerce.

NOTE: It is up to each taxpayer to determine eligibility for the credits and how to calculate them.

Internal Revenue Service (IRS)

Section 6050S of the Internal Revenue Code, as enacted by the Taxpayer Relief Act of 1997, requires institutions to file information to assist taxpayers and the Internal Revenue Service in determining eligibility for the Hope and Lifetime Learning education tax credits. Forms are presented in insideWheaton and can be downloaded or printed. Per federal regulations, this tax form must be provided to students by January 31st of each year..

Educational expenses that are considered as qualified tuition and related expenses

Included

  • Undergraduate tuition
  • Student fees
  • Course related fees

Not Included

  • Residence hall charges: Room, Board and Residence fee charges
  • Application fees
  • Transcript fees

For more information about qualified educational expenses please go to IRS Publications.

Other information required to claim the tax credit

While it is a good starting point, the 1098-T, as designed and regulated by the IRS, does not contain all of the information needed to claim a tax credit. Most of the information needed must come from the student’s personal financial records of what the student paid during the calendar year. Additionally, each taxpayer and his or her tax advisor must make the final determination of qualifying expenses.

Claiming a tax credit or tuition and fees deduction when paying qualified tuition and related expenses with student loans

Loan funds should be considered in the same manner as cash payments when calculating a Hope or the Lifetime Learning Tax Credit or the Higher Education Tuition and Fees Deduction. The credit is claimed in the year in which the expenses are paid, not in the year in which the loan is repaid.

Address changes

The address shown on Form 1098-T is irrelevant for IRS income tax filing purposes. The single most important information on the form is your Social Security Number. Please call 508-286-8232 if the SSN on your 1098-T is incorrect.

Obtaining a copy of your 1098-T form

All students are emailed their 1098-T tax form no later than January 31st to their Wheaton email. Current enrolled students are able to view and print their 1098-T via insideWheaton.

If you did not receive a 1098-T please contact Student Financial Services at [email protected] from your Wheaton email address.

Obtaining an itemized listing of financial activity on your 1098-T form

Account statements are available online on Campus Commerce under “Transaction Details”. If you no longer have access to Campus Commerce, please contact Student Financial Services at [email protected].

Wheaton College’s Tax Identification Number

This number can be found on the 1098-T form in the middle left section.

For further questions

If you have additional questions/concerns you can reach us

NOTE: Please be advised that Wheaton 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.