1098-T FAQ
What is a 1098-T and why do I need one?
This form is intended to assist you or your parents/guardians in the preparation of your federal income tax return. The University sends them out to assist you in preparing your taxes and reports the information to the Internal Revenue Service. Your accountant, tax preparer, or the Internal Revenue Service can best advise you in the utilization of this form when preparing your taxes.
What is a Form W-9s?
OPSU is required annually to furnish you with a Form 1098-T, Tuition Statement, which reports qualified tuition and related expenses associated with your enrollment at OPSU. In order for us to prepare the forms accurately, Federal law requires you to furnish us with your correct taxpayer identification number (TIN). Generally, this number will be your Social Security Number (SSN) or, if you are not eligible to obtain an SSN, you must obtain from the Internal Revenue Service (IRS) an individual taxpayer identification number (ITIN) and provide that number to us. The information reported on Form 1098-T will assist you in determining whether you, or the person who can claim you as a dependent, may take either the tuition and fees deduction or claim an education credit to reduce federal income tax. For more information, see Pub. 970, Tax Benefits for Education.
Print this Form W-9S (PDF) to provide your correct SSN or TIN. Failure to furnish a correct TIN may result in the IRS assessing you a $50 penalty.
Return the Form W-9S in person to our office located at 125 Sewell-Loofbourrow.
Or mail to:
OPSU Bursar Office
PO Box 430
Goodwell, OK 73939
When will my 1098-T be mailed to me?
Oklahoma Panhandle State University generates thousands of 1098-T forms each year. Each form must be postmarked (if mailed) by January 31. You should receive yours prior to or shortly after the deadline.
Where can I find my 1098-T online?
Log into OPSU Student Account Suite.
If I did not provide electronic consent, what address will my 1098-T be mailed to?
It will be mailed to your address listed in Banner. The “Billing” address is our first choice. If that is not available, we send to the “Permanent” address and then “Local” address.
Can you fax a copy of my 1098-T to my accountant?
The fastest way to obtain your 1098-T information is to log into OPSU Student Account Suite.
What information will be provided on my 1098-T?
Your billed tuition and qualified fees. Your scholarships or grants administered by the University. It also indicates graduate student classification and half-time or greater enrollment.
Where is the total for my tuition and fees coming from in Box 2?
It is a calculation of your total billed tuition and qualified fees for the spring, summer, and fall semesters of a calendar year. There are some fees that do not meet the tax code requirements for educational expenses allowable by IRS regulations; therefore, NOT included in the calculation. Consult your accountant, tax preparer, or the Internal Revenue Service for more information.
Why are there no amounts in Box 1 when I made payments for tuition and fees?
Per IRS regulations, institutions may choose to report payments received in Box 1 or amounts billed for Tuition and Fees in Box 2. OPSU reports the amounts billed in Box 2.
Why does the amount for my tuition and fees seem so low?
If you received a tuition waiver, the amount of your tuition and fees reported is reduced by the amount of the waiver.
Last year my tuition and fee amounts were higher and so were my scholarship amounts, yet I took about the same number of hours and received approximately the same amount of scholarships. Why is there such a difference?
If you received tuition waivers, last year they were reported as scholarships. Per updated guidance in reporting tuition waivers, tuition waivers are now netted against tuition and fees and not reported as scholarships. This results in both a reduction to your tuition and fees because you are paying less and a reduction in the scholarships received because the waiver is being applied as a reduction to your tuition and fees.
What is included in Box 5 Scholarships or Grants of the 1098-T?
The total amount of any scholarships or grants administered and processed by Oklahoma Panhandle State University during the calendar year for the payment of the student’s cost of attendance (which includes non-qualified 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. Tuition/Fee waivers are reported in Box 2 as a reduction to tuition and fees.
Why isn’t my Oklahoma’s Promise award showing as a reduction to my tuition and fees, instead of a scholarship?
Your Oklahoma’s Promise award is a scholarship (not a tuition waiver) calculated using the amount of your tuition; it can be used to pay other charges not exclusive to tuition.
I am looking at my 1098-T and I don’t see what I spent on books.
The information on this form is what is required by OPSU to report to the Internal Revenue Service. We do not report your expenditures on books. You may want to speak with your accountant, tax preparer, or the Internal Revenue Service about your book expenditures and how they relate to your tax preparation.
I’m a parent. Can I have my student’s 1098-T form sent to me?
Students may authorize users to view the form. Students log into OPSU Student Account Suite, select Authorized Users at the top of the page. Enter authorized user email address then answer the questions. The authorized user receives two emails; the first is an email acknowledging they are an authorized user; the second email is their temporary password. Once they have received both emails, the authorized user may go online to the OPSU Bursar webpage and click on the authorized user link to access.
If you are not an authorized user, the student is responsible for providing information to other parties in accordance with FERPA (Family Education Right to Privacy Act).
I did not receive (lost) my 1098-T form. Where can I get another one?
Online through the OPSU Student Account Suite.
How is the information on my 1098-T form useful to me?
It provides you and your tax preparer with information on amounts which may reduce your tax liability.
How does this affect my taxes?
Consult your accountant, tax preparer, or the Internal Revenue Service on which amounts you can include for tax purposes.
How much can I deduct from my taxes?
Consult your accountant, tax preparer, or the Internal Revenue Service for that information.
Where on my tax form do I put this information?
You may obtain information from your accountant, tax preparer, or the Internal Revenue Service about the Hope Credit and Lifetime Learning Credit for higher education expenses.
Where can I find a record of the payments I made?
Your monthly billing statements contain payments made and are available on-line at the OPSU Student Account Suite. Click on the eBills link at the top. A drop menu will appear allowing you to select each of your monthly statements. Dependent upon when you made your payments, you may need to view several statements.