1098-T Frequently Asked 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, 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.
In January of each year, Saint Xavier University provides secure electronic access to your 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.
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 IRS in determining eligibility for the Hope and Lifetime Learning education tax credits.
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. Saint Xavier 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.
For purposes of Box 2, what educational expenses are considered as qualified tuition and related expenses?
Qualified tuition and related expenses refer to tuition and required fees, such as segregated fees and lab fees, a student must pay to be enrolled at or attend an eligible education institution. Tuition waivers and remissions are considered reductions to qualified tuition and expenses.
Qualified expenses do not include:
- Charges and fees for room, board, insurance, transportation, personal, living and other family expenses.
- The cost of books and equipment are generally not qualified expenses because eligible educational institutions usually do not require that the cost of the books or equipment be paid to the institution as a condition of the student's enrollment or attendance at the institution. However, some campuses may have a mandatory textbook fee or rental program which may be included as a qualified related expense.
Do the "Amounts Billed" figures in Box 2 of my 1098-T 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 expensespaid (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.
This information may be found on Self-Service under your tuition account or online billing statement history. If you are a parent looking for this information for a student, please ask your student to access this information for you.
This box shows the amount of any tuition and fees reductions in the current calendar year for charges that were billed in a previous calendar year.
This box shows the amount of any scholarship or grant reductions in the current calendar year for aid that was credited in a previous calendar year.
Box 8 will not be checked if you were not enrolled at a half-time status during an academic period which is either enrolled or billed during the calendar year. Saint Xavier University checks this box if you were half-time or more for at least one term beginning during the year. This information is important in determining eligibility for the Hope Credit.
Box 9 will be checked if you were enrolled as a graduate student for at least one academic period during the calendar year. If Box 9 is checked, it alerts the IRS to the fact that the Hope Scholarship Credit is not allowable for the student's qualified expenses because the student is beyond the first two years of post-secondary education and that the Lifetime Learning Credit may be allowable.
The single most important information on the form is your Social Security Number . You must submit a written request to change or correct your SSN by mail or in person to the Registrar's Office. You may be required to supply a signed, legible copy of your Social Security card or complete Form W-9S (Request for Student's or Borrower's Taxpayer Identification Number and Certification). Form W-9S is the official IRS form used to state your SSN. You need only complete Part I of this form when requesting a 1098-T. Enter your SSN in the spaces marked "Taxpayer identification number.”
Generally, foreign students cannot claim a credit. However, some foreign students may be eligible. Review IRS forms, instructions and publications for guidance.
You will not receive a paper 1098-T in the mail if you are a current student. Non registered students will receive their 1098T form to the address maintained by Saint Xavier University's Registrar's Office.
Your name is a key element on your tax information. Follow your campuses' process for changing your name so that the University has up to date information.
No. The address shown on Form 1098-T is irrelevant for IRS income tax filing purposes. However, you should update your address in Self-Service so that the University has up-to-date information.
Yes; however, those changes do not change the records at the campus.
You can securely electronically access a copy of your Form 1098-T anytime on your mysxu.edu. If students have trouble accessing their 1098-T, they can call 773-298-3046.