1098 T Information

1. What is a 1098-T?

IRS Form 1098-T is a Tuition Statement issued to certain students with a copy sent to the IRS during January of each year. It is to be used by federal income tax filers to determine eligibility for Hope or Lifetime Learning tax credits

2. I received a 1098-T from Montclair State; does that mean I am eligible for the credit?

Not necessarily. Receipt of a 1098-T does not mean that you are eligible for the credit. There are many restrictions associated with the tax credits. You should review IRS forms, instructions and publications for guidance and consult your tax advisor.

3. I did not receive a 1098-T. Why not?

Certain students do not receive 1098-T forms. In accordance with IRS regulations, Montclair State did not issue you a 1098-T if your scholarships and grants equaled or exceeded your tuition and related charges, if you are a non-resident alien, or if you are not enrolled for credit during the reporting period.

4. I attended during the spring semester of this tax year, why didn’t I receive a 1098-T form?

Students that attended in the spring semester were actually billed for the semester in the previous tax year. In accordance with IRS requirements, this tuition and fee information was reported on that year’s 1098 -T form. For further information please check your WESS account (Please see question 5 below) and view the tax information for the previous school year. Your WESS account has a record of all the tax information reported during your tenure at Montclair State University.

5. Can I see my 1098-T on the web?

You can view the information contained on your 1098-T by logging on to your WESS account. Under the Student Records heading you will find an option to select "IRS Form 1098-T Information."

6. Where can I get a copy of the 1098T information?

You can view and then print a copy of your tax information by logging onto WESS. All current and previous years are available online using your WESS account at wfs.montclair.edu. If your WESS account has been deactivated leave a message at 973-655-3000. Someone will get back to you as soon as possible

7. Can you explain more about the 1098-T?

The 1098-T Tuition Statement is an information form filed with the IRS. The form you received reports amounts billed to you for qualified tuition and related expenses/fees, as well as other information. You, or the person who claims you as a dependent, may be able to claim an education tax credit for the qualified tuition and related expenses that were paid during the calendar year.

Box 2- Amounts Billed for Qualified Tuition and Related Expenses/Fees:

The amount reported in this box represents the qualified tuition and related expenses/fees billed to you during the calendar year. The following charges are included in qualified tuition and related expenses/fees: Tuition, mandatory fees, course fees. Charges that are not considered qualified include room, board, course related books and equipment, late fees, health insurance premiums.

Montclair State is reporting to the IRS these qualified expenses that were billed during the calendar year. The amount reported in box 2 may be an amount that is different from the amount actually paid. In most cases, a tax credit may be claimed only for the qualified tuition and related expenses paid during the calendar year. If eligible for this credit, you may not be able to claim the credit for the entire amount reported in box 2.

Box 4 – Scholarships or Grants

The amount reported in box 4 represent the total amount of scholarships, grants or tuition and/or fee waivers processed by Montclair State during the calendar year. Excluded from this box are loans, such as such as subsidized, unsubsidized, Plus, Perkins and alternative loans, work study and reimbursements. Detailed information is available on WESS. Please see question 4 above.

The University does not provide tax advice with respect to your specific situation. However, you may obtain a copy of IRS publication 970 which explains the 1098-T by clicking here: http://www.irs.gov/pub/irs-pdf/p970.pdf

More detailed information is available at the following website: 
www.irs.ustreas.gov

PLEASE BE AWARE THAT MONTCLAIR STATE UNIVERSITY CANNOT ACT IN THE CAPACITY OF TAX ADVISORS. WE STRONGLY URGE YOU TO CONSULT WITH YOUR TAX ADVISOR FOR ADDITIONAL INFORMATION AND INSTRUCTIONS.

For additional tax information, click here.