Wayne State College is required by the IRS to file an annual Tuition Statement Form 1098-T for each student for whom a reportable transaction is made (i.e. tuition, fees, scholarships or grants received). This information is provided to assist taxpayers in determining eligibility for claiming education tax credits. The statement is required to support any claim for an education credit. To see if you qualify for a credit, and for help in calculating the amount of your credit, see Pub. 970, Form 8863, and the instructions for Forms 1040 and 1040-SR.
How to Access the 1098-T Form
If you have signed up for electronic consent, your 1098-T form will be available to download or print in your WildcatsOnline account. If you have not given consent for electronic delivery, a copy of your 1098-T will be mailed to your permanent address no later than Jan. 31. Learn how to grant electronic consent in WildcatsOnline.
Frequently Asked Questions
If you have additional questions, please email [email protected].
What is IRS Form 1098‐T? It is an informational form filed with the Internal Revenue Service to report the amounts billed to you for qualified tuition, related expenses, and other related information. The primary purpose of the IRS Form 1098‐T is to inform you that we have provided this required information to the IRS.
Why did I receive a Form 1098‐T? You may be able to take either the tuition and fees deduction or claim an education credit on Form1040 or 1040A for the qualified tuition and related expenses that were actually paid during the calendar year.
What am I supposed to do with the Form 1098‐T? We cannot provide you with tax advice, so you will need to contact your accountant or tax advisor if you have specific questions related to your tax requirements and responsibilities. You are not required to attach IRS Form 1098‐T to your tax return, but it would be wise to keep it for your records.
How do I get a copy of my 1098‐T? Follow these instructions to view and print your form electronically:
- Log in to WildcatsOnline
- Select "Student Accounts"
- Select "View 1098‐T Forms"
- Select appropriate tax year
Can I get a copy of a previous year’s 1098‐T? Yes, provided a form was generated and issued to you for the year requested. Please follow the instructions above, selecting the appropriate tax year for your request. If you are no longer a student or no longer have access to your WildcatsOnline account, please contact Student Financial Services at [email protected].
Why does this form not match the total amounts that I paid to the college? Wayne State College is required to report payment amounts that applied only to qualified tuition and related expenses. This may be less than the total of payments made to the college if part of those payments also paid charges other than qualified tuition and related expenses. Also, be aware that the amounts posted on the form are reported on a calendar year format and not an academic year.
Is the difference between the amount in Box 5 and the amount in Box 1 considered taxable income? We cannot provide you with tax advice, so please contact your accountant or tax advisor if you have specific questions related to taxable income. The amounts reported on the 1098-T form are informational for certain education-related tax credits.
Why wasn’t the form mailed? As part of the Student Account Agreement you consented to receive your form online in PDF format via your WildcatsOnline account. Any request for a paper form must be submitted to Student Financial Services at 402-375-7229 or [email protected].
Why didn’t I receive a 1098‐T? It is likely due to one of the following:
- You are not a US citizen or resident alien student for tax purposes.
- You received no academic credit for calendar year.
The personal information (name, address, TIN, SSN…) is incorrect. What should I do? This was obtained from information provided to Wayne State College. Please contact Student Financial Services at 402-375-7229 or [email protected] if any changes need to be made.
What does the amount in Box 1 represent? This box shows the total payments received in the tax year from any source for qualified tuition and related expenses less any reimbursements or refunds made that relate to those payments received during the tax year ‐ Per Instructions for Student located on second page of IRS Form 1098‐T.
What does the amount in Box 4 represent? This box shows any adjustment made for a prior year for qualified tuition and related expenses that were reported on a prior year Form 1098‐T. This amount may reduce any allowable education credit that you claimed for the prior year (may result in an increase in tax liability for the year of the refund) ‐ Per Instructions for Student located on second page of IRS Form 1098‐T.
What does the amount in Box 5 represent? This box shows the total of all scholarships or grants administered and processed by the eligible educational institution. The amount of scholarships or grants for the calendar year (including those not reported by the institution) may reduce the amount of the education credit you claim for the year ‐ Per Instructions for Student located on second page of IRS Form 1098‐T.
What does the amount in Box 6 represent? This box shows any adjustments to scholarships or grants for a prior year. This amount may affect the amount of any allowable tuition and fees deduction or education credit that you claimed for the prior year. You may have to file an amended income tax return (Form 1040X) for the prior year ‐ Per Instructions for Student located on second page of IRS Form 1098‐T.
Why is Box 7 checked? This shows that the amount Box 2 includes amounts for an academic period beginning January‐March of the following tax year. See Pub. 970 for how to report these amounts ‐ Per Instructions for Student located on second page of IRS Form 1098‐ T.
Why is Box 8 checked? This shows that you are considered to be carrying at least one‐half the normal full‐time work load for your course of study at the reporting institution - Per Instructions for Student located on second page of IRS Form 1098‐T.
Why is Box 9 checked? This shows that you are considered to be enrolled in a program leading to a graduate degree, graduate level certificate, or other recognized graduate‐level educational credential ‐ Per Instructions for Student located on second page of IRS Form 1098‐T.
Contact
If you have questions related to the 1098-T tuition statement, you may contact the Student Financial Services office at 402-375-7229 or [email protected]. However, please be advised that Wayne State College personnel cannot give tax advice. Please contact a tax advisor/preparer with specific tax questions. Students may also consult the IRS publications.
If you have questions related to the Higher Education Emergency Relief Fund and emergency financial aid grants under the CARES Act, you may consult the IRS website.