Frequently Asked Questions About the 1098-T
What is the IRS Form 1098-T?
The Form 1098-T is a statement that colleges and universities are required to issue to certain students. It provides the total dollar amount paid by the student for what is referred to as qualified tuition and related expenses (or “QTRE”) in a single tax year.
When will I receive my Form 1098-T?
Your Form 1098-T will be available to you electronically on or before January 31 via your student account in Workday.
Why don’t the numbers on Form 1098-T equal the amounts I paid to WPI during the year?
There are potentially many reasons for this discrepancy. First, 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, or health service fees, though important, are not considered mandatory education expenses for tax purposes. Secondly, Form 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 for the Spring semester is typically billed in the prior year so a student may have paid tuition for the Spring semester in December 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 in your student account in Workday.
Does the 1098-T include charges for books?
No, the University does not include amounts paid for books in Form 1098-T. You should consult with your tax advisor to determine if payments for books, equipment or fees should be considered when preparing your income tax returns and determining eligibility for education tax credits or deductions.
What semesters are included in my Form 1098-T?
Typically, charges are posted to your student account in December for the Spring semester and in June for the Fall semester. Box 1 of Form 1098-T reflects payments made during the calendar year for qualified tuition and related expenses and it is not based on when the classes were attended or posted to the student account. Your student account will show the dates payments were posted and are a valuable resource for determining the semesters that are included in your Form 1098-T. You can access your student account via Workday.
How do I prepare my tax returns without a Form 1098-T?
Form 1098-T reports payments received from the student for qualified tuition and related expenses (Box 1) during the preceding calendar year. However, if the student receives scholarships, grants and/or fellowships in the preceding year in excess of the amounts they paid in QTRE, the University is not required to issue a Form 1098-T to the student. When determining your eligibility for education related tax credits and deductions, you will need to report the amount you paid for qualified education and related expenses. Therefore, your student account in Workday will be the best and most accurate source of information for amounts paid for qualified education and related expenses. This is true regardless of whether you receive a Form 1098-T or not.
My accountant says that the University must provide me with a form 1098-T.
The University is not required, by the IRS, to furnish a Form 1098-T in the following instances:
- If payments are for courses for which no academic credit is offered, even if the student is otherwise enrolled in a degree program.
- If the enrolled student is a nonresident alien, unless requested by the student.
- Students whose qualified tuition and related expenses are entirely waived or paid entirely with grants/scholarships.
- Students for whom you do not maintain a separate financial account and whose qualified tuition and related expenses are covered by a formal billing arrangement between an institution and the student's employer or a governmental entity, such as the Department of Veterans Affairs or the Department of Defense.
My SSN is wrong on my Form 1098-T. Can I have a new one sent to me?
- In the search section type in “my id” and hit enter
- Select Change My Government IDs
- Click the plus sign under National IDs
- Enter United States
- Select SSN or ITIN
- Enter the nine-digit number
- You do not need to enter any dates
Then email firstname.lastname@example.org and request a corrected Form 1098-T.
I don’t understand what I’m supposed to do with this Form 1098-T. HELP!