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1098-T Tax Information
Go Green – Save Paper! Now you can receive your 1098-T tax form electronically!!!
IRS regulations state that each student who files a request to receive a1098-T tax form electronically must also provide his/her consent electronically. The first time you log into the E-bill system you will be prompted to Accept Consent to state your intent to receive your 1098-T tax form electronically for each year that you attend UNCW. Furthermore, you agree to log into E-bill to print, email or save your 1098-T. With this consent for an on-line electronic 1098-T, please understand that a paper copy of your 1098-T will NOT be mailed. If you elect not to consent, a paper copy of your 1098-T will be sent to your primary address listed on file via US Mail. If your authorized user needs the1098-T you will need to select your Authorized User tab and update the options to allow them to have access to this form.
1098-T "how to read your tax form"
1098-Ts for students enrolled in courses for academic credit at UNCW during any academic period in 2012 will be produced by January 31, 2013. This form contains important tax information that is being furnished to the IRS. Students may view the information provided on their 1098-T via E-bill, select "view" from 1098-T under statements or SeaNet, select tabs: “Student Services & Financial Aid”, “Student Records”, and Tax Notification”.
The 1098-T for 2012 shows qualified tuition and fees billed, not paid, during the calendar year as well as scholarships or grant aid applied to your account during the year. Adjustments made during 2012 for 2011 qualified tuition and fees, scholarships or grant aid are shown separately (Boxes 4 and 6). Most spring 2013 tuition and fee charges will be reflected on this year’s 1098-T (billed in November 2012).
Under the American Recovery and Reinvestment Act (ARRA), textbook and other course material expenses incurred in 2012 that are not covered by scholarship or grant aid may be counted towards the newly created tax credit called the American Opportunity Tax Credit on that year’s tax return.
According to the IRS, the new credit temporarily replaces and expands the previous Hope Credit, making the American Opportunity Tax Credit available to a broader range of taxpayers. It also:
- Adds required course materials to the list of qualifying expenses.
- Allows the credit to be claimed for the first four post-secondary education years instead of two
We strongly urge you to contact your tax professional for further information on how this change will affect your specific tax situation, or review Publication 970, Tax Benefits for Education, which can be downloaded from www.irs.gov. An eligible taxpayer must file a tax return and owe taxes to claim the credit. The taxpayer must also claim the eligible student as a dependent unless the credit is for the taxpayer or the taxpayer's spouse. (This means the eligible taxpayer may also be the eligible student.)
To apply for the credit, the taxpayer must report the amount of tuition and fees paid as well as the amount of certain scholarships, grants, and untaxed income used to pay the tuition and fees. The Form 1098-T is used along with the taxpayer’s own records of tuition and fee amounts paid to complete IRS Form 8863 to claim the tax credit. You may wish to talk to a tax advisor for help in calculating the amount of your credit.
Additional information about education tax credits can be found at http://www.irs.gov. (external link)
This information is provided as required by the IRS and does not represent tax advice from the University. The taxpayer should refer to relevant IRS forms and publications or their tax advisor for explanations relating to the eligibility requirements for, and calculation of any allowable education tax credit, and should not seek advice from the University.
For questions regarding information reported on the Form 1098-T for 2012 please review the FAQs posted on the Student Accounts website.
Additional questions may be directed to the University by e-mail at: studentaccounts@uncw.edu or by phone at (910)962-4281.
Tax Frequently Asked Questions
What is the 1098-T form?Why did I receive a 1098-T and what am I supposed to do with it?
Was a copy of the 1098-T form sent to the IRS?
What educational expenses are considered as qualified tuition and related expenses?
Why isn't there an amount in box 1?
What other information do I need to claim the tax
credit?
What tuition and fee tax deductions are available?
I paid my qualified tuition and related expenses with student loans.
Can I still claim an American Opportunity or Lifetime Learning tax credit or the
Higher Education Tuition and Fees Deduction?
If I pay college tuition and fees with a scholarship, can I claim an
education credit on Form 8863 for those payments?
My address listed on the 1098-T has changed. Will this affect
me?
Where was my 1098-T form mailed? How do I get a reprint of my 1098-T
form?
How can I get an itemized listing of my financial activity that is on
my 1098-T form?
What if I still have questions?
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, UNCW 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.
NOTE: It is up to each taxpayer to determine eligibility for the credits and how to calculate them.
Was a copy of the 1098-T form sent 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 returns to assist taxpayers and the Internal Revenue Service in determining eligibility for the American Opportunity 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?
| Included | Not Included |
|---|---|
|
|
For more information about qualified educational expenses please go to: http://www.irs.gov/publications/p17/ch35.html#d0e74760
Why isn't there an amount in box 1?
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. UNCW reports qualified tuition and related expenses that were billed during the tax year (Box 2) and scholarships and grants, therefore, Box 1 – Payments Received for Qualified Tuition and Related Expenses, will be blank
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. Payment transactions can be viewed in E-bill. Additionally, each taxpayer and his or her tax advisor must make the final determination of qualifying expenses.
What tuition and fee tax deductions are available?
For an overview of the tax benefits available for education see, IRS Publication 970 "Tax Benefits for Education"
I paid my qualified tuition and related expenses with student loans. Can I still claim an American Opportunity 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 American Opportunity or the Lifetime Learning Tax Credit or the Higher Education Tuition and Fees Deduction. However, any scholarships, grants, or other non-taxable aid must be deducted from the amount of qualified tuition and related expenses paid. The credit is claimed in the year in which the expenses are paid, not in the year in which the loan is repaid.
If I pay college tuition and fees with a scholarship, can I claim an education credit on Form 8863 for those payments?
No. You cannot claim a credit for the amount of higher education expenses paid for by tax-free scholarships. For more information, please visit the IRS website.
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 (910) 962-4281 if the SSN on your 1098-T is incorrect.
Where was my 1098-T form mailed? How do I get a reprint of my 1098-T form?
- The address where your 1098-T was mailed can be viewed on SeaNet. Click on "Student Services & Financial Aid"
- Click on "Student Records"
- Click on Tax Notification
- Enter in the tax year
If you did not receive a 1098-T due to a change of address please check if it was returned to the Student Accounts Office located in the Warwick Center or call 910-962-4281. Please be advised that UNCW will not mail any duplicates. Note: The 1098-T is not submitted with your tax return so printing your 1098-T information from SeaNet will suffice.
How can I get an itemized listing of my financial activity that is on my 1098-T form?
A breakdown of your 1098-T amounts are on SeaNet.
- The address where your 1098-T was mailed can be viewed on SeaNet. Click on "Student Services & Financial Aid"
- Click on "Student Records"
- Click on Tax Notification
- Enter in the tax year
What if I still have questions?
If you have additional questions/concerns you can reach us
- by E-mail: studentaccounts@uncw.edu
- by Phone: (910) 962-4281
Note: Please be advised that UNCW is prohibited from providing legal, tax, or accounting advice to students and we are not responsible for any use you make of this information.
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