Tax Benefits for Education
Frequently Asked Questions
- What is Form 1098T?
- How can I find out if I am eligible for a tax benefit?
- I think I should have received a 1098T, but did not get one. What should I do?
- Since I received Form 1098T from the University, am I qualified for one of these tax benefits?
- Do the "Amounts Billed" figures in Box 2 of my 1098T equal the "Qualified Expenses" I can claim on my IRS Form 8863 as I file my taxes?
- I did not keep information on my payments and student loans. Where can I get copies?
- How did the University figure out what figures to include in Form 1098T Box 2 Amounts billed for qualified tuition and related expenses?
- What amounts appear in Box 4 - Adjustments made for a prior year?
- How did the University figure out what amounts to include in Form 1098T Box 5 Scholarships or grants?
- What amounts appear in Box 6 - Adjustments to scholarships or grants for a prior year?
- I was not a half time student for the whole year, why did you check Box 8 Check if at least half-time student?
- I finished my undergraduate studies last spring and started grad or professional school this fall. Why did you not check Box 9 Check if a graduate student?
- What is Form 1098T?
IRS Form 1098T Tuition Statement is an informational statement required by the IRS to be issued by the eligible educational institution that the student attends. To assist the student and the IRS in determining if the student qualifies for the tax benefits available, the school is required to provide information on the 1098T regarding the amount of tuition and mandatory fees billed to the student, scholarships and grants received for the student by the University, whether the student was enrolled at least-half time at some point during the tax year, and whether the student was exclusively a graduate student.
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How can I find out if I am eligible for a tax benefit?
Read IRS Publication 970 , contact the IRS at (800) 829-1040, or contact a tax advisor for information on how to determine if you qualify for one of the tax benefits.
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I think I should have received a 1098T, but did not get one. What should I do?
Students can access and download their 1098T forms by going directly to https://www.getmydocument.com after Monday, January 14, 2008 and following the instructions for logging in and securely accessing their data. If students have trouble accessing their 1098 tax forms, they can call (800) 756-4311. Representatives are available Monday - Friday, 7 a.m. to 5 p.m. Central Time.
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Since I received Form 1098T from the University, will I qualify for one of these tax benefits?
Not necessarily. Read IRS Publication 970 , contact the IRS at (800) 829-1040, or contact a tax advisor for information on how to determine if you qualify for one of the tax benefits. The University is required to send 1098T forms to all students who have been billed for qualified tuition and related expenses.
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Do the "Amounts Billed" figures in Box 2 of my 1098T equal the "Qualified Expenses" I can claim on my
IRS Form 8863
as I file my taxes?
Not necessarily. The University is required to provide the "amounts billed" and "scholarship or grant" figures to help you determine the amount of qualified expenses you can claim on your IRS Form 8863 You will need to review your payment records to determine the actual qualified expenses paid. Remember that qualified amounts paid by student loans may count as payments eligible for these purposes. Scholarships and grants received may reduce your eligible payment amounts. See IRS Publication 970 for information to determine your qualified expenses paid amount.
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I did not keep information on my payments and student loan disbursements. Where can I get copies?
This information can be found on http://my.wisc.edu on your Tuition Account. If you are a parent looking for this information for a student, please ask your student to access this information for you.
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How did the University figure out what figures to include in Form 1098T Box 2
Amounts billed for qualified tuition and related expenses?
The figure in Box 2, Amounts billed for qualified tuition and related expenses includes the total amount BILLED (not paid or assessed) during the calendar year 2007 for terms that started in 2007 or the first three months of 2008. This amount includes tuition and segregated fees billed for Spring 2007, Summer 2007, Fall 2007 and some (usually study abroad) students who were billed in late 2007 for Spring 2008. Tuition remissions are included in this box as a reduction to tuition.
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What amounts appear in Box 4 - Adjustments made for a prior year?
This box shows any reduction in tuition and segregated fees billed in 2007 for terms that occurred in 2003-2006.
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How did the University figure out what amounts to include in Form 1098T Box 5
Scholarships or grants?
The figure in Box 5 Scholarships or grants includes scholarships, grants, and payments made by a third party (not your parents or other individual).
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What amounts appear in Box 6 - Adjustments to scholarships or grants for a prior year?
This box includes any reductions of scholarships, grants, or third-party deferrals billed in 2007 for terms that occurred in 2003-2006.
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I was not a half time student for the whole year, why did you check Box 8
Check if at least half-time student?
The University checks that box if you were half-time or more for at least one term beginning during the year. This information is important in determining eligibility for the Hope Credit.
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I finished my undergraduate studies last spring and started grad or professional school this fall.
Why did you not check Box 9 Check if a graduate student?
Box 9 is checked only if a student was exclusively a graduate student for the entire calendar year 2007.