What is 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.
Why did I receive a 1098-T and what am I supposed to do with it?
In January of each year, Wheaton College mails an IRS Form 1098-T to all students 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 www.wheatoncollege.afford.com.
NOTE: It is up to each taxpayer to determine eligibility for the credits and how to calculate them.
Did Wheaton send a copy of this form 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 to assist taxpayers and the Internal Revenue Service in determining eligibility for the Hope and Lifetime Learning education tax credits. Forms are mailed at the end of January of each year for the previous tax year.
What educational expenses are considered as qualified tuition and related expenses?
- Undergraduate tuition
- Student fees
- Course related fees
- 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.
What other information do I need 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.
I paid my qualified tuition and related expenses with student loans. Can I still claim a Hope or Lifetime Learning Tax Credit or the Higher Education Tuition and Fees Deduction?
Yes. 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.
My address listed on the 1098-T has changed. Will this affect me?
No. 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.
How do I get a reprint of my 1098-T form?
If you did not receive a 1098-T due to a change of address, or you misplaced the form, you can request a duplicate be emailing email@example.com from your Wheaton email address.
How can I get an itemized listing of my financial activity that is on my 1098-T form?
Account statements are available online at www.wheatoncollege.afford.com under “Statements” or under “Account Activity”.
What is Wheaton’s Tax Identification Number?
The Wheaton College Federal Identification Number is 002227. This number can also be found on the 1098-T form in the middle left section.
What if I still have questions?
If you have additional questions/concerns you can reach us
- by Email: firstname.lastname@example.org
- by Phone: 508.286.8232
- IRS Tax Info: 800.829.1040
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.