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1098-T

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1098-T

Frequently Asked Questions


Please note that the University of Oklahoma cannot provide tax advice to individuals. If you have questions about filing your taxes, you should consult a personal tax advisor.

The 1098-T form is only informational; none of the amounts reported are expected to be used as part of a ‘plug and play’ entry. The amounts on Form 1098-T might be different than what you paid. When figuring the credit/deduction, use only the amounts you paid or are deemed to have paid in 2018 for qualified education expenses.

This form is intended to assist you, or your parents, in the preparation of your federal income tax return to see if you are eligible for two tax credits: the American Opportunity Credit and the Lifetime Learning Credit. Your accountant, tax preparer, or the Internal Revenue Service (www.irs.gov) can best advise you in the utilization of this form when preparing your taxes.

You will receive an email when your 1098-T is available. You can then log in to One and access your form. You will also receive a paper copy in the mail unless you have opted to only receive electronic forms.

Go to ONE.ou.edu, login, and click the Finanical tab.  From here, you may see a breakdown of the amounts that are on your tax form by clicking on the "1098-T Amounts" link in the "Transactions by Term" box and selecting the appropriate year.  To get a copy of your 1098-T, please visit our billing and payment site by clicking on "1098-T" in the "1098-T Now Available" section.

You can check your settings by clicking on the Billing and Payment Site link in One. Then click on the My Account menu and select Consents and Agreements.

Your form will be mailed by January 31. You will only receive a paper form if you have not opted in to the paperless 1098-T program. 

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 now must report in Box 1 the amount of QTRE you paid during the year, less any refunds you received. The payment amount is capped by the amount you were charged in 2018.

Box 1 shows the payments made for qualified tuition and related expenses that occurred during the 2018 calendar year. Any payments made after Dec. 31, 2018 will be reflected in the 2019 1098-T.

Box 1 will only show payments made during 2018 (minus any refunds you received) up to the amount of qualified charges to your account in 2018.

This could be because you did not have any qualified charges that occurred during 2018. The payment amount that is reported cannot exceed the amount that was charged in 2018.

The half-time indicator is only relevant to undergraduate students. Graduate students are not eligible for the American Opportunity Tax Credit (formerly the Hope Scholarship Credit), which is concerned with half-time status. Graduate students ARE eligible for the Lifetime Learning Credit, in which half-time status is not a determining factor.

It might or might not be, depending on the source of funds. The University cannot provide tax advice to individuals; you should consult a personal tax advisor.

If your student has authorized you to access their financial records, click the Authorized User login button on the Bursar home page. Once you log in, you will see a link to access your student’s 1098-T.

Your student may designate you an authorized user through One. The student is responsible for providing information to other parties in accordance with the Family Educational Rights and Privacy Act (FERPA).

The fastest way to obtain your 1098-T information is to visit our website and print a copy that you can send/fax to your accountant. Forms will be delivered to students and Authorized Users only.

Box 1 shows the amount of payments received during the calendar year less any refunds.  This amount cannot exceed the amount of qualified tuition and related expenses that are assessed during the calendar year.  Box 4 shows the amount of adjustments to prior year payments.  Since this is the first year of reporting payments, Box 4 will be 0.  Box 5 shows the amount in scholarships and grants that were disbursed to the account during the calendar year.  Box 6 shows any adjustments to scholarships and grants from a prior year.  The 1098-T also indicates graduate student classification and half-time or greater enrollment.  It is the taxpayer’s responsibility to determine the amount of qualified tuition and fees paid, and to determine whether they are eligible for any tax credits.

It is a calculation from your total tuition and fees charged for the spring, summer, and fall semesters of the prior calendar year. Fees which are NOT allowable by IRS regulations and NOT included in the calculation: Health and Wellness fee, Late Enrollment fees.

Select fees are excluded because they do not meet the tax code requirements for educational expenses. Consult your accountant, tax preparer, or the Internal Revenue Service, www.irs.gov, for more information.

Log in to  ONE.ou.edu and click on the Financial tab. Click on “1098-T” in the “1098-T Now Available” section.

It provides you and your tax preparer with information on amounts which may reduce your tax liability.

You may obtain information from your accountant, tax preparer, or Internal Revenue Service, www.irs.gov, about the American Opportunity credit and Lifetime Learning Credit for higher education expenses.

The total amount of any scholarships or grants administered and processed by The University of Oklahoma during the calendar year for the payment of the student’s cost of attendance (which includes nonqualified expenses such as books, room and board). Scholarships and grants include payments received from 3rd parties (excluding family members and loan proceeds). This includes payments received from governmental and private entities such as the Department of Defense, civic, and religious organizations, and nonprofit entities.

 

The following links provide additional resources to learn more about the 1098-T.

For tax advice regarding your specific situation, you should contact a tax professional.  For additional information, call the IRS at 800-829-1040.

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