Why did I receive a 1098-T?
Educational institutions are required by law to report to students the amount of qualified tuition and related expenses that have been paid by the student during the calendar year. Western Technical College has reported the qualified tuition and related expenses paid during the calendar year (January 1 – December 31). Western Technical College mails paper copies of the 1098-T form to students each January and also reports this same information to the IRS. Depending on your income (or your family’s income, if you are 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.)
What is included in Box 1?
Box 1 includes qualified tuition and related expenses (QTRE) billed to your student account and paid for during the calendar (tax) year. Qualified tuition and related expenses include tuition charges as well as mandatory student fees. For example, if the tuition and fees for the spring of 2023 are billed in December 2022 but not paid until 2023, the amounts will be reflected on the 2023 1098-T Form.
Why is Box 2 Blank?
In previous years, Western Technical College’s 1098-T Form 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.
Why is my enrollment status reported?
To assist the student and the IRS in determining if the student qualifies for these tax credits, Western Technical College is required to indicate whether the student was enrolled at least half time for one semester during the calendar year.
How do I use the 1098-T for tax purposes?
Western Technical College urges you to contact a tax professional regarding the application of this form to your taxes. Employees of Western Technical College can’t provide tax advice.
When will I receive my 1098-T?
The 1098-T form must be post-marked by January 31st of each year. Students may elect to receive an electronic copy of their 1098-T and opt out of receiving a mailed copy of their 1098-T. To opt in to receive only an electronic copy of your 1098-T, please go to MyWestern, Finances, Make a Payment, Tax Forms.
What are the benefits of receiving the 1098-T form electronically?
There are several reasons such as:
- Allows the student to access their 1098-T tax form information about 2 weeks earlier than if it were mailed to her/him. Students who do not opt to receive their 1098-T tax form electronically can expect to receive a paper copy of their 1098-T tax form after January 31 each year.
- There is no chance of it getting lost, delayed, or misplaced since students can access a copy 24/7.
- Students will also be able to access prior years’ 1098-T tax forms for future needs in a quick and easy fashion.
- Students are able to access their electronic copy using their smart phones, tablets, or computer when they need it.
- Eco-friendly since no paper is needed.
Why did I not receive a 1098-T?
Western Technical College is not required to issue a form to students whose qualified tuition and related expenses were billed but not paid during the calendar (tax) year. If you believe that you should have received a 1098-T but have not received a mailed copy, please go to MyWestern, Finances, Make a Payment, Tax Forms to print off a copy or contact the Cashier’s Office at 608.785.9121 or firstname.lastname@example.org.
How can I obtain a copy of my 1098-T?
To obtain a copy of your 1098-T, please go to MyWestern, Finances, Make a Payment, Tax Forms. 1098-T Forms will not be available on your MyWestern account until mid – late January.
Where can I obtain additional information about Form 1098-T?
For more information about Form 1098-T, visit https://www.irs.gov/forms-pubs/about-form-1098-t.