The IRS offers a number of Tax Benefits for Education. IRS Publication 970 provides information about the various benefits and qualification requirements. IRS Form 8863 or IRS Form 8917 is required to claim these benefits. As required by the Internal Revenue Service (IRS), the 1098-T tax form is provided by January 31st to all students who had qualified tuition and other related educational expenses billed to them during the previous calendar year. Educational institutions are required to send a copy of the 1098-T Tax Form to the IRS to assist taxpayers and the IRS in determining the amount of qualified tuition and related expenses.
The 1098T form is informational only and should not be considered tax advice.
Your 2020 1098-T will be available online in your WINS. In order to access your 1098-T form online, you must first grant consent to receive your 1098-T electronically. To grant consent and access your tax form:
For 2019 and prior years, all 1098-T forms were mailed out to student mailing addresses as of January 31st. Due to a change by the University of Wisconsin System’s vendor, the 1098-T Tax Form is not available online. If you need to access an additional copy of your 1098-T Tax Form (2019 -previous years), please contact our office at mailto:firstname.lastname@example.org. Please provide the full name of the student, date of birth, last 4 digits of social security number and the year needed.
The 1098-T Tax form is used by eligible educational institutions to report student information to the IRS as required by the Taxpayer Relief Act of 1997. Eligible educational institutions are required to submit the student’s name, address, taxpayer identification number (TIN), enrollment status, qualified tuition and related expenses amounts, and scholarships and/or grants (taxable or not).
The 1098-T form is informational only and should not be considered tax advice. It serves to alert students that they may be eligible for federal income tax education credits such as the Lifetime Learning Credit and the American Opportunity Credit as part of their Federal Income Tax Return. IRS Publication 970, “Tax Benefits for Education,” as well as Chapter 35 of IRS Publication 17, provide additional information on these credits. The 1098-T, as designed and regulated by the IRS, may not contain all of the information needed to claim a tax credit. To determine the amount of qualified tuition and fees paid, and the amount of scholarships and grants received, a taxpayer should also use their own financial records. There is no IRS requirement that you must claim the tuition and fees deduction or an education credit. Claiming education tax benefits is a voluntary decision for those who may qualify.