Education Tax Credit
No later than January 31 each calendar year, all eligible students will be issued a form for the prior calendar year. Students may review payment information online at www.leoonline.odu.edu. Students and parents are advised to use personal financial records to determine the qualifying amount for tax purposes since the definition of "qualified tuition" may include other related expenses.
1098T Form Facts
- Students who pre-registered in calendar year 2010 for courses in 2011 will not have the cost included in the figure reported. (1) The law says that schools must send this information to each taxpayer and to the IRS. For the 2011 tax year, this information will include:
(1) the name, address, and taxpayer ID number of the school
(2) the name, address, and taxpayer ID of the student for whom tuition was paid
(3) whether the student was enrolled at least half-time
(4) whether the student was enrolled only in a graduate-level program
(5) costs for 2011 courses (1)
- The IRS does not require taxpayers to submit 1098T forms when filing tax returns.
- The education tax credit amount the taxpayer can claim should be based on the taxpayer's personal records.
- Professional tax advisors should be consulted. The University cannot determine if a student qualifies for the tax credit or supply tax advice.
- Forms will be sent to the student's permanent address on file with the University.
According to the IRS, the term "qualified tuition and related expenses" means the tuition and fees an individual is required to pay in order to be enrolled at or attend an eligible institution. The following are not defined as "qualified tuition or related expenses."
- Charges and fees associated with room and board
- Student activities
- Transportation and similar personal, living, or family expenses
- Expenses paid with a Pell Grant or other tax-free scholarship, a tax-free distribution from an Education IRA, or tax-free employer-provided educational assistance are not taken into account in calculating the credit amount.
FREQUENTLY ASKED QUESTIONS REGARDING 1098T FORMS
What is the 1098T Tuition Statement?
It is a statement of related tuition expenses in calendar year 2011. The form contains elements that the IRS will find helpful in calculating a student's eligibility for the Hope Scholarship Credit and Lifetime Learning Credit. All students enrolled for credit courses with reportable transactions will receive a 1098T Statement.
Why does the statement include the charges for the courses that I pre-registered for in 2011?Students who pre-registered in calendar year 2010 for 2011 courses will have the cost of those courses included in the figure reported, since the due date of those transactions was in calendar year 2011.
Why doesn't the statement include all the charges for the courses that I registered for in 2011?
- Students who pre-registered for Spring 2012 courses in calendar year 2011 will not have the charges reported until calendar year 2012. The due date for those charges is not until calendar year 2012.
- Students may use their own records to report any payments made towards Spring 2012 in calendar year 2011.
This 1098T is incorrect; it does not include payments I made towards my tuition!
ODU does not report payments made towards tuition on the 1098T. ODU supplies students with their qualified tuition charges to use as a tool to calculate their own payments. Students will have to use their own records to determine actual amounts paid.
Why is ODU reporting to the IRS this way?
ODU is complying with the requirements of the IRS. We are only approved to report qualified tuition charges. The IRS established new requirements beginning with the 2004 reporting year.
What is reported in Scholarships and Grants, Box 4?
All payments made to your account except Federal Direct Student Loans- both unsubsidized and subsidized. Parent Plus loans.
Do I have to use this figure to claim the tax credit?
A 1098T is provided to assist you in figuring your tax credit. It is only one piece of several educational expenses you should consider. Form 8863 (Education Credits) does not ask you to report this amount. You report expenses based on your own financial records. Please consult a tax advisor if you have additional questions.
Can you help me determine what to report?
No. While we want to be helpful to students and their families, ODU staff is not qualified to assist you. The regulations are complex and we do not want to inadvertently misinform.
How can I find out more information?
- IRS Publication 970
- Contact your tax advisor.
How can I find out what I was charged or paid in 2011 so I can prepare my taxes?
Refer to your personal financial records or view your ODU student account on www.leoonline.odu.edu for detailed information. We only provide the 1098T.
How can I get a duplicate?
After February 10, students may request a duplicate 1098T statement. Please allow two weeks for processing a duplicate statement.
Please be sure that your permanent address on file with Old Dominion University is correct prior to submitting your request for a duplicate. Requests for duplicates are limited to one and must be submitted in writing to:
Old Dominion University
Norfolk, VA 23529
My tuition is fully covered by a scholarship, grant or contract; do I need a 1098T statement?
No. Students whose qualified tuition was entirely covered by formal billing arrangement, scholarship or grant for the entire calendar year did not receive a 1098T statement.
I received a 1098T form but I did not register in calendar year 2011. Why did I receive this?
A student could receive a 1098T even if they did not register during calendar year 2011 if:
- An adjustment was made in 2011 to their financial aid for the previous year. It could be a reduction or an increase.
- An adjustment was made to tuition charges from the previous year. For example: an approved tuition appeal, administrative drop, change in domicile.
Do I have to amend my taxes for the prior year?
Unfortunately, ODU is not qualified to give you tax advice. Please consult a tax advisor.
What did ODU report last year?
Since 2004, the IRS has required us to report any adjustments to reportable transactions from a prior year.
I received a 1098T and the SSN is incorrect or blank.
IRS regulations require that we report tuition and charges paid for each calendar year. The University apparently does not have your Social Security Number on file. Please send a photocopy of your Social Security card to the Registrar's Office. You may mail or fax the information. The Registrar's Office will not change your record based on a phone call or email. The Registrar's Office is responsible for inputting this information in the system. Once this has been completed, please contact your Accounts Receivable representative directly to have a corrected 1098T processed. The corrected copy may take up to two weeks since this function is outsourced.