IRS Form 1098-T
IRS Form 1098-T is used by eligible educational institutions to report student information to the IRS as required by the Taxpayer Relief Act of 1997. On this form, Lawrence University reports the amount of tuition and related expenses that were paid during the calendar year, as well as any scholarships or grants that have been credited to your account during the calendar year.
After February 1, statements can be viewed online here. If you have any questions about the statement, please contact Financial Services at (920) 832-6547 or (920) 832-7164.
Eligible educational institutions are required to submit the following information to the IRS:
- Student name
- Social Security Number (SSN) or Taxpayer Identification Number (TIN)
- Enrollment status
- Academic status
- Amounts paid for qualified tuition and related expenses
- Scholarships and/or grant amounts
- Adjustments to prior year’s qualified tuition and/or adjustments to prior year scholarships (if applicable)
A paper copy of the 1098-T Tuition Statement is completed and mailed on or before January 31st for students who did not opt for electronic delivery. The 1098-T Tuition Statement is mailed to the student at their permanent home address listed on Voyager. Electronic delivery:
Students who have opted in to electronic receipt of the 1098-T Form with Heartland ECSI (recommended) before December of the previous year will receive an email notifying them when their 1098-T Tuition Statement is ready to view and print on the Heartland ECSI website.
All students will have online access to their 1098-T Tuition Statements in mid-February at the Heartland ECSI website by following the steps below:
- Go to https://heartland.ecsi.net/index.main.html#/access/lookup
- Type in “Lawrence University”
- Enter the required information (Student’s First name, last name, SSN, zip code)
- Click the “+” at the end of the row that reads “1098-T Statement”
- Select “View/Print Statement”
- Box 1 shows the payments that Lawrence University received for qualified tuition and related expenses during the noted calendar year. Payments include cash, check, credit card, ACH, wire, loans and scholarships and grants. The total payments reported is limited to the total amount of Qualified Tuition and Related Expenses (QTRE) billed during the calendar year.*
- Box 4 shows any adjustment made for any prior year for qualified tuition and related expenses that were reported on a prior year’s 1098-T Form. This amount could reduce any allowable education credit that you claimed for any prior year.
- Box 5 shows the total of all scholarships or grants processed and administered by Lawrence University during the noted calendar year.*** The amount of grants or scholarships for the calendar year (including those not reported by Lawrence University) could reduce the amount of the education credit you can claim for the year.
- Box 6 shows any adjustments to grants and scholarships for a prior year. This amount could reduce any allowable education credit that you claimed for any prior year.
*Please note: Payments for room and board are not qualified tuition and related expenses (QTRE) and therefore are not included in Box 1. Because Lawrence University bills for Winter Term in November of one calendar year and Winter Term starts in January of the following year, this could affect the amount reported in Box 1 due to the QTRE reporting requirements that are based on amounts billed and the actual timing of Winter Term QTRE payments.
**Please note: Scholarships and grants administered by Lawrence University for Winter Term are posted to the student’s account in January and will be reported in Box 5 in the calendar year they were posted. The timing difference from when the University bills for Winter Term (November of the previous year) may differ from when payments are received for Winter Term.
For a student who first attends Lawrence University in the Fall Term and graduates in a future year in the Spring Term, their 1098-T Form for the first and final year will typically incur a timing difference in Box 1 and Box 5 related to Winter Term as described above. Typically, Box 5 will be greater than Box 1 in the student’s final year. Therefore, amounts reported in Box 1 and Box 5 may not align with your records. However, a taxpayer is able to use their own financial records and/or detail from their student account billing statements to calculate the educational tax benefit and substantiate their claim. Please see IRS Publication 970 for additional information.
The Tax Relief Act of 1997 may provide you with an opportunity for tax savings through the American Opportunity Tax Credit (formerly known as the Hope Credit) and the Lifetime Learning Tax Credit. These two tax credits are based on payments made for tuition and certain related educational costs. If you have questions about how to compute your education tax credit, you should consult your tax professional or refer to the IRS. Lawrence University is not able to provide tax advice, but the following are links to further information on 1098-T forms and tax credits:
• IRS website at www.irs.gov
• IRS Telephone Assistance Hotline: (800) 829-1040
• 1098-T website at www.1098T.com
Nothing in the language above should be interpreted to be tax advice. If you have any questions regarding your particular tax situation, including what education-related deductions and/or credits for which you may be eligible, the university recommends you consult with a qualified tax professional.