What amounts are included in Box 2 “Amounts billed for qualified tuition and related expense”?
This represents the amounts billed during the calendar year for qualified tuition and related expenses.
What amounts are included in Box 5 , “Scholarship and grants”?
This represents the total of all scholarships or grants received and processed for the calendar year.
Why doesn't my 1098-T match what I paid/received?
For 1098-T purposes, The College of Wooster reports qualified transactions in the calendar year when amounts were billed and not when amounts were paid, received or posted.
I graduated in the spring. Why didn’t I receive a 1098-T?
The College of Wooster reports the amount of tuition billed and grants/scholarships received to the IRS. Graduates were billed in July and December of the previous reporting year. There is nothing to report in the calendar year graduated in.
I graduated in the spring and received a 1098-T that only shows that I received grants/scholarships. Why is there no amount shown for tuition?
Scholarships/grants must be reported in the calendar year received. Tuition was billed in July and December in the previous year and reflected on the prior year 1098-T.
I made payments to the College. Why are they are not reflected on my 1098-T form in box 1?
The College of Wooster only reports tuition billed and grants/scholarships received. Payments are not reported to the IRS by the College.
I made payments in December and January for spring semester. Can I claim those payments in the same year?
The College of Wooster cannot give any tax advice. Please contact your tax accountant.
I know that I paid more than the amount listed as tuition in box 2. Why is this amount different?
The amount listed in box 2 does not include the amounts billed for room and meals. These amounts are not reported to the IRS.
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