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Frequently Asked Questions about your 1098-T

This form is intended to assist you, or your parents, in the preparation of your federal income tax return to see if you are eligible for two tax credits: the American Opportunity Credit and the Lifetime Learning Credit. Your accountant, tax preparer, or the Internal Revenue Service (www.irs.gov) can best advise you in the utilization of this form when preparing your taxes.

The Office of the Bursar is required to have all forms postmarked by January 31st. Paper forms will only be mailed to students who have not opted in to the paperless 1098-T program.  Forms will be mailed to the permanent address as listed on oZONE. 1098-T forms may be available online for print sooner through oZONE.ou.edu.

Your student may authorize you as an individual to access their 1098-T through oZONE. The document will be available through the online payment system for print. The student is responsible for providing information to other parties in accordance with FERPA (Family Education Right to Privacy Act).

http://www.ed.gov/policy/gen/guid/fpco/ferpa/index.html

Go to Ozone.ou.edu, login, click the Money tab and select the year you need under the “View 1098T channel”. You may also access a copy of your 1098-T through Bill+Payment, the site where online payments are initiated. Authorized users will need to use the Parents-Bill Pay link on oZONE.ou.edu to access a copy of the 1098-T.

The fastest way to obtain your 1098-T information is to visit our website and print a copy that you can send/fax to your accountant. Forms will be delivered to students and Authorized Users only.

Tuition and selected fees charged, loans, scholarships and 3rd Party Billing Payments processed during the calendar year. It also indicates graduate student classification and half-time or greater enrollment. The University of Oklahoma reports all eligible Tuition and Fees charged during the prior calendar year. It is the taxpayer’s responsibility to determine the amount of qualified tuition and fees paid, and to determine whether they are eligible for any tax credits.

It is a calculation from your total tuition and fees charged for the spring, summer, and fall semesters of the prior calendar year. Fees which are NOT allowable by IRS regulations and NOT included in the calculation: Health and Wellness fee, Late Enrollment fees.

Select fees are excluded because they do not meet the tax code requirements for educational expenses. Consult your accountant, tax preparer, or the Internal Revenue Service (www.irs.gov) for more information. 

Go to Ozone.ou.edu, login, click the Money tab and select the year you need under the “View 1098T channel”. You may also request forms to be reprinted and mailed. Those requests are processed and mailed once a week.

It provides you and your tax preparer with information on amounts which may reduce your tax liability.

You may obtain information from your accountant, tax preparer, or Internal Revenue Service (www.irs.gov) about the American Opportunity credit and Lifetime Learning Credit for higher education expenses.

The total amount of any scholarships or grants administered and processed by The University of Oklahoma during the calendar year for the payment of the student’s cost of attendance (which includes nonqualified expenses such as books, room and board). Scholarships and grants include payments received from 3rd parties (excluding family members and loan proceeds). This includes payments received from governmental and private entities such as the Department of Defense, civic, and religious organizations, and nonprofit entities.

 

The following links provide additional resources to learn more about the 1098-T.

For tax advice regarding your specific situation, you should contact a tax professional.  For additional information, call the IRS at 800-829-1040.

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