1098-T FAQs
| Expand |
|---|
FAQ'sQ: What is the IRS Form 1098-T?A: The Form 1098-T is a statement that colleges and universities are required to issue to certain 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 year.Q: When will I receive my Form 1098-T?A: Your Form 1098-T will be available to you electronically on or before January 31 (or the next business day) through Workday.Q: Why don’t the numbers on Form 1098-T equal the amounts I paid to Lynn University during the year?A: There are potentially many reasons for this discrepancy. First, the amount in Box 1 only represents amounts paid for qualified tuition and related expenses (QTRE) and does not include payments made for room and board, insurance, health service fees, or parking which, though important, are not considered mandatory education expenses for tax purposes. Secondly, Form 1098-T reports amounts that the student paid in a certain year, and the pay date does not necessarily correspond to the dates that the classes were attended. For example, tuition for the Spring semester is typically billed in December so a student may have paid tuition for the Spring semester in 2023 despite the fact that classes didn’t start until 2024. The best and most accurate source of information about the amounts that you paid for qualified tuition and related expenses will be your e-bill.Q: Does the 1098-T include charges for books?A: No, the University does not include amounts paid for books in Box 1 of Form 1098-T. You should consult with your tax advisor to determine if payments for books, equipment or fees should be considered when preparing your income tax returns and determining eligibility for education tax credits or deductions.Q: What semesters are included in my Form 1098-T?A: Box 1 of Form 1098-T reflects payments made during the calendar year for qualified tuition and related expenses and it is not based on when the classes were attended or billed to the student account. Your e-bill will show the dates payments were posted to your account and are a valuable resource for determining the semesters that are included in your Form 1098-T. You can access your e-bill through your myLynn in the Student Finances section.Q: How do I prepare my tax returns without a Form 1098-T?A: Form 1098-T reports payments received from the student for qualified tuition and related expenses (Box 1) during the preceding calendar year. When determining your eligibility for education related tax credits and deductions, you will need to report the amount you paid for qualified education and related expenses. Therefore, your e-Bill will be the best and most accurate source of information for amounts paid for qualified education and related expenses. This is true regardless of whether you receive a Form 1098-T or not.Q: My accountant says that the University must provide me with a form 1098-T.A: The University in not required, by the IRS, to furnish a Form 1098-T in the following instances:
Q: I submitted my Social Security card with the Office of the Registrar after January 15, of the filing year. What do I do?A: Since your Social Security number was not on file with the Office of the Registrar by the deadline, you will not be issues a 1098-T for tax year. You will be issued one for future tax years, if you qualify.Q: Why isn’t Box 2 filled out on my Form 1098-T when it has been in prior year?A: In previous years, Form 1098-T included a dollar amount in Box 2 that represented the qualified tuition and related expenses (QTRE) the University billed to your student account for the calendar (tax) year. Due to a change to institutional reporting requirements under federal law, beginning with tax year 2019, the University must report in Box 1 the amount of QTRE you paid during the year.Q: I can’t get access to my Form 1098-T because I have graduated and have forgotten my access information.A: Please contact the Student Accounts at studentaccounts@lynn.edu to have one sent to you if were eligible for that tax year.Q: I don’t understand what I’m supposed to do with this Form 1098-T.A: We are unable to provide tax advice. For guidance you may want to consider IRS Publication 970.pdf in addition to choosing a Tax Professional.Request for Paper StatementIf you consented to receive the 1098-T form in an electronic format and you subsequently want to request a paper copy after January of the filing year email the request to: studentaccounts@lynn.edu |
As part of New & Continuing Student Onboarding in Workday, students can consent to receive an electronic version of their 1098-T form.
Student Onboarding is a series of essential tasks student will complete to prepare for starting the academic period (term) at Lynn. The onboarding process in Workday is sequential and tasks will be delivered to your Workday task inbox and Lynn email.
Lynn University is required to file a 1098-T Tuition Statement with the Internal Revenue Service (IRS) for each student who enrolled and for whom a reportable transaction was made on their student account.
Lynn University reports the amount paid for qualified expenses for the calendar year.
Each student is required to verify that their social security number is on file with the Office of the Registrar no later than December 31, 2024, in order for a 1098-T to be produced.
Students have the option to receive their 1098-T electronically or by mail. Students consent to receive this form electronically by completing a consent in Workday. A paper version will be mailed to the legal home permanent address listed on file with the Office of the Registrar if a student rescinds in writing to the electronic consent.
In the event that Lynn University does not have the student social security number on file, a blank number will be reported to the IRS when the 1098-T records are submitted to them. Students may be penalized $50 by the IRS for not submitting the social security number to the University on a timely basis. Lynn University does not provide the 1098T information to students that are considered to be nonresident aliens (not U.S. citizens). Students with this status cannot claim the tax credit and would need to use an IRS 1040NR or 1040NREZ form to report their taxes.
Students that provide electronic consent on my Lynn, will have 1098-T’s available by January 24, 2025. All other students will have a paper copy mailed by January 31, 2025.
Consent for Electronic 1098-T
| Expand | ||||
|---|---|---|---|---|
|
The images shown are for demonstration purposes only.
The 1098T form is prepared every January to report to the IRS how much tuition you paid for the previous tax year, and how much you received in scholarships, if applicable. This is a consent to receive your 1098T form electronically.
- Click on the Consent to Receive Form 1098-T Electronically task.
- Click the checkbox to the right of Yes, I have read and consent to the terms and conditions.
- Click Submit. Click Done.