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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 2015 1098-T Form would list fall 2015 (billed 7/1/15) and spring 2016 (billed 11/1/15) tuition and fees. Spring 2016 tuition and fees would be listed on the 2015 1098-T form since it was billed 11/1/15.

The Scholarships and Grants (Box 5) are reported in the tax year that they were disbursed to the student’s account. For example, the 2015 1098-T Form would list spring 2015 financial aid (disbursed by the Office of Financial Aid the first day of classes-January 2015) and fall 2015 financial aid (disbursed by the Office of Financial Aid the first day of classes-August 2015).

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 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

6- To print the form either:

      1) Print directly from your browser and change the page settings to print in landscape orientation.

      2) Copy and paste the page into a document editor (Microsoft Word, Google Docs, etc.) and print from there.

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How do I grant consent to third parties (parents) to access my 1098-T online?

You must complete both steps below:

1- Grant consent to view your 1098-T electronically via WIN.
2- Establish proxy access for parents via WIN.

 

Proxy Access

Mozilla FireFox is the preferred browser for Proxy Management and Access.

The Proxy Access System is available to all individuals who have been established as a proxy and have entered their credentials. If you would like proxy access, you must contact your student.

What is Proxy Access?

Wake Forest University students can grant others access to view certain pieces of information that is normally available in their WIN account. This is termed granting “proxy access.” The other person is referred to as the “proxy.”  The most common scenario is for a student to grant a parent or spouse access to his/her information; however, the student can choose anyone who has an e-mail address. By granting proxy access, the student is giving Wake Forest permission to share the selected information with that individual. This permission is necessary to comply with the Family Educational Rights and Privacy Act (FERPA).

The proxy/student relationship is controlled by the student. Only the student can create proxy user accounts and assign access to specific pages within WIN. Proxy users can potentially view items such as a student’s 1098-T tax form and/or holds on the student account. The student can reset a PIN for his/her proxy and can also choose to stop proxy access to his/her information. Requests to access student academic information and to become a proxy should be made directly to the student.

Additional Information:

** Please note that proxy access does not work well with Internet Explorer. Mozilla Firefox is the preferred web browser for proxy service to work properly.**

Student

  • Student Instructions– Proxy Creation and Set-up
  • Frequently Asked Questions for Students
  • You can set-up a proxy to have access to view your 1098-T Tax form and holds.
  • Once you have finished the set-up process, the ‘History’ tab will allow you to view the past authorizations you have approved or disabled for your proxy.
  • Once you have finished the set-up process, the ‘Communication’ tab will show the e-mails that have been previously sent to your proxy. You will be able to resend any e-mails listed.

Proxy

  • Proxy User Instructions– Account Set-up and Use
  • Frequently Asked Questions for Proxy Users
  • Questions about the information you are viewing should be directed to the student.
  • Your temporary login and PIN are only valid for 5 days from the date a student creates your account. Please set-up permanent credentials within that period of time.
  • To access the Wake Forest University Proxy System, after proxy set-up has been completed, you may log in at the Proxy Access Homepage.
  • IMPORTANT Printing instructions for the form:

          1) Print directly from your browser and change the page settings to print in landscape orientation.

          2) Copy and paste the page into a document editor (Microsoft Word, Google Docs, etc.) and print from there.
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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

7- To print the form either:

*Print directly from your browser and change the page settings to print in landscape orientation.

* Copy and paste the page into a document editor (Microsoft Word, Google Docs, etc.) and print from there.

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 sfs@nullwfu.edu.

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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