Anderson, Indiana

1098-T

Fri, 2015-03-13 14:27 -- univcomm

1098-T

Every January Anderson University provides the IRS Form 1098T to all students who were enrolled during the previous tax year.  The main purpose of this form is to help students determine if they are eligible to receive two tax credits:  the American Opportunity credit and the Lifetime Learning credit.   Anderson University follows Internal Revenue Code section 6050S and the corresponding regulations in reporting Form 1098T, Tuition Statement, for each year a student is enrolled in credit hours at the university.  Anderson University elected the reporting of Tuition Statement Box 2, amounts billed, at the inception of the Form 1098T reporting requirement and has continued to report under this allowable method.  Accordingly, as provided in regulations, the Anderson University does not report an amount on the form’s Box.

Please understand, it is ultimately the taxpayer’s responsibility to determine the amount of qualified tuition and fees paid, and to determine whether they are eligible for any tax credits.  For your convenience, this payment information can be accessed through AccessAU.  However a reprinted form containing the amount will not be provided.

What is a 1098T?
Every January Anderson University prepares IRS Form 1098T for all applicable students who were enrolled during the previous tax year.  We are required to submit the student's name, address, taxpayer's identification number, enrollment status, amounts pertaining to qualified tuition and related expenses, and scholarships and/or grants, taxable or not.  The taxpayer’s identification number is their social security number. 

The primary purpose of the form 1098T is to help students and their families determine if they are eligible to receive two tax credits:  the American Opportunity credit and the Lifetime Learning credit.  

When will I receive my 1098T?
Per federal regulations, all tax forms, including 1098Ts, are required to be postmarked no later than 2.2.15.  We are unable to commit to an earlier date at this time.

If I paid for my son’s/daughter’s tuition why can’t I have the 1098-T and their account details?
AU is required to adhere by The Family Educational Rights and Privacy Act (FERPA).  Under the FERPA Act the college can only release a student’s account information to the student.  The student can provide written consent to the college specifying what information and to whom it can be released.  If we do not already have this written consent, no information will be released to anyone but the student.

My social security number is missing from my 1098T.  Why?
This indicates you have not provided AU with your SSN information as required by IRS regulations.  You must complete a W-9S prior to receiving a corrected 1098T form.

I never received my 1098-T, can you print another one?
Copies of the 1098T form can be obtained at any time through AccessAU, http://AccessAU.anderson.edu.  Once your student(s) sign in, the information can be found at Self Service > Campus Finances > View 1098-T. While only the student has access to this site, it is available anytime and is the quickest option for a parent to obtain the info.

If this option is not satisfactory, any member of the student accounts team can reprint the form and mail to the address we have on file.  Also, before asking us to mail a second copy, please verify we have the correct mailing address on file.  Should you need to update your mailing address, please contact the Registrar’s Office.   All future communications from the university will be sent to the updated address.

Should you prefer us to email a copy to any address other than your anderson.edu, you will be asked to answer security questions to confirm your identity.  Also, your SSN will be masked on the form for security purposes.

I paid my expenses, so why isn’t there an amount in ‘Box 1 – Payments received for qualified tuition and related expenses?’
The IRS instructs institutions to report either payments received (Box 1) or amounts billed for qualified tuition and related expenses (Box 2) on the 1098-T. Once an institution has selected one of these options, they cannot change reporting methods between calendar years without IRS permission. Anderson University reports qualified tuition and related expenses that were billed during the tax year (Box 2); therefore, Box 1 - Payments Received for Qualified Tuition and Related Expenses will be blank.

Any student can access their payment history anytime by logging into AccessAU, http://AccessAU.anderson.edu.  

I went to school in Spring 2014 but didn’t get a 1098-T. Why?
Anderson University uses the ‘Invoice Billing Date’ for 1098T information.  If you registered for the Spring 2014 semester prior to December 2013, the tuition and fees would have been included in your 2013 1098T.

If I had tuition and fee charges in 2014, why didn’t I receive a 1098T?
A 1098-T form may not be generated if you fall under one of these exceptions:

  1. You attended AU in Spring of 2014 but had enrolled and been billed in the prior calendar year, meaning the information was included in your 2013 1098T.
  2. The IRS does not require AU to send you a 1098T if your scholarship and aid exceeded the billed amount.
  3.  We do not have a valid permanent address on file for you.
  4. The courses you enrolled in did not result in an academic credit.
  5. You have chosen not to provide AU with your social security number.
  6. You are classified as a non-resident alien.

You billed my employer for my tuition and fees, why am I getting a 1098-T?
AU does not determine whether your education benefits are being taxed by your employer.  As such scholarships and grants are increased by 100% of any employer provided payments under a formal billing arrangement and it is up to the student to adjust their qualified tuition and related expenses accordingly based on the taxability of their employer benefits.

Do the “Amounts Billed” figure in Box 2 of my 1098T equal the “Qualified Expenses” I can claim on my IRS Form 8863 as I file my taxes?
Not necessarily. The university is required to provide the "amounts billed" and "scholarship or grant" figures to help you determine the amount of qualified expenses you can claim on your IRS Form 8863. Per Internal Revenue Code Section 25A, taxpayers may claim an education tax credit only with respect to qualified tuition and related expenses paid (not billed) during the calendar year. You will need to review your payment records to determine the actual qualified expenses paid. Remember that qualified amounts paid by student loans may count as payments eligible for these purposes. Scholarships and grants received may reduce your eligible payment amounts. See IRS Publication 970 for information to determine your qualified expenses paid amount.

What amounts appear in Box 5 – Scholarships or Grants?
The figure in Box 5 contains the sum of all scholarships, grants and, if applicable, payments made by a third party under formal billing arrangements which have been administered by AU.  Scholarships that pay for tuition (qualified scholarships) as well as for housing, books, and other expenses (non-qualified scholarships) will be included in this amount. Tuition waivers and payments received from third parties that are applied to student accounts for educational expenses are included in this box.

If you received other forms of outside scholarships and grants not administered by the university, it is your responsibility to adjust the figure accordingly.  Third party payments do not include payments made by your parent or other individuals.

Is there someone at the college that can help me prepare my taxes?
The university does not employ a tax professional to prepare, assist, or offer advice for personal tax returns.   For additional clarification on the educational tax benefits and credits, please consult a CPA or refer to the following IRS Publications:

  • IRS Publication 970 – Tax Benefits for Education
  • IRS Form 8917 – Tuition and Fees Deduction
  • IRS Form 8863 – Education Credits