IRS Form 1098-T
Wright State University follows IRS guidelines by preparing IRS Form 1098-T annually for students with charges billed for qualified tuition and related expenses in excess of scholarships and grants or for students who have prior year adjustments.
Per Internal Revenue Service Instructions for Form 8863, education credits are based on the amount of adjusted qualified education expenses paid in 2014 (e.g. check, cash, credit cards, loans) for academic periods beginning in 2014 or the first 3 months of 2015.
Please note any amount paid in 2013 or 2015 cannot be included as qualified education expenses when computing 2014 education credits. Wright State University has elected to reflect Amounts Billed in Box 2 of Form 1098-T versus Amounts Paid in Box 1. Therefore, the actual amount of qualified educational expenses paid during the calendar year must be determined.
Additional information regarding your student account activity can be found by logging onto WINGS and WINGS Express (wings.wright.edu). After logging onto WINGS, click the WINGS Express icon.
- To view student account information, select "Student and Financial Aid", "Student Fees " (term will default to current term) click "Submit" and then select “Click Here” on the next page to enter the e-commerce site. At the e-commerce site, select "View Account Activity" link. To "View transactions by term"; click on drop-down arrow, highlight the term and press "Go".
- Students can view 1098-T statements online by clicking "IRS 1098-T Tax Notification" under the "Student Fees" link, then enter tax year and click "Submit".
Wright State University cannot offer tax advice; therefore, we encourage students to consult with a tax advisor to determine eligibility for any educational tax benefit. Additional information regarding Education Tax Benefits can be found at http://www.irs.gov/ by searching for education tax benefits.
Official 2014 IRS Form 1098-T "Instructions for Student"
An eligible educational institution, such as a college or university in which you are enrolled, and an insurer who makes reimbursements or refunds of qualified tuition and related expenses to you must furnish this statement to you. You, or the person who can claim you as a dependent, may be able to claim an education credit on Form 1040 or 1040A only for the qualified tuition and related expenses that were actually paid in 2013. To see if you qualify for the credit, see Pub. 970, Tax Benefits for Education; Form 8863, Education Credits; and the Form 1040 or 1040A instructions.
Institutions may report either payments received during the calendar year in box 1 or amounts billed during the calendar year in box 2. [WSU NOTE: Wright State University reports amounts billed in box 2; therefore, box 1 is always blank.]
The amount shown in box 1 or 2 may represent an amount other than the amount actually paid in 2014. Your institution must include its name, address, and information contact telephone number on this statement. It may also include contact information for a service provider. Although the filer or the service provider may be able to answer certain questions about the statement, do not contact the filer or the service provider for explanations of the requirements for (and how to figure) any education credit that you may claim.
- Student's identification number For your protection, this form may show only the last four digits of your social security number (SSN), individual taxpayer identification number (ITIN), or adoption taxpayer identification number (ATIN). However, the issuer has reported your complete identification number to the IRS and, where applicable, to state and/or local governments.
- Account number May show an account or other unique number the filer assigned to distinguish your account.
- Box 1 Shows the total payments received in 2014 from any source for qualified tuition and related expenses less any reimbursements or refunds made during 2014 that relate to those payments received during 2014. [WSU NOTE: Box 1 is always blank on our Form 1098-T. See above.]
- Box 2 Shows the total amounts billed in 2014 for qualified tuition and related expenses less any reductions in charges made during 2014 that relate to those amounts billed during 2014.
- Box 3 Shows whether your institution changed its method of reporting for 2014. It has changed its method of reporting if the method (payments received or amounts billed) used for 2014 is different than the reporting method used for 2013. You should be aware of this change in figuring your education credits. The credits are allowable only for amounts actually paid during the year and not amounts reported as billed, but not paid, during the year.
- Box 4 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). See "recapture" in the index to Pub. 970 to report a reduction in your education credit or tuition and fees deduction.
- Box 5 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.
- Box 6 Shows 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.
- Box 7 Shows whether the amount in box 1 or 2 includes amounts for an academic period beginning January – March 2015. See Pub. 970 for how to report these amounts.
- Box 8 Shows whether you are considered to be carrying at least one-half the normal full-time workload for your course of study at the reporting institution. If you are at least a half-time student for at least one academic period that begins during the year, you meet one of the requirements for the American Opportunity credit. You do not have to meet the workload requirement to qualify for the lifetime learning credit.
- Box 9 Shows whether you are considered to be enrolled in a program leading to a graduate degree, graduate-level certificate, or other recognized graduate-level educational credential.
- Box 10 Shows the total amount of reimbursements or refunds of qualified tuition and related expenses made by an insurer. The amount of reimbursements or refunds for the calendar year may reduce the amount of any education credit you can claim for the year (may result in an increase in tax liability for the year of the refund).
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