Q. What is a 1098-T?
A. The 1098-T is an IRS form used to report educational-related expenses. Institutions are required to report on either payments received (Box 1), OR amounts billed (Box 2); not both. Benedictine University reports on Box 2 ~ Amounts billed for qualified tuition and related expenses.
The dollar values recorded on the 2012 1098-T are calculated based upon qualified transactions occurring between January 1 and December 31, 2012.
Q. Do I have to use form 1098-T?
A. No. If you are not paying taxes or your income is too high to qualify, you do not have to do anything with this form. If you think you received it in error, please disregard it. Questions regarding individual eligibility for education tax credits such as the Hope Tax Credit and Lifetime Learning Tax Credit should be referred to your income tax advisor or the Internal Revenue Service (IRS) at (800) 829-1040 or http://www.irs.gov. See Pub. 970, Tax Benefits for Education; Form 8863, Education Credits; and the Form 1040 or 1040A instructions. Benedictine University is unable to provide students and families with any tax opinions or advice.
Q. When can I expect to receive my 1098-T form?
A. The IRS tax laws state that all tax documents must be mailed by January 31st. Benedictine University has until January 31st to send out all 1098 tax documents. Please login to your MyBenU account to see if your tax form is available. From the Main Menu, go to Self Service-->Campus Finances-->View 1098T. If you haven't received the form in the mail, the form is also available to print using the online service. If you have not received a 1098T and cannot view it online, you may not be eligible to receive one. Please contact the Student Accounts Office at (630) 829-6503 for further explanation.
Q. What if the amounts on my tax form are incorrect?
A. First, check to see if there is a form from the previous tax year, look on that form, if Box 7 was checked on the previous year's form, then the tuition for the current tax year is on that form and is not included on the current tax year's form.
Second, check the current tax year form, if Box 7 is checked then it is including amounts for the academic period starting Jan - March of the next tax year.
Third, this form is for qualified tuition and related expenses only, room and board will NOT be included.
Fourth, if your grants and scholarships for the winter/spring terms are not reflected, check to see if box 2 and 7 are checked. Since registration for the winter/spring terms begins in November, many students will have been billed for tuition charges for the next tax year in fall of the current tax year, but the grants and scholarships for the winter/spring terms will not post to the student account until the next tax year. Therefore, those scholarships will be on next year's form.
Fifth, have there been any changes to your class schedule. If box 2 and box 7 are checked for spring of the current tax year, and a class is added after the bill was sent, that change will be reflected on next year's tax form.