{"id":2746,"date":"2024-01-10T17:42:31","date_gmt":"2024-01-10T17:42:31","guid":{"rendered":"https:\/\/www.eou.edu\/student-financial-services\/?page_id=2746"},"modified":"2024-01-30T17:40:35","modified_gmt":"2024-01-30T17:40:35","slug":"explanation-of-irs-form-1098-t","status":"publish","type":"page","link":"https:\/\/www.eou.edu\/student-financial-services\/explanation-of-irs-form-1098-t\/","title":{"rendered":"Explanation of IRS Form 1098-T"},"content":{"rendered":"\n

The IRS Form 1098-T, as required by the IRS, is to provide information in completing our individual tax return. The information provided on the 1098-T may be different than the amount actually paid towards Qualified Tuition and Related Expenses (QTRE). À¶Ý®ÊÓƵ strongly recommends seeking professional assistance when claiming an education tax credit. <\/strong><\/p>\n\n\n\n

All information that EOU can provide is listed on the 1098-T or is listed on this page. EOU is not allowed to discuss tax information or give tax advice. Any questions regarding the 1098-T should be discussed with a tax preparer. EOU has provided general information in regards to the 1098-T on this webpage. <\/strong><\/p>\n\n\n\n

\n\n\n\n

REPORTING METHOD USED FOR 1098-Ts (beginning 2018 tax year)<\/h2>\n\n\n\n

Due to a change to institutional reporting requirements under federal law, all schools were required to change their reporting method for 1098-Ts starting 2018. <\/p>\n\n\n\n

In previous years, À¶Ý®ÊÓƵ reported Box 2 (qualified tuition and fees BILLED<\/strong>) on the 1098-T form. Starting with the 2018 tax year, Box 1 (PAYMENTS<\/strong> for qualified tuition and fees) will be reported on the 1098-T form instead of Box 2. <\/p>\n\n\n\n

Box 1 <\/strong>Payments Received Qualified Tuition and Related Expenses (QTRE)<\/em><\/p>\n\n\n\n

The total amount of payments made towards qualified tuition and related expenses less any refunds or reimbursements for the calendar year. Payments from all sources are included except those that are restricted to non-qualified tuition and related expenses (housing, meals, travel, etc.). The payments in Box 1 are calculated up to the total amounts billed for qualified tuition and related expenses*.<\/p>\n\n\n\n

Qualified Tuition & Related Expenses<\/th>Non Qualified expenses<\/th><\/tr><\/thead>
In-State tuition charges
Out-of-State tuition chargesCourse Fees
Incidental Fees
Building Fees<\/td>		Housing Related Charges & Fees
Meal Plans
Health Service Fees
Late Fees & Interest 
Fines
Bookstore purchases<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Please note the timing of charges and payments in regards to the tax year. Many times charges for Winter Term will happen at the end of the tax year and payments will happen at the beginning of the next tax year. This means the charges and payments will be reported in two different tax years.<\/p>\n\n\n\n

*The amount in Box 1 might be less than the actual amount of payments made for the year. Box 1 cannot be more than the qualified tuition and related expenses for that year. Example, QTRE total for the year is $5,000 but $7,000 was made in payments, Box 1 can report no more than $5,000.<\/p>\n\n\n\n

Box 2<\/strong> is not being used for reporting purposes. <\/p>\n\n\n\n

Box 4 <\/strong>Adjustments for a prior year<\/em>
This amount shows any refunds during the current year for payments of \u201cqualified tuition and related expenses\u201d reported on a 1098-T for a prior tax year. For example, if you paid Spring 2023 registration fees in December 2022, \u201cqualified tuition\u201d for that quarter would have been reported on your 1098-T for 2022. If you subsequently received a refund of Spring 2023 registration fees in January 2023, the amount refunded would be reported in Box 4 for tax year 2023. Refunds may be the result of changing from full-time to part-time study, nonresident to resident classification, or cancellation\/withdrawal.<\/p>\n\n\n\n

Box 5<\/strong> (\u201cScholarships or grants\u201d) reflects financial aid and scholarships made to the student during the tax year.<\/p>\n\n\n\n

Financial Aid Scholarships
Grants
Stipend Payments
Contract Payments (Third Party Billing)<\/td>		Perkins Loans
Direct Subsidized & Unsubsidized Loans
Direct Plus Loans
Alternative Loans<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Box 6<\/strong> (\u201cAdjustments to Scholarships or grants for a prior year\u201d) shows an amount if \u201cscholarships or grants\u201d that were reported on a 1098-T for a prior year were subsequently reduced in the current tax year.<\/p>\n\n\n\n

Box 7<\/strong>, if checked, indicates that payments received in Box 1 include payments for terms that start after the end of the current tax year. <\/p>\n\n\n\n

Box 8<\/strong>, if checked, indicates that you were considered to be enrolled at least half-time during the tax year. <\/p>\n\n\n\n

Box 9<\/strong>, if checked, indicates that you were enrolled in a graduate program during the tax year. <\/p>\n\n\n\n

Box 10<\/strong> is not being used for reporting purposes For more information please review Education Tax Credits and IRS Publication 970<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The IRS Form 1098-T, as required by the IRS, is to provide information in completing our individual tax return. The information provided on the 1098-T may be different than the amount actually paid towards Qualified Tuition and Related Expenses (QTRE). À¶Ý®ÊÓƵ strongly recommends seeking professional assistance when claiming an education tax credit.  All […]<\/p>\n","protected":false},"author":491,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-2746","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.eou.edu\/student-financial-services\/wp-json\/wp\/v2\/pages\/2746","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.eou.edu\/student-financial-services\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.eou.edu\/student-financial-services\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.eou.edu\/student-financial-services\/wp-json\/wp\/v2\/users\/491"}],"replies":[{"embeddable":true,"href":"https:\/\/www.eou.edu\/student-financial-services\/wp-json\/wp\/v2\/comments?post=2746"}],"version-history":[{"count":5,"href":"https:\/\/www.eou.edu\/student-financial-services\/wp-json\/wp\/v2\/pages\/2746\/revisions"}],"predecessor-version":[{"id":2755,"href":"https:\/\/www.eou.edu\/student-financial-services\/wp-json\/wp\/v2\/pages\/2746\/revisions\/2755"}],"wp:attachment":[{"href":"https:\/\/www.eou.edu\/student-financial-services\/wp-json\/wp\/v2\/media?parent=2746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}