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Tax Information

Tax Information

Many tax benefits exist for students attending a higher education institution. Student Financial Services recommends that students/parents consult with a tax professional or visit one of the following websites for information on these benefits:


Why did I receive a 1098-T and what am I supposed to do with it?

Each year by January 31, Wake Forest University makes available via WIN (student must give online consent) or mails an IRS Form 1098-T to all students who had qualified tuition and other related educational expenses billed to them during the previous calendar year.

The 1098-T reports amounts billed for qualified educational expenses for the tax year (Box 2). An important reminder is that spring tuition and fees are billed in December. For example, the 2013 1098-T Form would list fall 2013 (billed 7/1/13) and spring 2014 (billed 11/1/13) tuition and fees. Spring 2013 tuition and fees would be listed on the 2012 1098-T form since it was billed 11/1/12.

The Scholarships and Grants (Box 5) are reported in the tax year that they were disbursed to the student’s account. For example, the 2013 1098-T Form would list spring 2013 financial aid (disbursed by the Office of Financial Aid the first day of classes-January 2013) and fall 2013 financial aid (disbursed by the Office of Financial Aid the first day of classes-August 2013).

Students and authorized payers can view their student account history by visiting DEAC which can assist them in determining amounts paid in a tax year.

Please refer to IRS Publication 970, Tax Benefits for Education for additional resources. The Tax Treatment of Scholarship and Fellowship Payments table is located within that publication.

This form is informational only and should not be considered as tax opinion or advice. It serves to alert students that they may be eligible for federal income tax education credits.

Receipt of Form 1098-T does not indicate eligibility for the tax credit. IMPORTANT: It is the responsibility of each taxpayer to determine eligibility for the credits and how to calculate them.
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How do I view my 1098-T online via WIN or remove consent?

1-Log into WIN at https://win.wfu.edu and then navigate to ‘Personal’

2-To provide (or remove) consent, click on the ‘1098-T Electronic Consent’ link.

3-In order to provide consent, read the consent, click the checkbox and then press the ‘Submit’ button.

To remove consent, uncheck the checkbox and press the ‘Submit’ button.

4-Once consent has been submitted or the user selected ‘1098-T Tax Form’ from the ‘Personal’ menu, the user must select the tax year.

5-Once the desired tax year is chosen, press the ‘Submit’ button and the 1098-T will be displayed.

Click this guide for additional assistance:  Accessing Electronic 1098-T Forms via WIN

 

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How can I get another copy of the 1098-T?

Students can view past tax year 1098-T information via WIN:

1- Log into WIN

2- Select the Personal Tab

3- You must first give 1098-T Electronic Consent

4- If you have already granted consent, select 1098-T Tax Form

5- Select the tax year via the drop down menu and click on submit

6- The 1098-T is displayed

Due to the Family Educational Right of Privacy Act (FERPA), only students may request 1098-T form reprints by contacting Student Financial Services at (336) 758-5234 or

The University’s policy is to mail via the US Postal Service all reprint requests to the student’s permanent address on file.

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Did Wake Forest send a copy of this form to the IRS?

Yes. Section 6050-S of the Internal Revenue Code, as enacted by the Taxpayer Relief Act of 1997, requires institutions to file information returns to assist taxpayers and the Internal Revenue Service in determining eligibility for the American Opportunity and Hope and Lifetime Learning education tax credits. Forms are mailed at the end of January of each year for the previous tax year, which runs from January 1 to December 31.

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What educational expenses are considered as qualified tuition and related expenses?

For information about qualified educational expenses, click here.

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Why isn’t there an amount in Box 1 on the 1098-T?

The IRS instructs institutions to report either payments received (Box 1) or amounts billed for qualified tuition and related expenses (Box 2) on the 1098-T. Wake Forest reports qualified tuition and related expenses that were billed during the tax year (Box 2) and scholarships and grants (Box 5). Therefore, Box 1 will be blank.

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What is the American Opportunity and Hope and Lifetime Learning Education Credits and what are allowable tuition and fee tax deductions for each?

Click here for an overview of the American Opportunity and Hope and Lifetime Learning Education Credits and allowable tuition and fee tax deductions.Publication 970 explains tax benefits for education.

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What if I still have questions?

Contact Student Financial Services at (336) 758-5234 or the IRS Tax Information Line at (800) 829-1040.

Wake Forest does not provide legal, tax or accounting advice to students, parents or authorized payers.

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