CAN I RECEIVE MY 1098-T ELECTRONICALLY?
Yes. You can sign up now to opt-into receiving your 1098-T electronically through a program called CASHNET which is offered by Higher One. CASHNET provides you with the option to receive an electronic 1098T which is fast and convenient.
WHERE DO I GO TO IN ORDER TO OPT-IN TO RECEIVE MY 1098-T ELECTRONICALLY?
WHAT IS THE 1098-T FORM?
The 1098-T form is used by eligible educational institutions to report information about their students to the IRS. A 1098-T form must be provided to each applicable student and is considered for informational purposes only. The 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, qualified tuition/related expenses as well as scholarships/grants.
PLEASE NOTE: It is up to each taxpayer to determine eligibility for the credits and how to calculate them. Office of the Bursar representatives do not offer tax advice.
WHAT EDUCATIONAL EXPENSES ARE CONSIDERED AS QUALIFIED TUITION AND RELATED EXPENSES?
The following are examples of expenses included:
- Graduate and Undergraduate Tuition
- Student fees
- Learning and Support fee
The following are examples of expenses not included:
- Residence Hall charges
- Application fees
- Transcript fees
- Diploma fees
For more information about qualified educational expenses please go to: https://www.irs.gov/pub/irs-prior/i1098et--2016.pdf
DID YOU SEND A COPY OF THIS FORM TO THE IRS?
Yes. Roosevelt University is an eligible educational institution and is required by law to file information returns to assist taxpayers and the IRS in determining eligibility for the Hope and Lifetime Learning education tax credits. Forms are made available at the end of January of each year for the previous tax year.
WHAT IS THE TIMELINE FOR THE 1098-T?
Roosevelt University will report all amounts billed for qualified tuition/fees and scholarships/grants within the calendar year (January 1 - December 31).
WHY DO MY SPRING SEMESTER CHARGES NOT APPEAR ON MY 1098-T?
Students are automatically charged upon registering for classes. If you registered during early registration (November/December), your account was charged at that time, making those charges eligible to claim the previous year and should have reflected on the previous year's 1098-T.
WHY ISN'T THERE AN AMOUNT IN BOX 1?
The IRS allows educational institutions to choose to report either payments received (Box 1) or amounts billed for qualified tuition and related expenses (Box 2) on the 1098-T form. RU has chosen to report qualified tuition and related expenses (Box 2) and scholarships and grants (Box 5), therefore, Box1, will remain blank. Also, loan information is not reported on the 1908T form.
WHAT OTHER INFORMATION DO I NEED TO CLAIM THE TAX CREDIT?
The 1098-T form serves to alert students that they may be eligible for federal income tax education credits. Receipt of Form 1098-T does not indicate eligibility for the tax credit. To determine the amount of qualified tuition and fees paid, and the amount of scholarships and grants received, a taxpayer should use their own financial records.
HOW CAN I GET AN ITEMIZED LISTING OF THE FINANCIAL ACTIVITY THAT IS ON MY 1098-T FORM?
Account statements are available online in RU ACCESS or by calling 312-341-3570.
HOW DO I GET A REPRINT OF MY 1098-T FORM?
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 logging into your account at:
Please be advised that RU will not mail any duplicates.
MY ADDRESS LISTED ON THE 1098-T HAS CHANGED. WILL THIS AFFECT ME?
No. The address shown on Form 1098-T is irrelevant for IRS income tax filing purposes. The single most important information on the form is your Social Security Number. Please call 312-341-3570 if the SSN on your 1098-T is incorrect.
HOW DOES A STUDENT OBTAIN A CORRECTED 1098-T?
If you have discovered a discrepancy on the 1098-T form please contact Office of the Bursar and a representative will be able to assist you.
WHY DOES ROOSEVELT UNIVERSITY NEED MY SOCIAL SECURITY NUMBER?
As it pertains to the 1098-T 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 THE SSN/ITIN IS INCORRECT ON MY 1098T?
If the 1098T does not include the correct social security number (SSN), please contact the Registrar so they may correct your student record. Once the SSN is corrected on your student account you may contact Office of the Bursar for further assistance. A Bursar representative will work with NetPay to have a new 1098T reprinted and refile the information with the IRS.
WHAT IS RU'S TAX IDENTIFICATION NUMBER?
The RU Federal Identification Number is 36-2167854. This number can also be found on the 1098-T form in the middle left section.
WHAT IF I STILL HAVE QUESTIONS?
If you have additional questions/concerns please contact Office of the Bursar at 312-341-3570.