Under the Tax Relief Act of 1997, certain Federal tax credits for the payment of qualified tuition and fees may be available. Wofford College furnishes annually Form 1098-T to students, the purpose of which is to report qualified payments of tuition and fees in order to assist students in determining whether they may be eligible for a Federal tax credit. This information is also provided to the Internal Revenue Service.
Additional information is available at the following websites:
IRS Publication 970 (.pdf)
Wofford College cannot serve as an individual’s tax advisor. Any specific questions regarding eligibility for Federal tax credits should be referred to your tax advisor. If you have any other questions concerning the dollar amounts reported in Form 1098-T, please contact us at Wofford College Business Office or by phone at 864-597-4235.
Frequently Asked Questions
1. What is Form 1098-T?
Form 1098-T includes information such as qualified tuition and fees billed, as well as scholarships and grants awarded. The purpose of the form is to help the student and their family compute any tax credit or deduction, for which they may be eligible as outlined in IRS Publication 970.
2. Why didn’t I receive a Form 1098-T?
Wofford only provides Form 1098-T when financial aid awarded is less than qualified tuition and fee charges. Additionally, Wofford does not provide Forms 1098-T to nonresident aliens.
3. Why don’t the amounts reported agree to my records?
There are several things to keep in mind when reviewing the amounts included in Form 1098-T. Wofford only reports qualified tuition and fees, which generally exclude all payments for room and board. Also, Wofford reports tuition and fee amounts based upon the date billed, not the date paid by the student. For example, tuition and fees for spring semester will be included for all students registering for spring semester prior to January 1. Scholarships and grants are reported based upon the date of final distribution of financial aid.
4. How may I obtain a copy of Form 1098-T?
You may retrieve a copy online at the Vangent website by clicking here. If you are a first time user, please click on the "first time student" button and create your log-in information. If you have used the site in prior years, please enter the User ID and password that you originally created on the Vangent site.
5. Am I eligible for a tax credit if I receive a Form 1098-T?
Not necessarily. Wofford cannot determine your eligibility for tax credits. Please refer to your tax advisor or the IRS websites and publications listed above to determine eligibility for tax credits.