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1098T Information

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Office of Student Accounting

1098T Information

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A  2014 1098-T form  will be distributed to all eligible students on or about February 2, 2015  that can be used to compute eligibility for education tax credits or a tuition tax deduction.

TO UPDATE YOUR SSN, NAME AND ADDRESS FOR 1098-T CLICK HERE

NON-RESIDENT ALIENS WHO WISH TO RECEIVE 1098-T PLEASE CLICK HERE 

TO SIGN UP FOR ELECTRONIC DELIVERY OF 1098-T CLICK HERE

 FOR 1098T FREQUENTLY ASKED QUESTIONS CLICK HERE

 

1098T FREQUENTLY ASKED QUESTIONS

What is a 1098T form?

When will I receive a 1098T form?

How do I access my 1098T form if I do not receive one?

What information do I need to log in to my account to view my 1098T form?

Why are there no payments listed in Box 1 of my 1098T form?

What Qualified Expenses are used to compute eligibility for a tax credit?

What if I think that the amounts on my 1098T form are incorrect?

I graduated in June 2014.  Will I receive a 2014 1098T form?

I am a non-resident alien student. Will I receive a 1098T form?

Why is there no social security number on my 1098T form?

What is Kean University’s Tax ID number?

NOTICE:

The University is not a tax authority. These Frequently Asked Questions are intended to provide general information on how your 1098T form was prepared and to make taxpayers aware of potential tax credits. This information does not and is not intended to provide either legal or tax advice. Accordingly, you may wish to seek information and advice from your Tax Advisor or visit www.irs.gov.

While we are unable to provide tax advice, you may call 866-428-1098 or 908-737-3240 if you have any questions about how your 1098T form was prepared or for assistance in accessing your online 1098T.

 

What is a 1098T form?

The University is required to send you a 1098T form so that you can use it to determine if you are eligible for either the American Opportunity Credit or the Lifetime Learning tax credit. To see if you qualify for the credit, consult with your Tax Advisor or visit www.irs.gov.  To view IRS FAQs you can enter “1098t questions” into the search box.

 

When will I receive a 1098T form?

The 2014 1098T forms will be distributed on or before February 2, 2015. Click here to sign up for electronic delivery http://www.ecsi.net/gateway/1098t-signup.html?school=OY, no later than January 15, 2015, otherwise you will receive a paper copy at the address you have on file with the University.

 

How do I access my 1098T form if I do not receive one?

You can access prior years’ 1098T forms online, 24 hours a day, 7 days a week.  Log into the KeanWISE  Student Menu and click on “1098T Online Access” in the “Financial Information” section.  You may also go to www.ecsi.net/taxinfo.html to log in and retrieve your 1098T.

 

What information do I need to log in to my account to view my 1098T form?

You were sent login credentials with your 1098T form last year.  If you no longer have those credentials, or if you are logging onto the site for the first time, follow these instructions:

To access your account and retrieve your 1098T form, you will need three login credentials:

1)School Code: OY

2)Account Number: your social security number

3) PIN:     Make sure that the zip code you enter matches the last zip code you provided to Kean University.  

Click here to retrieve your login credentials

Your login credentials will appear after you click ”Submit”.

 

Why are there no payments listed in Box 1 of my 1098T form?

IRS regulations specify “Institutions may report either payments received during the calendar year in Box 1 or amounts billed during the calendar year in Box 2.” Kean University reports amounts billed in Box 2 so Box 1 is always empty. As a courtesy, Kean University provides an annual Account Statement that lists payments made by students to Kean during the preceding calendar year.  The Account Statement is posted online beneath the 1098T form for the corresponding year and can be accessed as indicated above.

 

What Qualified Expenses are used to compute eligibility for a tax credit?

Box 2 on the 1098T form contains qualified expenses that might be considered when doing your taxes.  The following chart displays the expenses that are considered qualified or non-qualified. You should consult your Tax Advisor or visit www.irs.gov for definitive clarification.

 

QUALIFIED EXPENSES

NON QUALIFIED EXPENSES

Tuition and Fees

Housing and Meal Plan charges

Registration fees, for example:

late registration fee

re-registration fee

student teaching fee

Health Insurance Fee

Course materials required to enroll or attend

– not included on 1098T form –

student must use their own receipts

University Application fee

Housing Application fee

Graduation Fee

 

University parking fine

 

Transcript Fee

  

What if I think that the amounts on my 1098T form are incorrect?

1)It might be a timing issue. A 1098T form reflects only transactions that happened during the calendar tax year. If you registered in 2013, your registration charges were in Box 2 of your 2013 1098T. If your scholarship disbursed in 2014, it will be in Box 5 of your 2014 1098T.

2)Due to timing issues, the registration charges in box 2 of your 1098T form might be different from the amount you actually paid in that calendar year.

3)Loans are not included on a 1098T, only scholarships go into Box 5.

Below are some examples of timing issues:

EXAMPLE:   Mary registered in November 2013 for the Spring 2014 semester, so those registration charges were in Box 2 of her 2013 1098T form. 

EXAMPLE:   John registered in November 2014 for the Winter Break 2015 term, so those registration charges will be in Box 2 of his 2014 1098T form.

EXAMPLE: Mary registered in November 2013 for the Spring 2014 semester and those registration charges were in Box 2 of her 2013 1098T form.  Her Spring 2014 Scholarship disbursed in February 2014, so it will be reflected in Box 5 of her 2014 1098T form.

EXAMPLE:  George registered in November 2013 for 6 credits in the Spring 2014 semester, so those registration charges were in Box 2 of his 2013 1098T form. In January 2014, George registered for 3 more credits for the Spring 2014 semester.  The registration charges for the 3 additional credits will be on his 2014 1098T form.

EXAMPLE: Glenda registered for 6 credits in November 2013 for the Spring 2014 semester, so the registration charges for those 6 credits were in Box 2 of her 2013 1098T form.  In January 2014, Glenda dropped one 3 credit class for the Spring 2014 semester.  The registration charges for the 3 dropped credits will be in Box 4 of her 2014 1098T form as an adjustment/reduction to Box 2 of the 2013 1098T form.

 

I graduated in June 2014.  Will I receive a 2014 1098T form?

Yes.  If you enrolled for classes during 2014, you will generally receive a 1098T form for that calendar year, even if you are no longer a student at the end of 2014.  If you do not receive a 2014 1098T form, you can contact Student Accounting at 908-737-3240 after February 2, 2015.

 

I am a non-resident alien student. Will I receive a 1098T form?

Kean does not file a 1098T form for nonresident alien (“NRA”) students unless specifically requested by the student.  If a NRA student wants a 1098T form, they should visit the Student Accounting office on the third floor of the Administration building and submit the form “Student Request for 2014 Form 1098T”. If they have a Taxpayer Identification Number (“TIN”), they must provide documentation of the TIN.

 

Why is there no social security number on my 1098T form?

You did not have a valid social security number in Kean’s database.  Go to the Registrar with your social security card so that a valid SSN can be entered for you.  Then visit the Student Accounting office on the third floor of the Administration building and submit the form “Student Request for 2014 Form 1098T”. 

 

What is Kean University’s Tax ID number?

22-2960726

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