1098-T Frequently Asked Questions
Tax Benefits for Education – 1098-T
As required by the Internal Revenue Service (IRS), Form 1098-T is mailed by January 31 to all students who had qualified tuition and other related educational expenses paid during the previous calendar year.
The 1098-T form is informational only and should not be considered as tax advice. It serves to alert students that they may be eligible for federal income tax education credits such as the Lifetime Learning Credit and the Hope Credit as part of their Federal Income Tax Return. IRS Publication 970 "Tax Benefits for Higher Education" as well as Chapter 35 of IRS Publication 17 provide additional information on these credits. 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. 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. 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.
- What is a 1098T?
- 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, taxpayer's
identification number (TIN), enrollment status, amounts pertaining to qualified tuition
and related expenses, and scholarships and/or grants, taxable or not. A 1098-T form
must also be provided to each applicable student.
- 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, taxpayer's
identification number (TIN), enrollment status, amounts pertaining to qualified tuition
and related expenses, and scholarships and/or grants, taxable or not. A 1098-T form
must also be provided to each applicable student.
- Why did I receive a Form 1098-T?
- This IRS Form 1098-T is for all students who had qualified tuition and other related
educational expenses billed to them during the previous calendar year. In January
of each year, SWOSU provides secure electronic access to your 1098-T and the form
is also mailed to your permanent address at the end of January if a student doesn’t
consent to receive the form electronically.
- This IRS Form 1098-T is for all students who had qualified tuition and other related
educational expenses billed to them during the previous calendar year. In January
of each year, SWOSU provides secure electronic access to your 1098-T and the form
is also mailed to your permanent address at the end of January if a student doesn’t
consent to receive the form electronically.
- Did you send a copy of this form to the IRS?
- Yes. Section 6050S of the Internal Revenue Code requires institution to file information
returns to assist taxpayers and the IRS in determining eligibility for the Hope and
Lifetime Learning education tax credits.
- Yes. Section 6050S of the Internal Revenue Code requires institution to file information
returns to assist taxpayers and the IRS in determining eligibility for the Hope and
Lifetime Learning education tax credits.
- What is the amount in Box 1?
- Box 1 is the amount of qualified tuition and related expenses paid to SWOSU during
the previous calendar year. This is the sometimes referred to as qualified education
expenses.
- Box 1 is the amount of qualified tuition and related expenses paid to SWOSU during
the previous calendar year. This is the sometimes referred to as qualified education
expenses.
- What educational expenses are considered as qualified tuition and related expenses
for Box 1?
- Qualified tuition and related expenses refer to tuition and required fees a student must pay to be enrolled at an eligible education institution.
- Qualified expenses INCLUDE:
- Resident and non-resident tuition
- Program specific charges
- Required mandatory fees
- Qualified expenses DO NOT include:
- Amounts paid for any course or education that isn’t required as part of the student’s degree program or taken to acquire or improve job skills.
- Charges and fees for room, board, insurance, transportation, personal, living and other family expenses.
- The cost of books and equipment are not included because SWOSU does not require that
the cost of the books or equipment be paid to the institution as a condition of enrollment.
- I did not keep information on my payments and student loan disbursements. Where can
I get copies?
-
Students can request a breakdown of their charges and payments for the calendar year. This can also be accessed online through Self Service. If you have any questions, contact the Bursar’s Office at 580.774.3019 or bursar@swosu.edu.
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- What amounts appear in Box 4 – Adjustments made for a prior year?
- This box shows the amount of any tuition and fee reductions in the current calendar
year for charges that were billed in a previous year.
- This box shows the amount of any tuition and fee reductions in the current calendar
year for charges that were billed in a previous year.
- How did the University decide what amounts to include in Box 5 – Scholarships or Grants?
- The figure in Box 5 included scholarships, grants and outside scholarships that have
been posted into the SWOSU billing system. If you received other forms of outside
scholarships and grants not posted to the SWOSU billing system, it is your responsibly
to adjust the figures accordingly.
- Box 5 does NOT include tuition waivers provided during the calendar year, student loans, work study, employment, or scholarships/grants/reimbursements/other types of sponsorships not administered by the Bursar’s Office or the Financial Aid Office.
- The figure in Box 5 included scholarships, grants and outside scholarships that have
been posted into the SWOSU billing system. If you received other forms of outside
scholarships and grants not posted to the SWOSU billing system, it is your responsibly
to adjust the figures accordingly.
- What amounts appear in Box 6 – Adjustments to scholarships or grants for a prior year?
- This includes the amount of any scholarship or grant reduction in the current calendar
year for aid that was credited in a previous calendar year.
- This includes the amount of any scholarship or grant reduction in the current calendar
year for aid that was credited in a previous calendar year.
- Why is there no check mark in Box 8 – Enrolled at least part time?
- SWOSU checks this box if you were enrolled in 6 hours or more (8 week and/or 16 week
courses) for at least one semester beginning during the year. This information is
important in determining eligibility for the American Opportunity Tax Credits (AOTC).
- Please note: this could change depending on if a student was enrolled in numerous
short courses.
- For example, if a student was enrolled in one 1st-4 week class, one 2nd-4 week class, and one 3rd-4 week class, the full-time box will not be checked.
- For example, if a student was enrolled in one 1st-4 week class, one 2nd-4 week class, and one 3rd-4 week class, the full-time box will not be checked.
- SWOSU checks this box if you were enrolled in 6 hours or more (8 week and/or 16 week
courses) for at least one semester beginning during the year. This information is
important in determining eligibility for the American Opportunity Tax Credits (AOTC).
- What is the purpose of Box 9 – graduate student?
- This box will be checked if a student was enrolled as a graduate student for at least
one semester during the calendar year. This box notifies the IRS that a student is
beyond the first two years of post-secondary education and helps determine the tax
credit available.
- This box will be checked if a student was enrolled as a graduate student for at least
one semester during the calendar year. This box notifies the IRS that a student is
beyond the first two years of post-secondary education and helps determine the tax
credit available.
- Can I get a detail breakdown of the transactions that go in each box?
- All transactions and/or receipts are available on Self Service under Student Finance.
- Click on Make a Payment to launch to the SWOSU Payment Center
- Select View Statement (1098T)
- All transactions and/or receipts are available on Self Service under Student Finance.
- What if my 1098-T has the incorrect social security number on it?
- Your Social Security Number is the most important part of your 1098-T form. In order to change your SSN you will need to bring a copy of correct SS card to the
Academic Records Office, Administration Building room 108. Also, contact the Bursar’s
Office, Administration room 109 (580.774.3019) to have the 1098T form corrected.
- Your Social Security Number is the most important part of your 1098-T form. In order to change your SSN you will need to bring a copy of correct SS card to the
Academic Records Office, Administration Building room 108. Also, contact the Bursar’s
Office, Administration room 109 (580.774.3019) to have the 1098T form corrected.
- Why did I not receive a 1098-T?
- International students without a Social Security number will not receive a 1098-T
form. Students with incorrect address formats may access their 1098T form electronically
on Self-Service under Tax Information.
- International students without a Social Security number will not receive a 1098-T
form. Students with incorrect address formats may access their 1098T form electronically
on Self-Service under Tax Information.
- I have not received my paper 1098-T. What address was it mailed to?
- The 1098-T form is mailed to a student’s permanent address on file with SWOSU. The
forms will be mailed by January 31. Electronic copies may be accessed on Self-Service
under Tax Information. If the address that is on file with SWOSU is incorrect, please
contact Academic Records to update your information at 580.774.3777.
- The 1098-T form is mailed to a student’s permanent address on file with SWOSU. The
forms will be mailed by January 31. Electronic copies may be accessed on Self-Service
under Tax Information. If the address that is on file with SWOSU is incorrect, please
contact Academic Records to update your information at 580.774.3777.
- How can I access my 1098-T if I have not received it or have misplaced the form?
- Students can go to Self-Service and click on Tax Information to print a copy of the 1098-T form.
- What semesters are included on my 1098-T form?
- Box 1 of the 1098-T form reflects payments made during the calendar year for qualified tuition and related expenses. It is not based on when the classes were attended or bill to the student account. Your statements will show the dates payments were posted to your student account and are a valuable resource for determining the semesters that are included on your form.
- Why don’t the numbers on the 1098-T form equal the amounts I paid?
- There can be a few explanations for this difference
- The amount in Box 1 only represents amounts paid for qualified tuition and related expenses (QTRE) and does not include payments made for room and board, insurance, health service fees, or parking which, though important, are not considered mandatory education expenses for tax purposes.
- The 1098-T reports amounts that the student paid in a certain year and the pay date
does not necessarily correspond to the dates that the classes were attended
For example, tuition or the Spring semester is typically billed in the prior year so a student may not have paid tuition for the Spring semester in November even though classes don’t start until January. The best and most accurate source of information about the amounts that you paid for qualified tuition and related expenses will be your statements.
- Please note that the timing of each charge and payments/scholarships are important regarding which year they are reported in. Many students have charges from October-December of 2023. Because in 2023 many students had payments larger than their QTRE, the Box 1 amounts for the Spring 2024 term may have been included in the 2023 1098-T. Also, in many of those same circumstances, the student also received scholarships and grants for Spring 2024 that did not post until January 2024. This may cause the 2024 1098-T to have zero in Box 1 but Box 5 would be populated. Please consult a tax professional regarding what this means to your individual tax situation.
- There can be a few explanations for this difference
- Will any CARES HEERF Funds be included on the 1098-T?
- Based on guidance provided by the IRS, we have not included any CARES Funds that were awarded to students on the 1098-T form.