1098-T FAQs

Can the College of Wooster advise me how to use the 1098-T Form in completing my taxes?

The College of Wooster cannot determine if you qualify for a tax credit or any allowable tuition and fees deduction. The financial data provided is to assist you in computing amounts that may be eligible for certain tax benefits. Students and parents should contact their personal tax advisor for assistance.

What is Form 1098-T?

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, and taxpayer’s identification number (TIN), enrollment and academic status. Beginning with 2003, educational institutions must also report amounts to the IRS pertaining to qualified tuition and related expenses, as well as scholarships and/or grants, taxable or not. A 1098-T form must also be provided to each applicable student. 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. For more information on these credits, see IRS Publication 970 , or consult your own tax advisor.

Box 1 reports the amount of qualified tuition and related expenses you paid during the calendar year.

Box 5 reports the total of scholarships/grants processed by the Financial Aid Office during the calendar year.

Please note that the timing of each charge and payment/scholarship are important regarding which year they are reported in. Many students will have spring semester charges in December, but scholarship/grants received after December 31, will be reported on the following year 1098-T form. In these circumstances, for some students and many graduates, this will cause the following year 1098-T form to have a zero in Box 1, but Box 5 would be populated. Please consult a tax preparer regarding what this means to your individual tax situation.

What educational expenses are considered as qualified tuition and related expenses?

Qualified tuition and related expenses include the following: tuition, student activity fee, private music lessons, art supply fees, inclusive access textbooks.

Qualified tuition and related expenses do not include the following: food plans, housing, enrollment deposits, fines, late payment fees, parking permits, insurance, and medical fees.

Why do spring semester charges appear on my student account, but no payments, scholarships, or grants for the same semester appear on Form 1098-T?

The amounts reported in Box 1 on the 1098-T form are based on the calendar year in which the payment was made to your student account. For example, payments made in 2023 will appear on the 2023 1098-T form. Spring semester 2024 scholarships and grants will not apply to accounts until January 2024 and will appear on the 2024 1098-T form.

Why doesn’t my 1098-T match what I paid/received?

Payments will only be reported up to the amount of the qualified tuition & fees charged in the calendar year. For example, if a student has total payments of $40,000 for the tax year, but only has qualified tuition & related expenses billed for $30,000 for the tax year, the amount reported in Box 1 will only be $30,000 due to the amount of the qualified tuition & related expenses billed. If a student has qualified tuition & related expenses of $30,000 and payments of $25,000, the amount in Box 1 will be $25,000 because full payment was not received for the qualified & related expenses during that calendar year.

How will I know when my 1098-T Form is available to view/print online?

The Business Office will send email notification to your Wooster email address when the form is available in Self Service. https://ellucianselfservice.wooster.edu/Student.

Where is my form located on ScotWeb?

To retrieve your 1098-T online:

  • Go to Self-Service and log-in
  • Click on Tax Information
  • 1098-T Statements. Click the tax year you would like to view.

How much can I claim on my taxes? How do I know what to put on my tax return?

The College of Wooster can’t give you tax advice. We comply with Federal regulations by annually providing an IRS Form 1098-T to eligible students in late January. Please consult your tax advisor for more information about your particular situation. Staff at The College of Wooster Business Office cannot assist you in determining the amount you can claim for a tax credit.

Am I required to submit my 1098-T to the IRS?

No. Form 1098-T is for informational purposes only and does not need to be submitted to the IRS by the student. I made payments in December and January for spring semester. Can I claim those payments in the same year? The College of Wooster cannot give any tax advice. Please contact your tax accountant.