Tax Benefits for Education
Tax Benefits for Education: Information Center (www.irs.gov)
1098-T Forms
Student Access: Tax Years 2007 through 2011
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From the Account tab, sign in to your My OHIO Student Center
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In the Finances section, choose the Make a Payment link
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Choose the 1098T & Historical eBills Link on the menu bar
Authorized User Access: Tax Years 2007 through 2011
Forms for tax year 2006 and prior can be accessed at the above link. Student OHIO ID (Oak ID) and Password are required.
What is Form 1098-T (Tuition Statement)?
Each year, Ohio University mails an IRS Form 1098-T to all students who had qualified tuition and related expenses billed to them during the previous calendar year. The 1098-T form serves to alert students that they may be eligible for federal income tax education credits. This form is informational only and should not be considered as tax opinion or advice. Receipt of Form 1098-T does not indicate eligibility for the tax credit. Please consult with a qualified tax preparer or review IRS Publication 970, Tax Benefits for Higher Education to make an individual determination of eligibility.
What is considered qualified tuition and related expenses?
Regulations define qualified tuition and related expenses as: fees required to be paid to the institution as a condition of the students’ enrollment or attendance. Specifically excluded are the cost of room and board, insurance, medical expenses (such as student health fees), transportation/parking, and similar personal, living, or family expenses.
If I receive Form 1098-T, does it mean I qualify for a tax credit?
How do I get a reprint of my Form 1098-T?
If you did not receive a 1098-T due to a change of address, or you misplaced the form, you can print a duplicate by accessing your My OHIO Student Center at My OHIO from the Bursar web page.
Where do I find information about what I paid to the University in 2011?
Please refer to your cancelled checks, prior eBills, credit card statements, and William D. Ford Direct Loan disbursement notifications for details regarding payment amounts and dates. Tax credit is available for payments made between January 1, 2011 and December 31, 2011.
I paid my qualified tuition and related expenses with student loans. Can I still claim the American Opportunity Credit?
Yes. Loan funds should be considered in the same manner as cash payments. The credit is claimed in the year in which the loan is disbursed, not in the year in which the loan is repaid. Please review the direct loan disbursement notification you received from Direct Lending for disbursement dates.
Why are the charges for Winter Quarter 2011-2012 listed on the statement?
These charges were billed in 2011 and therefore may be eligible to be considered for a tax benefit IF payment for this quarter was also made in 2011.
What do the amounts on the form represent?
Box 1: Payments received for qualified tuition and related expenses: This box will be left blank. Universities may choose whether to report payments received or amounts billed on student accounts; they need not report both amounts. Ohio University has chosen to report qualified tuition and related expense amounts billed (see Box 2).
Box 2: Amounts billed for qualified tuition and related expenses: This box will contain the sum of all qualified tuition and related expenses billed to a student’s account during a calendar year, less any amounts by which tuition was reduced. Amounts billed to a student account for housing, fines, insurance or non-required fees are not considered qualified tuition and related expenses and are omitted from Box 2.
Please note that when the American Opportunity Credit, Hope Credit or Lifetime Learning Credit is taken on the federal income tax return, the calculation of the credit is based on the amount of qualified educational expenses actually paid by the taxpayer during the calendar year. The University reports amounts billed to a student’s account. Therefore, the amount you use to calculate your education credit will not necessarily be the same as the amount that appears in Box 2. You should use the information on the 1098-T form in conjunction with your own payment records to determine eligibility for the credits.
If you have questions about how to compute your education tax credit, you should consult a qualified tax professional or review IRS Publication 970, Tax Benefits for Higher Education.
Box 3: This box will be left blank, since Ohio University has not changed its current method of reporting from the previous year (2010).
Box 4: Adjustments made for a prior year: The amount in this box will be the sum of all adjustments in tuition related to amounts billed in a prior year. This amount may reduce any allowable education credit you may claim for the prior year.
Box 5: Scholarships or grants: This box contains the sum of all scholarships and/or grants Ohio University administered and processed for the student’s account during the calendar year. Scholarships that pay for tuition (qualified scholarships) as well as for housing and other expenses (non-qualified scholarships) will be included in this amount. Tuition waivers and payments received from third parties that are applied to student account for educational expenses are also included in this box.
Box 6: Adjustments to scholarships or grants for a prior year: Adjustments in scholarship amounts related to scholarships reported in a previous year are included in this box. This amount may affect the amount of any allowable tuition and fees deduction or education credit you may claim for the prior year.
Box 7: This box will be checked if the amount reported in Box 2 includes tuition or registration fees billed to a student account in the current year that pay for a quarter beginning in the next calendar year. For example, tuition billed in December 2011 for winter quarter 2012 will be reported on your 2011 Form 1098-T.
Box 8: A check in this box indicates that you are or have been enrolled at Ohio University at least half-time (6 hours or more) for at least one quarter during the calendar year.
Box 9: This box will be checked if you are a student enrolled in a program leading to a graduate-level degree.
Box 10: This box is not used by Ohio University so it will be left blank.
