Form 1098-T is an informational only tax document completed by Western Carolina University as required by the Taxpayer Relief Act of 1997 which is furnished to students to assist them in determining eligibility for education tax credits.. The form summarizes qualified tuition and related expenses for the calendar year (January 1 to December 31). The form reports the amounts paid that may entitle the student to the American Opportunity Credit, Lifetime Learning Credit, or other educational tax benefits depending on his/her individual situation.
In order to comply with IRS regulations, Western Carolina University is required to have the student's social security number for 1098-T IRS reporting. Not having the number will delay processing.
Your 1098-T form will be accessible online through myWCU/Bill+Payment or on the ECSI website. The 1098-T may be viewed and printed. If the student consents to receive the 1098-T electronically, a paper form will not be mailed.
If you elect not to receive your 1098-T form electronically, it will be mailed by January 31, 2021, to the mailing address in our records. If you are a current student, we encourage you to take advantage of receiving the form electronically: save time , eliminate the risk of losing your 1098-T form in the mail, and safeguard your personal information.
1. Visit myWCU and login with your WCU ID (before the @ in your catamount email address) and password.
2. Click View Bill & Make a Payment.
3. Once in Bill+Payment, click 1098-T and select the correct tax year.
Due to a change to institutional reporting requirements under federal law, beginning with tax year 2018, the University will report in Box 1 the amount of payments received for qualified tuition and related expenses paid during the calendar (tax year) 2019.
No, the 1098-T form is completed by the University.
Western Carolina University is not required to furnish a 1098-T for the following students:
Some of the most common reasons for not receiving a 1098-T are:
We are required to report transactions by calendar year (January 1, 2020 to December 31, 2020).
For most students, tuition charges for Spring 2020 semester were paid before January 1, 2020. Therefore, those charges were stated on the 2019 1098-T form. Transactions regarding payments and financial aid posted after January 1, 2020 are stated on the 2020 1098-T.
To summarize, for most students:
Regular tuition charges for Spring 2020 semester are posted on the 2019 1098-T form.
Payments and financial aid awarded after January 1 are posted on the 2020 1098-T form.
Scholarships, grants, waivers, and anything that is not required to be paid back, that are processed through the University are reported in Box 5 on the 1098-T. Loans are not reported on the 1098-T.
Some of the tax benefits the IRS offers are:
American Opportunity Credit - A student may take a credit up to $2,500 (with up to $1,000 refundable). The student must have been enrolled at least half-time for any semester during 2020, which can be verified if Box 8 on the 1098-T has been checked.
The list of qualified expenses has been expanded to include "course materials", or books, supplies, and equipment needed for a course study. Caution: for the purposes of this credit, the 1098-T may not reflect the total qualified expenses based on information available. This credit is available for students who are in their first four years of post-secondary education.
Lifetime Learning Credit - A taxpayer may take up to $2,000 (20% of the first $10,000 in expenses) credit per tax return, not per student. The credit is available for all years of postsecondary education and courses to acquire or improve job skills.
Tuition and Fees Deduction - Up to $4,000 may be deducted from income for qualified expenses. Expenses that do not qualify for these benefits include insurance, medical expenses, room and board, and expenses for non-credit courses.
For details, check out IRS Publication 970.
It depends whether you are a nonresident alien for federal income tax purposes. Nonresident aliens are generally not eligible for educational tax benefits.
Only you and your tax consultant can determine if you are eligible for any of the above tax benefits. The University cannot advise you on your tax situation.
If you are an international student and did not receive a 1098-T but you still need one, please request a 1098-T from the Student Accounts Office and one will be sent to you.
No payment is necessary. The 1098-T is not a bill from the University.
Remember, the 1098-T is completed by the University; you do not complete the 1098-T.
Most likely what you are paying for is travel expenses. Travel is not included on the 1098-T because for most tax benefits, travel is not an allowable expense.
Other Questions? Please email us at firstname.lastname@example.org.
Regarding tax information, you may also call the IRS at 1-800-829-1040, Monday-Friday, 7:00 AM - 10:00 PM or visit the IRS web site.
DISCLAIMER: The information on this page is general information only. We are not personal tax preparers and cannot give any personal tax advice. For tax preparation advice, please consult your tax advisor.