1098-T Tax Form
The Form 1098-T is a statement that Concordia University is required to furnish to students. It provides the total dollar amount paid by the student for what is referred to as qualified tuition and related expenses or QTRE in a single tax (calendar) year.
As defined by federal regulations, QTRE includes tuition, class fees, and technology fees. It does NOT include housing, meals, bookstore charges, fines, payment plan fees, or student insurance.
The 1098-T will reflect all payments related to QTRE we received on your account in a calendar year, if those payments were received and posted to your student account between January 1 and December 31*.
Tax Form Details
Box 1 represents all payments received from any source such as financial aid, outside aid, personal payments and loans up to the amount of QTRE for the calendar year.
Box 5 represents the total amount of scholarships, grants, waivers, and outside aid received, which may be a part of Box 1.
The 1098-T is an informational document only. The dollars amounts reported on your Form 1098-T may assist you in completing IRS Form 8863, the form used for calculating the education tax credits that a taxpayer may be eligible to claim as part of your tax return. While the form is a good starting point, the 1098-T, as designed and regulated by IRS, does not contain all the information needed to claim a tax credit. In some cases, what the taxpayer is eligible to claim will not be what is reported on this form. There is no IRS requirement that you must claim an education credit. Claiming education tax benefits is a voluntary decision for those who may qualify.
Taxpayers are responsible for determining what they should claim and have appropriate documentation to support the deduction. Concordia University is not qualified to provide you with individual tax advice, but should you have questions, you should seek the counsel of an informed tax preparer or adviser. For additional information regarding the tax benefits for education you can call the IRS at 1-800-829-1040, or refer to IRS Form 970, Tax Benefits for Education.
*Concordia University is closed for several days over Christmas break, therefore no checks will be posted during that time. Checks will be posted when offices reopen in January. This applies to payments made either for the fall semester or for the next year’s spring semester. Online payments post to the student account on the day they are made. Credit left in your account from the fall semester and any payment made in December for the next year’s spring charges will not be included in Box 1 (Payment Received) for the following calendar year.
When and where will the 1098-T be mailed?
1098-T statements will be mailed no later than January 31st to the current permanent address recorded in Banner Self-Service. A view of the 1098-T statement will also be available in Banner Self-Service in January.
FORM W-9S - Request for Student’s Taxpayer Identification Number
Your social security number is required for accurate IRS education tax credit reporting. Students who have not already provided this information must complete, sign and return this form to the Student Financial Services, JCC 204, 800 North Columbia Ave, Seward NE 68434 or fax to 402-643-3519.