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1098-T Information
1098-T tax statements, used in claiming Education Credits on IRS Form 8863 on federal income tax returns, are processed for Washburn University by Educational Computer Systems, Inc (ECSI). A paper copy will be mailed to each student at his/her permanent address no later than January 31 of the following year as required by law. Please keep an eye out for this to arrive by mail. In addition, taxpayers may view their statements on a Web page provided and maintained by ECSI. (See below) This process cannot be hurried with phone calls. PLEASE DO NOT CALL ECSI about 1098Ts.
The Taxpayer Relief Act of 1997 (TRA97) established two education tax credits: The Hope Credit for students enrolled in one of the first two years of post-secondary education and who are carrying at least a half-time workload while pursuing an undergraduate degree and the Lifetime Learning Credit for students who take one or more classes from a college/university to pursue an undergraduate or graduate degree. IRS Forms 1098T are sent in response to TRA-97. Effective in calendar year 2003, the IRS requires financial information to be supplied in the boxes of the 1098-T form. Schools can choose to use Box 1 (Payments) or Box 2 (Amount billed) for qualified tuition and related expenses. Financial Aid (i.e. grants and scholarships) EXCLUDING any loans, are reported in Box 4. Washburn University has chosen to supply information on Amounts Billed.
To claim either credit, use IRS Form 8863, Education Credits. The information on the reverse side of the 1098-T form provided by ECSI will assist you in preparing IRS Form 8863. Form 8863 attaches to your tax return and is used to determine your eligibility and the amount of education credits you may be entitled to claim on your Federal Individual Income Tax Return.
Additional requirements and conditions apply, including income ceilings on eligibility and possible reductions to the amount of qualified education expenses that can be claimed. If you are claimed as a dependent on another person's tax return (such as your parent), please give this notice to that person.
Neither Washburn University nor ECSI can provide individual income tax advice. If you have any tax related questions after reviewing your 1098-T information, including your potential tax credit, your eligibility, reporting your tax credit on your tax return, or any other 1098-T specific concerns, please consult your Tax Professional or the IRS at 1-800-829-1040 or www.irs.treas.gov.
If you have questions regarding TRA-97 or your individual 1098-T Form, please access: http://www.ecsi.net/1098T. The following information will be available:
- On-line access to your 1098-T form and IRS Form 8863
- An overview of TRA-97, including information describing the Hope Scholarship and the Lifetime Learning Credit
- Additional information
PLEASE NOTE: Not ALL boxes need to be populated. In many cases, boxes 3,5,6 and 7 will be empty and box 4 will ONLY be populated if you received scholarships or grants this year.
If you have difficulty accessing ECSI's 1098-T Web site, please contact ECSI at 1-888-549-3274. If you have questions about information in boxes 1-9 of your 1098-T form, please contact the Washburn University Business office at 785-670-1156 or by e-mail at richard.selden@washburn.edu