Form 1098-T TUITION STATEMENT
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ALL STUDENTS: Sign up to receive your 2014 1098-T Tuition Statement online!
Graduates: When applying for graduation, make sure you also go to the 1098 Electronic Consent link on WebAdvisor to give consent.
What does this mean?
To receive your 1098-T Tuition Statement information earlier give your consent to receive it electronically.
- Log into WebAdvisor.
- Under 1098-T Tuition Statement, select 1098 Electronic Consent.
- Select the first button to give consent OR select the second button to decline consent.
- Please read the entire statement carefully, noting the conditions under which you may receive tax information electronically, or change options for delivery.
- Click Submit.
By giving consent to receive your 1098T tax form electronically, you will not receive one in the mail. You can view and print your 1098T directly from WebAdvisor as long as you have Adobe Acrobat 4.0 or higher on your PC.
By declining consent, your 1098T tax form will be mailed to the most current address you have provided to the Registrar's Office. Therefore, ensure that you have provided that information to the Registrar's Office.
It is the students' responsibility to ensure that their most current email and mailing address is on file with the university.
Make sure to also print your AR Statement for Tax Year 2014.
This statement is also located under the 1098-T Tuition Statement and provides a detailed breakdown, by date, of all your charges and credits for the calendar year.
What are the benefits to students of receiving the 1098-T Form electronically versus through the regular postal mail?
- Online delivery provides access to the form 1098-T earlier than the traditional mailing process, up to 2 weeks earlier
- Online delivery eliminates the chance that the 1098-T will get lost, misdirected or delayed during delivery, or misplaced once the student receives it
- Signing up for online delivery is easy and secure
- Students can access their 1098-T Form even while traveling or on assignment away from their home address as long as they have internet access
- Students can access their tax forms as often as necessary as long as their WebAdvisor login is active
- Storage of tax information for future years; 1098T forms from 2008 going forward will be stored in WebAdvisor for future reference
- Go Green and save the environment
What is a 1098T Form?
Section 6050S of the Internal Revenue Code requires eligible educational institutions to file information returns to assist taxpayers in determining the amount of qualified tuition and related expenses for which an educational tax credit is allowable. 1098T forms are made available to students in January of each year along with an accounts receivable statement.
Why did I receive a 1098T Form?
Receipt of a 1098T form indicates you were enrolled in at least one course at Barry University during the past calendar year. It does not mean that you are eligible for a tuition and fees deduction, Hope Credit, or Lifetime Learning Credit. According to federal tax regulations, determination of qualified charges and payments is the responsibility of the tax payer.
What information is provided on the 1098T Form?
Educational institutions are required to report either the amounts received for tuition and qualified expenses or the amounts billed for qualified tuition and related expenses during the calendar year.
Barry University has elected to report the amount billed during the calendar year for qualified tuition and expenses. This information is reported on the 1098T Form in Box 2, Amounts Billed for Qualified Tuition and Related Expenses
Box 1, Payments for Qualified Tuition and Related Expenses, will be blank.
Box 5, Scholarships and Grants, includes any scholarships and grants reported for the calendar year. Any adjustments to qualified tuition or scholarships and grants previously reported are provided in Boxes 4 and 6.
For a detailed explanation of each box on the 1098T Form, please see the "Instructions to Student" printed on the form.
How can I obtain information on the amount of tuition paid to Barry University during the calendar year?
You can print in WebAdvisor an Accounts Receivable (AR) statement itemizing your student account activity during the calendar year. Click on the AR Statement for the 1098T Tax Year link under 1098T Tuition Statement.
Where can I obtain information on the educational tax credits?
For information about the tuition and fees deduction, the Hope Credit, and Lifetime Learning Credit, see IRS Publication 970 Tax Benefits for Education, Form 8863 Education Credits, and the Form 1040 or 1040A Instructions. The publications and forms may be found on the IRS website at www.irs.gov.
Consult your personal tax advisor for additional information to determine if you qualify. Barry University does not provide tax advice.
The 1098T Form covers calendar year 2014; why does it include amounts billed for the Spring 2015 semester?
Any qualified tuition and fees billed in calendar year 2014 for the Spring Semester 2015 will be included in the 2014 1098T Form. Box 7 accounts for an academic period beginning in January through March 2015 will be checked.
How can I obtain a 1098T Form if I did not receive one?
If the Finance office did not have a current address and you did not give electronic consent to receive your tax form online or your social security number is not on file, you may not have received a 1098-T form. Please contact the University Registrar office at 305-899-3860 for instructions on how to update your personal information.
If you did not receive a 1098T tax form and believe you qualify, please call the 1098T Hotline at 305-899-4052 or email firstname.lastname@example.org and leave a message. Please include your full name, phone number, student ID, and email address. You will be contacted in a timely manner.
How important is my social security number to receiving a 1098T tax form?
A student’s social security number is critical to receiving a 1098T tax form. The IRS mandates that no tax form can be created without a valid SSN. To avoid not receiving a 1098T form from the university, each student with a valid SSN must supply that number to the Registrar’s Office on Barry’s main campus or go to their site manager or advisor at an off-site location. When that SSN is input into the system, a 1098T tax form can be created.
In late December or early January, every student who is expected to receive a 1098T tax form but does not show a social security number on file will receive an email from the university’s Registrar informing them of such and instructing the student what they must do to get their social security number on file.
If you have a social security number, please ensure that the Registrar’s Office has it on file.