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Tax Information (1098T)

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Tax Information (1098T)

What are Qualified and Non-Qualified expenses?

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As determined by the Federal Government, qualified expenses are defined as expenses required by and paid to the institution for enrollment purposes. Examples of non-qualified expenses are charges for books, insurance, transportation/parking, and similar personal, living, or family expenses.

When will I receive my 1098T?

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You should receive your 1098T form in the mail around the 1st week of February each year to the permanent address listed in Vision.

What is the purpose of a 1098T form?

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The 1098-T provides tax information on the qualified tuition and fees to both the taxpayer and the IRS to determine eligibility for educational tax credits. Either the student or the parent that claims the student as a dependent may be eligible for the tax credits.

Please note that the 1098-T may not provide all of the information you need to determine eligibility. You will need to review your personal financial records. ORU cannot provide tax advice and we recommend that you consult a tax professional or the IRS.

You may also refer to the following IRS links for additional information

1) Tax Information for Students http://www.irs.gov/individuals/students/

2)  Publication 970 (2011), Tax Benefits for Education http://www.irs.gov/publications/p970/index.html

3) Instructions for Forms 1098-E and 1098-T http://www.irs.gov/instructions/i1098et/index.html

Is this the total amount of scholarship money I will be taxed for in box 5 ?

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The amount of scholarships or grants for the calendar year (including those not reported by the institution) may reduce the amount of any allowable tuition and fees deduction or the education credit you may claim for the year. Please refer to IRS Publication 970, or contact the IRS at 1-800-829-1040 or, you may wish to share this information with your tax advisor.

1098-T Form Box Fill-in Instructions (obtained from http://www.irs.gov/pub/irs-pdf/f1098t_07.pdf)

My 1098T form looks inaccurate. How do I get it corrected?

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Your 1098T is a statement of qualified tuition and fees charged by ORU during a calendar year and should be accurate. If you feel that it is inaccurate, you are welcome to contact the ORU Student Accounts Office at studentaccounts@oru.edu

Why did I receive this form and what information is reported?

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ORU is required by law to provide information to students who qualify for the Hope Scholarship Credit or the Lifetime Learning Credit. We report either: payments received for qualified tuition and fees, or transactions billed for qualified tuition and fees and university administered grants and scholarships.

We report this information to the IRS and to students on Form 1098-T. Detailed transaction information for the amounts listed are available on the ORU VISION site.

Can I access my 1098T online?

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Your 1098T is available online for the current and previous years and can be obtained online by:

  • Log into your ORU Vision account at http://vision.oru.edu
  • Click on “Enter Secure Area” and enter your Z number and 6-digit password.
  • Click on the “Student Services & Financial Aid” tab on the top.
  • Click on the “Student Records” link.
  • Select “Tax Notification” and enter the tax year.

You will be able to print the 1098T form for your records, as well as see the student account detail that represents the figures on the form.

I did not receive my 1098-T form, why?

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ORU reports transactions billed for qualified tuition and fees and for ORU-administered grants and scholarships.  The amount billed must have been recorded in the calendar year for your tax return.

Other Reasons:

Non resident Aliens are not required to be reported.

Students whose qualified tuition and related expenses are entirely waived or paid entirely by scholarships or grants are not required to be reported.

Your mailing address is not updated with ORU.  You may update your address by logging into Vision.  You may also print your 1098T in Vision as well.

 

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