Form 1098-T Frequently Asked Questions
Effective with the 2018 1098-T forms, the IRS has required all institutions to begin reporting Payments (Box 1) for all Qualified Tuition and Related Expenses (QTRE).
This reporting change does not affect what you may be qualified to claim as an educational tax credit or deduction. It only affects how colleges and universities report QTRE on Form 1098-T. All institutions, not just Barry University, must now populate Box 1 because the IRS no longer permits Box 2 reporting.
What Does This Mean?
- Payments made toward QTRE during the calendar year beginning 01/01/18 through 12/31/18 will be reported in Box 1 of your 2018 1098-T form.
- In previous years, Barry University reported QTRE charges in Box 2 but this will no longer be the reporting method on the 1098-T form starting with the 2018 1098-T.
- This change in the reporting method means that payments made prior to 01/01/18 toward QTRE for the 2018 spring semester will not be included on the 2018 1098-T form. This payment method (Box 1) is based on the date a payment is applied not the date the charge is posted. If a payment was posted to a student’s account between 01/01/18 and 12/31/18 and that amount paid QTRE, then it will be reported in Box 1.
- Box 1 will include, but is not limited to, payments:
- made by cash, check, e-check, credit/debit card,
- made by Federal or private educational loans posted to the student’s account,
- made with scholarships or grants from any source and posted to the student’s account, unless the scholarship or grant is specifically intended to pay non-QTRE, such as housing or meal plans expenses,
- from 529s and College Savings Plans.
Make sure to also print your AR Statement for Tax Year 2018. This statement is also located under the 1098-T Tuition Statement link on WebAdvisor and provides a detailed breakdown, by date, of all students’ charges and credits for the calendar year.
What Is A 1098-T Form?
Section 6050S of the Internal Revenue U.S. 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. 1098-T forms are made available to students by January 31 each year.
Why Did I Receive A 1098-T Form?
Receipt of a 1098-T form indicates a student was enrolled in at least one academic credit course at Barry University during the past calendar year. It does not mean that you are eligible for a tuition and fees deduction, American Opportunity Credit (AOTC), or Lifetime Learning Credit. According to federal tax regulations, determination of qualified charges and payments is the responsibility of the taxpayer.
What Information Is Provided On The 1098-T Form?
Educational institutions are required to report the payments made for tuition and qualified expenses (QTRE) during a calendar year.
Box 1. Payments Received for Qualified Tuition and Related Expenses.
Box 2. Blank.
Box 3. Checkbox for Change of Reporting Method.
Box 4. Adjustments Made for a Prior Year. If the educational institution was previously reporting the amounts of QTRE billed to the student (Box 2), they do not report a reimbursement or refund of qualified tuition made during calendar year 2018 because that amount would not have been reported by such institution for the previous calendar year.
Box 5. Scholarships and Grants, includes any scholarships and grants processed during the calendar year for the payment of the students’ cost of attendance. Scholarships and grants generally include all payments received from third parties (excluding family members and loan proceeds) including payments received from governmental and private entities such as the Department of Veterans Affairs, civic and religious organizations, and nonprofit entities.
Box 6. Adjustments to Scholarships or Grants for a Prior Year.
Box 7. Checkbox for Amounts for an Academic Period Beginning in January through March 2019.
Box 8. Check if at Least Half-Time Student.
Box 9. Check if Graduate Student.
Box 10. Insurance Contract Reimbursements or Refunds. Blank.
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 by clicking on the AR Statement for the 1098-T Tax Year link under 1098-T Tuition Statement.
For further information about charges and credits, call:
PACE STUDENTS: (305) 899-3322 OR (305) 899-3351
LAW STUDENTS: (321) 206-5636
ALL OTHERS: (Main Campus): (305) 899-3585
NOTE: Barry University does not provide tax advice.
If The 1098-T Form Covers Calendar Year 2018, Why Does It Include Amounts For The Spring 2019 Semester?
Any qualified tuition and fees billed in calendar year 2018 for the Spring Semester 2019 will be included in the 2018 1098-T Form. Box 7 accounts for payments received for an academic period beginning in January through March 2019.
How Can I Obtain A 1098-T Form If I Did Not Receive One?
Each year, students who are eligible to receive a 1098-T form but have no current mailing address or social security number on file with the university are sent an email from the Registrar’s Office instructing them on how to go about updating the missing information. Please check your school email for this notification.
If the university does not have your current address and/or your social security number on file, you will not receive a 1098-T form. Please contact the Registrar’s Office at 305-899-3860 for instructions on how to update your personal information or email firstname.lastname@example.org. 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 1098-T Form?
A student’s social security number is critical to receiving a 1098-T form. The IRS mandates that no tax form can be created without a valid SSN. To avoid not receiving a 1098-T 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 1098-T form can be created.
In January, every student who is eligible to receive a 1098-T 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 to 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.
Contact the IRS at www.irs.gov or consult with a professional tax preparer or advisor. The following online resources may also be helpful: