1098t Student Tax Form Information
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.)
1098-T information for the most recent tax year will be available online on January 31. (Example: Tax Year: 2020 will be available January 31, 2021)
To view information online, login to your BannerWeb account and select “Tax Notification Form 1098T”. Enter the most recent tax year and then select the Submit button. Note that your 1098T tax information is always based on the prior year.
NOTE: November 26, 2018 – Change of Reporting Method for Tax Year 2018 – Box 1 Reporting Required for 2018 Tax Year
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 the federal law, beginning with tax-year 2018, we will report in Box 1 the amount of QTRE you paid during the year.
The dollar amounts reported on your Form 1098-T may assist you in completing IRS Form 8863 – the form used for calculating the education tax credits that a taxpayer may claim as part of your tax return.
Western Connecticut State University is unable to provide you with individual tax advice. Should you have questions regarding this form, you should seek the counsel of an informed tax preparer or adviser.
For more information about Form 1098-T, please visit https://www.irs.gov/pub/irs-pdf/f1098t.pdf.
Effective as of 7/13/2021