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1098-T Tax Information for Students

The Internal Revenue Service requires that Randolph College report payments received for qualified tuition and expenses and scholarships and grants invoiced or posted to student accounts on Form 1098-T. The 1098-T is an information return that assists students in computing certain education tax credits or deductions for which they may be eligible when they file annual income tax returns.

How to Retrieve Your 1098-T Form

1098-T Forms are presented in 2 ways:

  1. Electronically accessed from website, https://1098.UASConnect.com; parents may log in with student SSN and birth date.
    • Be sure that you are entering the following:
      • Student Last Name
      • Student Full SSN or Account Number
      • Student Date of Birth
      • Student Unique Token (included in email sent directly to student from do-not-reply@uasconnect.com
  2. Paper copies mailed in student name to home address by Jan. 31st each year if not accessed electronically.

In previous years, Randolph College reported Box 2 amounts on the 1098T form, this amount represented the qualified tuition and related fees (QTRE) billed for the calendar (tax) year.  Beginning in 2018 reporting requirements under federal law requires all institutions to report Box 1 amounts of QTRE paid during the year.

  • Box 1 may contain any payment that we have received during the calendar year for a student’s account.  These payments may contain funds received from the parent/student, any third party, plus non repayable funds received in the form of scholarships from the College, and all federal and private loans.
  • Depending on income eligibility, enrollment status and the amount of your qualified educational expenses for the year, you may be eligible for a federal education tax credit.  Detailed information about claiming education tax credits may be found in IRS Publication 970, and specifics about Form 1098T found at https://www.irs.gov/pub/irs-pdf/1098t.pdf.
  • The amount reported on your Form 1098T may assist you in completing IRS Form 8863 which is used for calculating the education tax credit that a taxpayer may claim as part of your tax return.

Randolph College is unable to provide individual tax advice so if you have questions, you should seek an informed tax adviser for specific information.  If you did not receive a 1098T form and/or cannot access the form electronically and believe you qualify to receive one from Randolph College, please contact the Business Office at 434-947-8615 or 434-947-8618.

The IRS is aware that during the transition year a student may have had qualified billing reported last year but a payment made in 2018.  How the transaction is reported does not impact the eligibility of the payment for a tax benefit, it may make it more difficult for the taxpayer to claim the credit or may trigger an inquiry from the IRS.  However the taxpayer should be able to use their own financial records and/or detail from their student account statements to substantiate their claim. 

Collection of Social Security Numbers

Randolph College is required to collect Social Security Numbers (SSN) or Taxpayer Identification Numbers (TIN) from all degree seeking students in accordance with the Internal Revenue Service (IRS) regulation 1.6050S-1. The IRS also requires the College to notify students that if they choose not to disclose their SSN or TIN, they may personally be subject to a $100 penalty imposed by the IRS. Additional information regarding the IRS requirements may be found under the IRS 1098-T form publication.

Students are asked to supply their SSN or TIN to the College accurately on the admissions application and include their legal name as it appears on the Social Security Card or Taxpayer Identification. If the SSN or TIN that the College has on file is not correct, please notify the Registrar’s Office immediately.

International Students

The Business Office will no longer provide 1098-T forms to international students. We will provide an account summary to you at your request. To request an account summary please email businessoffice@randolphcollege.edu. Your request will take approximately 3-5 business days to complete.

Frequently Asked Questions about Form 1098-T

Q:        What is Form 1098-T?
A:         We are required by the IRS to provide Form 1098-T to students for whom qualified tuition and fees were paid during the calendar year.

Q:        Why did I receive Form 1098-T?
A:         Form 1098-T has been provided to assist the taxpayer in determining if you the individual, or who may claim you as a dependent, are eligible to claim a Lifetime Learning Credit on the income tax return. 

Q:        Why did I NOT receive Form 1098-T?
A:         There are several possibilities:

  1. The IRS does not require us to send one if your scholarship and aid exceeded the invoiced amount.
  2. We do not have a valid United States mailing address or Social Security Number on file for you. Please complete form W-9S at http://www.irs.gov/pub/irs-pdf/fw9s.pdf and remit to the Registrar’s Office.
  3. Your invoiced amounts consisted of only non-credit courses.
  4. You accessed your 1098-T form via 1098.uasconnect.com and opted out of receiving a paper form in the mail.

 

Q:        Where was my form mailed?
A:         Your 1098-T form will be mailed (if not accessed electronically) based on the address provided by the student to the Registrar’s Office.

Q:        I viewed my 1098-T online. Will I get a paper copy?
A:         No, by providing consent to view your 1098-T online, you opted-out of receiving a paper copy.

Q:        Is the 1098-T form printed from 1098.uasconnect.com valid for the IRS?
A:         Absolutely. The 1098-T form from 1098.uasconnect.com is an IRS approved substitute.

Q:        What about room and board and books? Why are these fees not included in the amount billed?
A:         Only qualified tuition and related expenses are reported on your 1098-T. Please consult your professional tax advisor with questions regarding “qualified expenses”.

Q:        What do amounts on the form represent?
A:         Box 1 includes payments made towards qualified expenses during the calendar year.  Box 5 shows the total of all scholarships or grants administered and processed by the College. The amount of scholarships or grants for the calendar year (including those not reported by the institution) may reduce the amount of the education credit you claim for the year. Box 8 is checked if you are considered to be carrying at least one-half of the normal full-time workload for your course of study.

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