Form 1098-T is an annual IRS form completed by Western Carolina University as required by the Taxpayer Relief Act of 1997 which is furnished to students to assist them in the preparation of their annual income tax returns. The form summarizes qualified tuition and related expenses for the calendar year (January 1 to December 31). The form reports the amounts billed that may entitle the student to the American Opportunity Credit, Lifetime Learning Credit, or other educational tax benefits depending on their individual situation.
In order to comply with IRS regulations, Western Carolina University is required to have the student's social security number for 1098-T IRS reporting. Not having the number may delay processing.
Your 1098-T form will be accessible online. If the amount of tuition BILLED (not paid) during 2016 is greater than the amount of scholarships and grants received, the student will have a 2016 Form 1098-T Tuition Statement available on-line by going to the Vangent 1098-T website. The student will click the "First Time Students" button and enter the full first and last names and the last 5 digits of the social security number. If there are records present for the student, he will be instructed to create an account to retrieve the 1098-T. The 1098-T may be viewed and printed. If the student consents to receive the 1098-T electronically, a paper form will not be mailed.
You may have your 1098-T mailed. For students who cannot access the VAngent website or want to have their form mailed, forms will be mailed by January 31, 2016 to the mailing address in our records. If you are a current student, we encourage you to take advantage of receiving the form electronically: save time, eliminate the risk of losing your 1098-T form in the mail, and safeguard your personal information.
1. Visit myWCU and login with your WCU ID (before the @ in your catamount email address) and password.
2. Click Menu in the upper left hand corner and search for 1098.
3. Click Obtain 1098-T Tax Notification and select the correct tax year.
No, the 1098-T form is completed by the University.
Western Carolina University is not required to furnish a 1098-T for the following reasons:
Some of the most common reasons for not receiving a 1098-T are:
We are required to report transactions by calendar year (January 1, 2016 to December 31, 2016).
For most students, tuition charges for Spring 2016 semester were posted to the student's account before January 1, 2016. Therefore, those charges were stated on the 2015 1098-T form. Transactions regarding late adds and financial aid posted after January 1, 2016 are stated on the 2016 1098-T.
To summarize, for most students:
Regular tuition charges for Spring 2016 semester are posted on the 2015 1098-T form.
Late adjustments and financial aid awarded after January 1 are posted on the 2016 1098-T form.
Scholarships, grants, waivers, and anything that is not required to be paid back, that are processed through the University are reported in Box 5 on the 1098-T. Loans are not reported on the 1098-T.
Some of the tax benefits the IRS offers are:
American Opportunity Credit - A student may take a credit up to $2,500 (with up to $1,000 refundable). The student must have been enrolled at least half-time for any semester during 2016, which can be verified if Box 8 on the 1098-T has been checked.
The list of qualified expenses has been expanded to include "course materials", or books, supplies, and equipment needed for a course study. Caution: for the purposes of this credit, the 1098-T may not reflect the total qualified expenses based on information available. This credit is available for students who are in their first four years of post-secondary education.
Lifetime Learning Credit - A taxpayer may take up to $2,000 (20% of the first $10,000 in expenses) credit per tax return, not per student. The credit is available for all years of postsecondary education and courses to acquire or improve job skills.
Tuition and Fees Deduction - Up to $4,000 may be deducted from income for qualified expenses. Expenses that do not qualify for these benefits include insurance, medical expenses, room and board, and expenses for non-credit courses.
For details, check out IRS Publication 970.
It depends whether you are a nonresident alien for federal income tax purposes. Nonresident aliens are generally not eligible for educational tax benefits.
Only you and your tax consultant can determine if you are eligible for any of the above tax benefits. The University cannot advise you on your tax situation.
No payment is necessary. The 1098-T is not a bill from the University.
Remember, the 1098-T is completed by the University; you do not complete the 1098-T.
Most likely what you are paying for is travel expenses. Travel is not included on the 1098-T because for most tax benefits, travel is not an allowable expense.
Other Questions? Please email us at firstname.lastname@example.org.
Regarding tax information, you can also call the IRS at 1-800-829-1040, Monday-Friday, 7:00 AM - 10:00 PM or visit the IRS web site.
DISCLAIMER: The information on this page is general information only. We are not personal tax preparers and cannot give any personal tax advice. For tax preparation advice, please consult your tax advisor.