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1098-T Tax Information

Calendar Years

1098-T Tax Reporting Information

1098-T forms are available by January 31 to students who meet the IRS’ reporting requirements. Winthrop currently outsources the processing of tax form 1098-T to ECSI and the forms are made available online. 

What is Form 1098-T?

The IRS requires Winthrop University to report, both to the student and the IRS, certain summary financial information for students who meet IRS reporting criteria. This information is provided to assist students in determining their eligibility for certain educational tax credits. This includes the following for transactions posted to student accounts in the calendar year:

  1. All payments made toward Qualified Tuition and Related Expenses (QTRE) (Box 1)
  2. Information on transmitted grants and scholarships (Box 5), including:
    • WU administered grants & scholarships
    • External/private scholarships
    • Federal grants & qualified military benefits

*IMPORTANT*

Revised Reporting Requirement

In previous years, your 1098-T included a figure in Box 2 that represented the Qualified Tuition and Related Expenses (QTRE) we billed to your student account for the calendar (tax) year. Due to a change to institutional reporting requirements under federal law, beginning with tax year 2018, we will report in Box 1 the amount of QTRE you paid during the year.

Claiming Educational Credits on Your Individual Tax Return

Depending on your income (or your family’s income, if they you a dependent), whether you were considered full or half-time enrolled, and the amount of your qualified educational expenses for the year, you may be eligible for a federal education tax credit. (You can find detailed information about claiming education tax credits in IRS Publication 970, page 9.)

The dollar amounts reported on your Form 1098-T may assist you in completing IRS Form 8863 – the form used for calculating the education tax credits that a taxpayer may claim as part of your tax return.  You should use the information on the Form 1098-T in conjunction with your own payment records to complete your individual tax return. If you have questions about how to compute an education tax credit, consult your tax professional or refer to the IRS Publication 970. 

Receipt of a Form 1098-T does not establish eligibility for certain educational tax credits. Students should consult a tax advisor to determine eligibility.

Frequently Asked Questions

Students and family have lots of questions about the 1098-T forms. Please visit ECSI's FAQ about 1098-T forms to learn more about this form and how it can be used. Winthrop has also provided a comprehensive 1098-T FAQ available to download (pdf).

--> Frequently Asked Questions (ECSI) <--

 Frequently Asked Questions (.pdf)

Resources

There are many details surrounding benefits of The Taxpayer Relief Act of 1997. Please contact a tax professional to determine if you qualify for these benefits. Winthrop University cannot provide tax advice. Visit one of the following websites to learn more about these tax benefits:

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