The 1098-T’s are prepared and issued by our partner, ECSI. To view and/or print a copy, please visit https://heartland.ecsi.net and follow the directions. They are mailed to the address we have on file by January 31st. Important: OWU highly recommends choosing to receive your 1098-T electronically. Instructions can be found here.
Why am I receiving a 1098-T statement?
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.
What time period does my 1098-T cover? Are there any timing differences between what is being reported?
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 than 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.
What does each box on the 1098-T represent?
- Box 1. Payments Received for Qualified Tuition and Related Expenses: This box includes all payments from any source (including financial aid) made for qualifying tuition and fees during a calendar year.
- Box 2 (not used). Amounts Billed for Qualified Tuition and Related Expenses: This box includes Tuition, Student Activity Fees, and Course Fees but will not be reported per IRS regulations.
- Box 3. Checkbox for Change of Reporting Method: This box will only be checked if Ohio Wesleyan changes the reporting method (from amounts billed to payments received).
- Box 4. Adjustments Made for a Prior Year: This box is used to report changes in qualified charges posted to your account previously reported in prior years.
- Box 5. Scholarships or Grants. This box reports the amount of scholarships or grants posted to your account applicable to the calendar year.
- Box 6. Adjustments to Scholarships or Grants for a Prior Year: This box is used to report reductions in scholarships or grants previously reported in prior years on the 1098-T.
- Box 7. Checkbox for Amounts for an Academic Period Beginning in January through March of the Following Calendar Year: This box will be checked if qualified tuition and related expenses are billed in November but classes begin in January.
- Box 8. Check if at Least Half-Time Student: This box will be checked if the student was at least a half-time student during any academic period during the calendar year.
- Box 9. Check if a Graduate Student: This box will be checked if the student was a graduate student; or if the student was enrolled in a program or programs leading to a graduate –level degree, graduate level certificate, or other recognized graduate level educational credential. Since OWU has no graduate students or classes, this box will not be checked on your 1098-T.
- Box 10. Insurance Contract Reimbursement or Refunds: This box will be blank.
Who can I contact if I have further questions?
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 firstname.lastname@example.org. OWU is unable to provide individual tax advice.