Pacific Lutheran University: 1098-T Forms Mailed To Students?

The 1098-T form is an informational form prepared by universities for eligible students to help determine eligibility for an education tax credit. It reports payments for Qualified Tuition and Related Expenses (QTRE), scholarships, and grants. The form is provided to both the student and the Internal Revenue Service (IRS). The university is responsible for providing eligible students with a correctly calculated form and for reporting this information to the IRS. The 1098-T form is typically made available to students electronically or by mail in early January of each year. While the university cannot offer tax advice, students can refer to the IRS website and other resources for guidance on tax credits and eligibility.

How to access the 1098-T form

To access your 1098-T form, you can visit the Financial Services website of Pacific Lutheran University. Here, you will find information about how to access your 1098-T tuition statement using Banner Self-Service.

Accessing the 1098-T Form:

• Log in to your Student Portal: Most universities provide access to the 1098-T form through their student portals. Log in to your student portal using your credentials. Look for a section related to finances, taxes, or documents.
• Navigate to the Forms or Tax Section: Once you are logged in, look for a section specifically dedicated to forms or tax information. This may be within a drop-down menu or a specific tab.
• Select the 1098-T Form: After locating the forms or tax section, look for the 1098-T form. It may be listed under its full name, "IRS Form 1098-T," or simply as "1098-T." Select this option.
• View and Download the Form: After selecting the 1098-T form, you should be able to view and download the form. You may also have the option to print it directly from the portal.

It is important to note that the availability of the 1098-T form may vary depending on the university and the time of year. Some universities make the form available in early January, while others may have different timelines. Additionally, you may need to provide consent to receive online access or print the form electronically.

If you are unable to locate the 1098-T form through your student portal or require further assistance, you can contact the university's financial aid office or student support services for guidance. They should be able to provide you with specific instructions or direct you to the appropriate resources.

What is the 1098-T form used for?

The 1098-T form is a statement that colleges and universities are required to issue to certain students. It provides the total dollar amount paid by the student for what is referred to as "qualified tuition and related expenses" (or QTRE) in a single tax year. The form is due to the student by January 31 and a copy must be filed with the IRS by February 28.

Qualified expenses include tuition, any fees that are required for enrollment, and course materials required for a student to be enrolled at or attend an eligible educational institution. However, other payments or education-related expenses, like room and board, transportation, and similar personal costs, are not qualified education expenses, so they won't show on the 1098-T form.

The 1098-T form is important because it helps students (or their parents) claim valuable education credits when filing their taxes. These credits can be worth thousands of dollars. There are a couple of tax credits to consider:

• The American Opportunity Tax Credit: This credit can be worth up to $2,500 for each eligible student. It is partially refundable (up to 40%), meaning that even if you don't owe any taxes, you (or your parents) could get a refund. However, students under the age of 24 usually don't qualify for this refundable credit, but their parents may. This credit only applies to undergraduate tuition and is limited to four years. To claim this credit, the student must be enrolled in a degree program at least half-time.
• The Lifetime Learning Credit: This credit works for undergraduate or graduate tuition and doesn't require a specific course load or enrollment in a degree program. It is worth up to $2,000 and, while not refundable, it can significantly reduce the amount of tax owed.

The 1098-T form also reflects adjustments to educational expenses from the prior year. For example, if a student withdrew from a course and received a refund, or if they received a scholarship that reduced their tuition cost. Box 4 of the form shows any adjustments made to qualified expenses reported in the previous year, which may impact the current year's tax liability.

Who needs to file a 1098-T form?

The IRS Form 1098-T is an informational form that eligible educational institutions must file for each student they enrol and for whom a reportable transaction is made. The form reports payments received for qualified tuition and related expenses from all sources during the calendar year. It is used to assist in determining whether an education credit may be claimed.

Eligible educational institutions are colleges, universities, vocational schools, or other postsecondary educational institutions that are eligible to participate in the Department of Education's student aid programs. This includes most accredited public, nonprofit, and private postsecondary institutions.

The form must be filed for each student enrolled in the institution for any academic period during the calendar year, unless:

• Courses do not offer academic credit, even if the student is otherwise enrolled in a degree program.
• The student is a non-resident alien, unless the form is requested by the student.
• The student's qualified tuition and related expenses are entirely waived or paid for with scholarships.
• The student's qualified tuition and related expenses are covered by a formal billing arrangement between the institution and the student's employer or a governmental entity.

If another person or entity receives or collects payments of qualified tuition and related expenses on behalf of the institution, that person or entity must file Form 1098-T. However, if they do not possess the necessary information, the institution must satisfy the reporting requirements.

Additionally, insurers engaged in the trade or business of making refunds or reimbursements of qualified tuition and related expenses are required to file Form 1098-T.

Students do not have to file Form 1098-T unless they want to claim an education credit. However, if the grant or scholarship amount is more than the tuition, the excess scholarship money may be treated as taxable income on the student's tax return.

When is the 1098-T form mailed out?

The 1098-T form is an informational form that eligible educational institutions are required to file for each student they enrol and for whom a reportable transaction is made. The form is provided to both the student and the Internal Revenue Service (IRS). It reports payments for Qualified Tuition and Related Expenses (QTRE), as well as scholarships and grants.

Eligible educational institutions must send Form 1098-T to tuition-paying students by January 31 and file a copy with the IRS by February 28. The form is typically made available to eligible students in early January of each year. Students will receive an email notification when the form is ready. If a student has not opted for paperless delivery, a paper copy of the form will also be mailed to them on January 31.

What to do if you have questions about the 1098-T form

If you have questions about the 1098-T form, you can refer to the following resources:

• The Financial Services website of Pacific Lutheran University, which provides information on how to access your 1098-T tuition statement using Banner Self-Service.
• The Internal Revenue Service (IRS) website, which offers guidance on tax issues and publications related to the 1098-T form, such as eligibility for education tax credits, Form 8863, and Publication 970.
• The IRS Publication 519: U.S. Tax Guide for Aliens, which provides detailed information on tax regulations for non-resident aliens.
• Sprintax, a discounted tax preparation service offered by Pacific Lutheran University, which can guide you through the tax filing process and help determine if you are due a refund.
• A tax attorney or accountant, who can provide specific advice regarding your eligibility for education credits and the completion of the 1098-T form.
• The IRS hotline at 1-800-829-1040, where you can ask general tax questions or be directed to the advanced tax law department if needed.

Additionally, if you are an international student at Pacific Lutheran University, you can refer to the following resources:

• The International Student Services office, which provides information on tax requirements and resources for international students.
• The IRS webpage on "Tax Issues for Foreign Students and Scholars," which offers guidance specifically for non-resident aliens.
• The U.S. Department of Homeland Security's webpage on "F-1 and M-1 Students: Obtaining a Social Security Number."
• The U.S. Social Security Administration's webpage on "Social Security Information for Non-Citizens," which provides information on Social Security numbers and related requirements for non-citizens.

Frequently asked questions