Tax Information
Depending on your income (or your family’s income, if you are a dependent), whether you were considered full or half-time enrolled, and the amount of your qualified educational expenses for the year, you may be eligible for a federal education tax credit. You can find detailed information about claiming education tax credits in IRS Publication 970 on page 9.
Students can elect to view their 1098-T online via Workday. Students can also authorize others to view their 1098-T.
Wake Forest University is unable to provide you with individual tax advice, but should you have questions, please seek the counsel of an informed tax preparer or adviser. Students and individuals granted Third-Party Access can download student account statements via Workday if needed for tax preparation. For more information about Form 1098-T, please visit www.irs.gov/forms-pubs/about-form-1098-t.
Each year by January 31, Wake Forest University makes available via Workday (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 and paid to them during the previous calendar year.
Beginning with tax year 2018, the 1098-T reports amounts paid for qualified tuition and educational expenses for the tax year (Box 1). For years prior to 2018, the University reported qualified amounts billed. (Box 2).
The Scholarships and Grants (Box 5) are reported in the tax year that they were disbursed to the student’s account. For example, the 2023 1098-T Form would list spring 2022 financial aid (disbursed by the Office of Financial Aid the first day of classes-January 2023) and fall 2023 financial aid (disbursed by the Office of Financial Aid the first day of classes-August 2023).
Students and individuals with Third-Party Access can view student account history by visiting Workday Student Financials which can assist them in determining amounts paid in a tax year. Match up the specific charges for 2023 semesters (spring 2022, summer 2023, fall 2023) with scholarships paid for those same semesters.
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 website 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.
As a current student: If you have consented to receiving an online version of your 1098-T, you can follow the instructions detailed in the next section to view your 1098-T form online.
If you have not consented to receiving an online version of your 1098-T, a paper copy will be mailed by January 31st.
As an Alumni: For recent graduates/alumni, a paper copy will be mailed by January 31st.
Current students can access an online version of their 1098-T by following the below steps: (Tax Year 2024)
- Log into Workday then click on Menu
- Select Financials Hub app
- Select ‘View My 1098-T‘ from the Statements and Documents drop down menu
- The institution and the calendar year information will be displayed on the page
- Clicking OK will display your 1098-T tax form. From this page, you have the option to Print your 1098-T.
Historical 1098T (Tax Year’s prior to 2024):
Please contact Student Financial Services at 336-758-5234 or email sfs@wfu.edu. Due to security, please do not include SSN numbers in any email correspondence to SFS.
- Log into Workday then click on Menu
- Select Financials Hub app
- Select ‘View My 1098-T‘ from the Statements and Documents drop down menu
- Choose the appropriate calendar year for the 1098-T tax form you are looking to view
- Clicking OK will display your 1098-T tax form. From this page, you have the option to Print your 1098-T.
Due to the Family Educational Right of Privacy Act (FERPA), only students and their Authorized Payers may request 1098-T form reprints by contacting Student Financial Services at 336.758.5234 or sfs@wfu.edu.
The University’s policy is to mail via the US Postal Service all reprint requests to the student’s permanent address on file.
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.
Qualified expenses include tuition and certain fees defined by law. It does not include room, board, insurance, travel, parking or any other personal, family or living expenses. For information about qualified educational expenses, click here.
Click here for an overview of the American Opportunity and Lifetime Learning Education Credits and allowable tuition and fee tax deductions. Publication 970 explains tax benefits for education.
The most common source of confusion is that Spring 2022 tuition was billed November 1, 2021 and was due December 1, 2021. So while the student attended in Spring 2022, the tuition and qualified expenses were billed/due in 2021, and reported on the 1098-T form for 2021.
Prior to 2018, WFU reported the amount of tuition and qualified expenses billed in Box 2. Beginning in 2018, WFU reported payments made for qualified tuition and expenses in Box 1. This is based on a calendar year (January 1 – December 31), and not an academic year.
The electronic 1098-T (available in Workday) includes a detailed breakdown of debits and credits for each box reported. In addition, current students can view their account activity for each semester on the Student Financials page of their student account.
Income received as a student worker is reported on a W-2 tax form, issued by Payroll.
The university is required by Treasury Regulations section 1.6050S-1 to request the individual’s TIN in writing and must clearly notify the individual that the law requires the individual to furnish a TIN so that it may be included on an information return filed by the institution. Requests for taxpayer identification numbers are to be made before December 31 of the year the student would receive a 1098 T form from the university. For more information please click here
Contact the IRS Tax Information Line at 800.829.1040 or your tax professional.
Please refer to the IRS site here.
Wake Forest does not provide legal, tax or accounting advice to students, parents or authorized payers.