61 S. Sandusky St.
University Hall 018
Delaware, OH 43015
The 1098-T’s are prepared and issued by our partner, ECSI. To view and/or print a copy, please visit https://heartland.ecsi.
The 1098-T is a statement of payments of qualified tuition and fees charged to students by Ohio Wesleyan. The statement is provided both to students and the IRS. As an eligible educational institution, the University is required to provide 1098-T Tuition Statements to students enrolled during the calendar year. This form is intended to assist in calculating eligibility for income tax credits. See IRS Publication 970 (https://www.irs.gov/pub/irs-pdf/p970.pdf) for details. The 1098-T tax form is informational and reports the qualified tuition and related expenses billed to students by Ohio Wesleyan during the applicable calendar year. In addition to amounts billed, the statement also contains the amount of scholarships and grants awarded to the student. Beginning with tax year 2018, the IRS mandates colleges and universities to report payments received in Box 1. This is a dramatic change from previous years in which the IRS mandated that we report qualified expenses in Box 2 and nothing in Box 1.
Information on the 1098-T is reported for each calendar year, January 1 through December 31. The IRS requires all taxpayers and universities to report this information on this calendar year basis which is different from the academic year (August – May). The 1098-T summarizes payments for qualified tuition and fees in Box 1 and Grants and Scholarships in Box 5 that have been posted to a student’s account during the calendar year. All payments made in a calendar year will be reported on the calendar year's 1098T regardless of what semester for which the payment is made. Reporting activity on a calendar year basis creates a timing difference on the student's 1098-T that is most apparent during the first and fourth year of attendance. This difference is caused by the spring semester activity being posted in different calendar years; the tuition is posted in November for billing purposes, approximately two months prior to the beginning of the term, and the associated scholarships and grants are posted in January of the following year, as required by Federal regulations. The IRS requires all institutions to report on form 1098-T in this manner.
For general information on Form 1098-T and the related tax credits/deductions, you can review the information available from the IRS in Publication 970 (Tax Benefits for Education). If you have questions about how to compute your education tax credit, you should consult a qualified tax professional or review Tax Benefits for Education: Information Center.
If you have specific questions about amounts on Form 1098-T from Ohio Wesleyan University, you can contact the Office of Student Accounts at email@example.com. OWU is unable to provide individual tax advice.