The IRS requires Oklahoma City University provide a 1098-T Statement to students for use in completing their annual income tax return. Students may be able to reduce their federal income tax liability by claiming an American Opportunity Tax Credit (expanded and renamed Hope Scholarship credit), Lifetime Learning Education Tax Credit, or a Higher Education Tuition and Fees Deduction. These benefits apply to tuition and related expenses paid by the student or on his/her behalf.
What is a 1098-T and why do I need one?
This form is intended to assist you, or your parents, in the preparation of your federal income tax return to determine if you are eligible for the Higher Education Tuition and Fees Deduction or either of the two tax credits: the American Opportunity Credit and the Lifetime Learning Credit.
When will my 1098-T be mailed to me?
The university is required to have all forms postmarked by January 31. Forms will be mailed to your billing address. An electronic copy is also made available on your BlueLink account.
What information will be provided on my 1098-T?
Tuition and selected fees billed, loans, scholarships, and 3rd Party Billing Payments processed during the calendar year. It also indicates graduate student classification and half-time or greater enrollment. Oklahoma City University reports all eligible tuition and fees billed during the prior calendar year. It is the taxpayer’s responsibility to determine the amount of qualified tuition and fees paid, and whether they are eligible as deductions or tax credits. Please note OCU does not report payments made to the University. OCU has opted to report only those qualified tuition and fees BILLED during the calendar year. Applicable credits and/or deductions must be calculated based on amounts paid to OCU by you, or on your behalf, for the calendar year.
What amounts are reported on the 1098-T?
• Box 1: Amounts paid. NOT reported by Oklahoma City University.
• Box 2: Amounts billed for qualified tuition and related expenses.
• Box 4: Reductions made to amounts billed for qualified tuition and related expenses that were reported for a prior calendar year.
• Box 5: The total amount of scholarships or grants that were processed for the payment of qualified tuition and related expenses.
• Box 6: The amount of reduction or refunds made for scholarships or grants that were reported for a prior year.
• Box 8: This is only checked if you have been at least a half-time student (6 credit hours) for at least one academic period that began during the calendar year.
• Box 9: This box is checked if you were enrolled as a graduate student for at least one academic period during the calendar year.
Where is the total for my tuition and fees coming from?
It is a calculation from your total tuition and allowable fees billed for the spring, summer, and fall semesters of the prior calendar year. The 1098-T you receive in 2015 will include tuition and eligible fees for the Spring 2014, Summer 2014, and Fall 2014 terms. In addition, if you pre-enrolled for the Spring 2015 term prior to December 31st 2014, applicable tuition and fees for this term will also be included on this form. It is up to you to work with your tax advisor on how to apply billed tuition and fees to your taxes.
Why are some fees excluded from the calculation?
Certain fees are excluded because they do not meet the tax code requirements for educational expenses. Consult your accountant, tax preparer, or the Internal Revenue Service for more information.
What is included in Box 5 Scholarships or Grants of the 1098-T?
The total amount of any scholarships or grants administered and processed by Oklahoma City University. Scholarships and grants include payments received from 3rd parties. This includes payments received from governmental and private entities, such as religious organizations and nonprofit entities.
I graduated or last attended in the spring semester of last year, and do not see tuition charges on my 1098-T or I have not received one. Why is that?
If you enrolled in your final spring semester before the end of the prior calendar year, your spring tuition charges were billed in the year prior to your last semester. These tuition charges appeared on the prior year’s 1098-T. For example, if you enrolled for the Spring 2014 semester in December 2013, before your holiday break, those billed charges would have been included on your 1098-T for 2013. The only billed items that will appear on your 2014 1098-T will be for enrollment changes you made upon returning in January.
Can Oklahoma City University help me with my taxes?
The university cannot give tax advice. Please contact a tax professional.
Who do I contact with questions related to my 1098-T?
You should contact Student Accounts at (405) 208-5205 with questions you may have related to your 1098-T. The Student Accounts office is responsible for billing students for tuition, fees, and housing. They will be able to assist you with any questions related to those charges.
Why doesn’t the tuition and related expenses reported in Box 2 of Form 1098-T match what I paid in the prior calendar year?
Institutions may report tuition and expenses based on billed amounts or actual amounts paid during the calendar year. OCU has chosen to report qualified tuition and related expenses that were BILLED during the calendar year. In general, qualified tuition and related expenses are considered to be billed when you register for classes.
Are there any reductions included in the BILLED tuition and related expenses reported in Box 2 of Form 1098-T?
Yes, qualified tuition and related expenses are reduced by: Current year reductions in billed amounts for semesters billed during the calendar year. Examples include: A reduction due to withdrawal from classes or a reduction due to tuition charges waived during the calendar year for faculty, staff, or eligible dependents.
Do I use the amount reported in Box 2 of Form 1098-T as the amount to deduct (claim) for education tax credits on my income tax return?
Not necessarily. A taxpayer may claim an education tax credit only with respect to qualified tuition and related expenses actually PAID during the calendar year. You may not be able claim an education tax credit with respect to the entire amount billed and reported in Box 2 of Form 1098-T. Therefore, the amount a taxpayer uses to calculate his/her education tax credit will not necessarily be the same as the amount that appears in Box 2 of Form 1098-T. We recommend you consult your tax advisor for more information.