1098-T Student Tax Information
What is a 1098-T form?
The US Internal Revenue Service (IRS) oversees national taxes. Some tax forms are specifically related to education. The 1098-T is one of these, and you can learn more from the IRS’s 1098-T webpage.
Basically, the 1098-T gives some specific amounts for each student. In some cases a student (or a student’s parents) may be able to receive tax benefits (credits) based on the student’s education-related expenses.
GBSC is required to produce 1098-T forms each year. These are required to be submitted to the IRS, as well as given to students. GBSC produces the forms at the beginning of each calendar year; a paper copy is sent to students, and copies are also made available to students electronically.
For specific explanations, you may want to review the IRS’s documentation. Also, nothing on this page should be interpreted as tax advice. This information just gives you an introduction to the 1098-T form, and also explains how GBSC calculates the amounts on the forms.
What information is included on the form?
The 1098-T form includes several boxes. The information below explains what goes into the boxes (as of 2020). It also shows what charges or credits GBSC includes in calculating each box.
This box reports the total payments received for “qualified tuition and related expenses.” In this case, “payments” includes not only payments by the student and the student’s family, but also financial aid (scholarships, discounts and payments made by non-family members, (for example, if a church or business pays part of your bill). Qualified tuition and related expenses can include “tuition, fees, and course materials required for a student to be enrolled at or attend” GBSC. It cannot include room and board.
GBSC considers payments for the following charges to be included in Box 1.
- Application fees
- Music-lesson fees
- Course fees
- Independent-study fees
- Mentorship fee (graduate program)
- Graduate student fee (graduate program)
- Student Services fees
- IT fees
- Library fees
These are currently not used.
This box includes adjustments for a prior year. If you receive a late charge, it is included here. Also, if you make a payment in one year for a prior year, it is included here. For example, maybe you receive a charge in January for a fall course — or you make a payment in January for a fall qualified expense. These would both be included in Box 4.
Box 5 is the total of scholarships and grants (including discounts) you received in the year. This includes anything that goes toward your “cost of attendance,” which includes things like room and board. Because of this, Box 5 might be higher than Box 1, since Box 1 is limited to fewer costs than Box 5. Box 5 does include payments made by non-family members. Family members’ payments, as well as your own payments, are not included.
GBSC considers the following sources of credits to be included in Box 5.
- Federal grants (Pell, Federal Supplemental Educational Opportunity Grant)
- Ohio grants (Ohio College Opportunity Grant)
- Outside scholarships (for example, from businesses or civic organizations)
- Third-party payments (payments made by non-family members)
- All GBSC discounts and scholarships (for example, endowed scholarships, full-time discounts, employee discounts, etc.)
Just like Box 4 adjusts charges and payments from prior years, Box 6 adjusts scholarships or grants for a prior year. So Box 4 “corrects” a prior year’s Box 1, and Box 6 “corrects” a prior year’s Box 5.
This box notifies the IRS and you if any of your payments in one year actually pay for expenses for the future. For example, you might make a December payment for a class starting in January. In that case, Box 7 should be checked.
This indicates if you were at least a half-time student (which means at least 6 credits for undergraduate students).
This box is checked for a graduate student, someone working to earn a graduate certificate, master’s degree or something similar.
This box is for insurers, so GBSC does not use it.
What if my 1098-T has an error?
GBSC works hard to make sure the information on our 1098-T forms is accurate! At times, errors may occur.
If you have questions about the amounts on the form, we recommend that you review your account in our student information system, campusSIS, in the “My Finance” section. There you can see details of charges and payments, including financial aid.
Please see the information above that lists what GBSC reports in Box 1 and Box 5. This may help you understand the amounts that are reported.
After you have reviewed the information about what is included in Box 1, if you believe your form has an error in Box 1, please email firstname.lastname@example.org. In your email, please specify the expenses or payments in question; if you can provide dates, that will help staff check into this for you.
After you have reviewed the information about what is included in Box 5, if you believe your form has an error in Box 5, please email email@example.com. Again, in your email please specify the aid or payment in question; if you can provide dates, that will help staff check into this for you.
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