What is a 1098-T?
The 1098-T form is used by eligible educational institutions to report information about their students to the IRS. 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.
What am I supposed to do with the 1098-T form?
Keep it for your records. Since the University sends your 1098-T information to the IRS, there is no need to attach a copy of the form to your tax return. Consult with your tax advisor to determine if you may claim the Hope or the Lifetime Learning education tax credits.
WUV is not required to issue a Form 1098-T to:
- Nonresident alien students, unless requested by the student.
- U.S. citizen, resident alien and nonresident alien students whose qualified tuition and related expenses are entirely waived or paid entirely with scholarships or grants.
What if I forgot to request 1098-T for previous years?
The 1098-T is issued on year by year basis. WUV cannot issue 1098-T for previous years.
Can I get a copy (photo-copy) of 1098-T for previous years?
No. As we mentioned above that the 1098-T is issued on year by year basis. Therefore, WUV cannot issue a copy of 1098-T for previous years. However, if you applied for and received 1098-T last year, you can get a copy of last year’s 1098-T.
What is the deadline to request the 1098-T form for 2019?
The deadline to request 1098-T form is on Thursday, December 20th , 2019. The annual deadline for WUV to file the required tax information electronically is January 31, although data may be transmitted earlier as circumstances allow.