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. Your accountant, tax preparer, or the Internal Revenue Service (www.irs.gov) can best advise you in the utilization of this form when preparing your taxes.
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| When will my 1098-T be mailed to me? |
Oklahoma State University mails out thousands of 1098-T forms each year over the course of several days. Each form must be postmarked by January 31. You could receive yours earlier or later than that day.
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| What is the deadline for the 1098-T forms to be mailed to students? |
All forms must be postmarked by January 31.
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| What address will my 1098-T be mailed to? |
It will be mailed to your address that is listed in SIS (Student Information System). The “Billing” address is our first choice. If that is not available, we send to the “Permanent” address and then “Local” address.
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| Where can I find my 1098-T online? |
Go to the Bursar homepage http://bursar.okstate.edu, login through the Bursar Login, click on 1098-T Information, and select the year you need.
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Can you send/fax a copy of my 1098-T to my accountant? |
The fastest way to obtain your 1098-T information is to visit our website and print a copy that you can send/fax to your accountant.
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| What information will be provided on my 1098-T? |
Your tuition and selected fees, loans, scholarships, payments, and interest paid. It also indicates graduate student classification and half-time or greater enrollment.
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| Where is the total for my tuition and fees coming from? |
It is a calculation from your total tuition for the spring, summer, and fall semesters of 2007 and the selected fees that go along with that tuition. There are four fees which are NOT allowable by IRS regulations; therefore, NOT included in the calculation: Athletic Facility Fee, Transportation Fee, O’Colly Fee, and Health Service Fee.
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| Why doesn’t the amount on the form equal what I’ve paid? |
The calculation for your tuition and fees does not include four fees: Athletic Facility Fee, Transportation Fee, O’Colly Fee, and Health Service Fee.
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| Why are the four fees excluded from the calculation? |
The Athletic Fee, Transportation Fee, O’Colly Fee, and Health Service Fee are excluded because they do not meet the tax code requirements for educational expenses. Consult your accountant, tax preparer, or the Internal Revenue Service (www.irs.gov) for more information.
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| Why aren’t all the fees reported on my 1098-T for tax credit? |
There are four fees which are NOT allowable by IRS regulations; therefore, NOT included in the calculation: Athletic Facility Fee, Transportation Fee, O’Colly Fee, and Health Service Fee. Consult your accountant, tax preparer, or Internal Revenue Service, www.irs.gov.
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| I am looking at my 1098-T and I don’t see what I spent on books. |
The information on this form is what is required by OSU to report to the Internal Revenue Service. We do not report your expenditures on books. You may want to consult your accountant, tax preparer, or the Internal Revenue Service (www.irs.gov) about your book expenditures and how they relate to your tax preparation.
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| Why is the amount included for loans so high? |
Both parent and student loans are included in this amount.
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| I’m a parent. Can I have my student’s 1098-T form sent to me? |
Students must make all information requests. The student is responsible for providing information to other parties in accordance with FERPA (Family Education Right to Privacy Act).
http://www.ed.gov/policy/gen/guid/fpco/ferpa/index.html
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| I did not receive (lost) my 1098-T form. Where can I get another one? |
Online at the Bursar website. Go to the Bursar homepage http://bursar.okstate.edu, login through the Bursar Login, click on 1098-T Information, and select the year you need.
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| Can you just give me every charge on the account instead of a 1098T? |
Form 1098-Ts are provided to the Internal Revenue Service and to the student. Additional detailed information may be obtained on the Bursar website http://bursar.okstate.edu by accessing historical billing statements or by making a request in person at the Bursar office. |
| How is the information on my 1098-T form useful to me? |
It provides you and your tax preparer with information on amounts which may reduce your tax liability.
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| How does this affect my taxes? |
Consult your accountant, tax preparer, or Internal Revenue Service (www.irs.gov) on which amounts you can include for tax purposes. |
| How much can I deduct from my taxes? |
Consult your accountant, tax preparer, or the Internal Revenue Service (www.irs.gov) for that information.
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| Where on my tax form do I put this information? |
You may obtain information from your accountant, tax preparer, or Internal Revenue Service (www.irs.gov) about the Hope Credit and Lifetime Learning Credit for higher education expenses.
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| What is included in Box 5 Scholarships or Grants of the 1098T? |
The total amount of any scholarships or grants administered and processed by Oklahoma State University during the calendar year for the payment of the student’s cost of attendance (which includes nonqualified expenses such as books, room and board). Scholarships and grants include payments received from 3rd parties (excluding family members and loan proceeds). This includes payments received from governmental and private entities such as the Department of Defense, civic, and religious organizations, and nonprofit entities.
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