WHAT IS THE 1098T FORM?
The 1098T form is used by eligible educational institutions to report information about their students to the IRS. A 1098T form is considered for informational purposes only and must be provided to each student that qualifies. The 1098T form serves to alert students that they may be eligible for federal income tax education credits. Eligible educational institutions are required to submit the student's name, address, taxpayer’s identification number, enrollment status, academic status, payments (up to the amount of QTRE (qualified tuition and related expenses), and scholarships & grants.
Please Note: It is the taxpayer’s responsibility to determine their eligibility for the educational credits and how to calculate them. Representatives of Roosevelt University Do Not Give Tax Advice.
NEW: CHANGE TO IRS REPORTING REQUIREMENTS
Beginning in tax year 2018, all eligible educational institutions are required by the IRS to report Payments Received for Qualified Tuition and Related Expenses (Box 1) up to the cost of QTRE.Box 1 may also include payments for past-due QTRE for a previous calendar year that were billed to you. Amounts Billed (Box 2), will be blank on the 1098T form. Scholarships & Grants will continue to be reported in Box 5.
WHAT ARE QTRE (QUALIFIED TUITION & RELATED EXPENSES)?
The following are examples of qualified tuition and related expenses:
- Tuition costs
- Mandatory course, exam, & program fees
- Lab, general and student activity fees
The following are examples of unqualified tuition and related expenses:
- Room, board and health insurance charges
- Application, transcript, graduation, student orientation, diploma and loan processing fees
WHAT PAYMENTS WILL BE REPORTED IN BOX 1?
- Cash, check, & credit card payments
- Loans (direct subsidized & unsubsidized, private, & Parent PLUS)
- Wire & third-party payments
- Exemptions and discounts
- Scholarships & Grants
WHAT DOES BOX 3 MEAN ON MY 1098T FORM?
Box 3 is used to indicate that we have changed our reporting method from reporting Amounts Billed (Box 2) to Payments Received for Qualified Tuition and Related Expenses (Box 1).
WHAT DOES BOX 4 MEAN ON MY 1098T FORM?
Adjustments Made for a Prior Year (Box 4) is used to report reimbursements or refunds of QTRE that relate to payments received for any prior year after 2002. Please Note: Box 4 will be blank in tax year 2018 as we just changed our method to reporting Payments Received for Qualified Tuition and Related Expenses (Box 1), in tax year 2018. In prior years, we were reporting Amounts Billed (Box 2). Therefore, for tax year 2018, there will be no reportable adjustments to payments to report from any previous tax years after 2002.
WHAT OTHER INFORMATION DO I NEED TO CLAIM THE TAX CREDIT?
The 1098T form serves to alert students that they may be eligible for federal income tax education credits. Receipt of a 1098T form does not in any way indicate a student’s eligibility for a tax credit. To determine the amount of qualified tuition and related expenses paid, and the amount of scholarships and grants received, a taxpayer should use their own financial records and if necessary, seek the expertise of a professional tax preparer.
For more information on both Hope Scholarship and Lifetime Learning Credit regarding eligibility, qualifying expenses, how to figure, claim credit, etc. please review IRS Publication 970. https://www.irs.gov/pub/irs-pdf/p970.pdf
WHY DIDN’T I GET A 1098T FORM?
The IRS does not require the generation of a 1098T form for:
- Students who received scholarships and grants greater than Qualified Tuition and Related Expenses (QTRE)
- Students who are enrolled in non-degree/non-credit programs
- Students who did not have any Qualified Tuition and Related Expenses (QTRE)
- Non-resident alien students (unless requested with the Registrar’s Office. A valid SSN or ITIN must be provided or already on file.)
CAN I RECEIVE MY 1098T FORM ELECTRONICALLY?
Yes. If you have never consented to receive your 1098T form electronically, you will be automatically redirected between February 1 and January 1 of every year to consent or deny consent to receive your 1098T form electronically. To be redirected, login to RU Access, click Make a Payment > Enroll in a Payment Plan > View 1098T Statement, then click the Bill + Payment System link.
DID YOU SEND A COPY OF THE 1098T FORM TO THE IRS?
Yes. Roosevelt University is an eligible educational institution and is required by law to file 1098T forms to assist taxpayers and the IRS in determining eligibility for the Hope and Lifetime Learning education tax credits. 1098T forms are filed with the IRS no later than March 31st of each tax year.
WHAT IS THE TIMELINE FOR THE 1098T FORM?
Roosevelt University will report all payments made and scholarships/grants awarded, limited to QTRE, for a given calendar year (January 1 - December 31).
WHY DO MY SPRING SEMESTER 2018 PAYMENTS NOT APPEAR ON MY 1098T FORM?
The same payments cannot be recorded twice due to a change in reporting method, therefore, Box 1 may not reflect the total amount paid by you for qualified tuition and related expenses during the calendar year. Beginning in tax year ending December 31, 2019, the payment amount in Box 1 should reflect the amount paid for qualified tuition and related expenses.
HOW CAN I GET AN ITEMIZED LISTING OF THE FINANCIAL ACTIVITY THAT IS ON MY 1098T FORM?
Account statements are available online by logging into RU ACCESS or you may contact Financial Aid Student Services at 866-421-0935.
MY ADDRESS LISTED ON THE 1098T form HAS CHANGED. WILL THIS AFFECT ME?
No. The address shown on Form 1098T form is irrelevant for IRS income tax filing purposes. The single most important information on the form is your social security number. Please contact Financial Aid Student Services at 866-421-0935 or email firstname.lastname@example.org if your SSN or ITIN is incorrect on your 1098T form.
HOW DOES A STUDENT OBTAIN A CORRECTED 1098T FORM?
If you have discovered a discrepancy on your 1098T form, please contact Financial Aid Student Services at 866-421-0935 or email email@example.com. A representative of Financial Aid Student Services will be happy to assist you.
WHY DOES ROOSEVELT UNIVERSITY NEED MY SOCIAL SECURITY NUMBER?
As it pertains to the 1098T form, Roosevelt University needs to have the correct social security number for all students that attend the university to comply with the IRS requirements. Every year, as an eligible educational institution, Roosevelt University must report enrollment information for all eligible students in connection with the Hope Scholarship Credit and the Lifetime Learning Credit.
WHAT IF MY SSN/ITIN IS INCORRECT ON MY 1098T FORM?
If the 1098T form does not include the correct social security number (SSN/ITIN), please contact the Registrar’s Office at 312.341.3535 to correct your student record. Once the SSN is corrected, you may contact Financial Aid Student Services at 866-421-0935 for further assistance.
HOW DO I GET A REPRINT OF MY 1098T FORM(S)?
If you did not receive a 1098T form due to a change of address, or you misplaced the form, you can print a duplicate form:
WHAT IS ROOSEVELT UNIVERSITY’S TAX IDENTIFICATION NUMBER?
The RU Federal Identification Number is 36-2167854. This number can also be found on the 1098T form in the middle left section.
WHAT IF I STILL HAVE QUESTIONS?
Please contact Financial Aid Student Services at 866-421-0935 or email firstname.lastname@example.org.