Form 1098-T Overview
Our Lady of the Lake University (OLLU) is required by the Internal Revenue Service to file an annual Tuition Statement (Form 1098-T) for each student who is a U.S. citizen or permanent resident pursuing a degree, and for whom a reportable transaction is made (i.e. tuition, fees, and any scholarships or grants received). This information is provided to assist taxpayers in determining eligibility for claiming Education Tax Credits enacted by the Taxpayer Relief Act of 1997. This information should be combined with your own payment and financial aid records in determining any impact on your tax return. Consult relevant IRS publications. You are advised to seek tax counsel when appropriate.
The 1098-T forms are provided to current and former students by the end of January each year.
Provide consent to receive electronic 1098-T form
For 2016, OLLU is contracting with a new vendor to provide the Tuition Statement Form 1098-T. Heartland ECSI will distribute the 1098-T forms in January. In order to receive the form electronically, you must give consent before Jan. 1, 2017. Click this link to provide consent: https://heartland.ecsi.net/index.main.html#/access/eConsent
Mailed 1098-T form
If electronic consent is not received by Jan. 1, 2017, the 1098-T will be mailed to your current address on file. In order to avoid delays in delivery of the form, you should check the accuracy of your mailing address through WebAdvisor which can be accessed through the myOLLU portal. If you need to update your address, please select “Update Address” to submit the most current mailing address.
Frequently Asked Questions and Topics
- Can I claim payments made towards qualified tuition and expenses in 2015 for classes starting in early 2016?
This can best be answered by your tax adviser. Generally, if you used the tax information in 2015 you probably wouldn’t use it again in 2015.
- I did not receive a 1098-T form. Is there a reason why?
These will not be mailed to campus boxes, out of country addresses, or invalid addresses. Only those students who did not ‘opt in’ for electronic delivery on the ECSI Heartland website will receive a copy through the mail if the student has a correct current address on record with the university. Another reason for not receiving a 1098-T is if both box 2 and box 5 are blank.
- I disagree with the financial information provided with my 1098-T form. Who do I contact to correct this situation?
Contact the Finance Office at 210-431-4079.
- I only see summaries on my 1098-T and on http://www.ecsi.net/taxinfo.html, whom do I contact to get an itemized listing of my financial activity? May I go to the school website? If so, what is the URL?
These are available in your personal registration papers. However, all of your account transactions are available on the myOLLU portal through WebAdvisor. Contact the Student Business Office at 210-434-6711 for an itemized transaction listing of your account if necessary.
- Please explain what financial information is provided on the 1098-T.
OLLU1098-Ts only include qualifying tuition and fees, scholarships, grants, or other gift aid. Technology fees and lab fees are qualifying fees and are also included; but other fees like general fee, dorms, or book fees are non-qualifying and are not included. The IRS instructs institutions to report EITHER payments received in Box 1 OR amounts billed in Box 2. OLLU only reports Box 2 qualified tuition and related expenses. For payment information, consult your personal receipts or check your student account at the Business Office or on the web.
- Was my financial information reported to the IRS?
Yes, the information on the 1098-T is reported to the IRS each year, no later than the end of March.
- What is the purpose of Form 1098-T?
The 1098-T form is utilized as a guide in the preparation of your 2016 taxes. Its purpose is to assist you in determining whether you are eligible for an education tax credit. The form is not a receipt for all payments to your account.
- Why am I receiving the 1098-T, what is the criteria for reporting information?
You received a 1098-T because your account had a tuition and fee transaction, OR a payment to your account by scholarship, grant, or gift aid sometime between Jan 1, 2016 and December 31, 2016.
- Who do I contact if my Social Security number is incorrect?
Contact the Registrar’s Office at 210-434-6711. They will require proof of your correct Social Security number. This also applies if your name is incorrect.
- Why is my BOX 1 empty?
Recently, some IRS offices or student’s tax advisers have been telling students that the 1098-T is incorrect because Box 1 has no information. The IRS instructs institutions to report either payments received (box 1) or amounts billed for qualified tuition and related expenses (Box 2). Once an institution has selected one of these options, they cannot change reporting methods between calendar years without IRS permission. OLLU reports only Box 2 information; therefore Box 1 will be blank. Information for Box 1 can be obtained from your personal receipts or your lending institution in the case of loans.
- Why is my Box 2 empty or lower than Box 5?
This will make it appear that you received more scholarships or grants than tuition charges. This is a result of registering for Spring 2016 in November or December of 2015. This also may nullify (net out) your Fall 2016 tuition charges. Your registration papers show the full tuition charges at each semester you were a student here in 2016.
Vendor Information for 1098-T Forms
Beginning with tax year 2016, OLLU is contracting with Heartland ECSI to provide students with their 1098-T tax forms.
Electronic consent form
In order to receive the form electronically, students must give consent before Jan. 1, 2017. Follow the link below to provide consent.
Once the forms are available online, a link will be added to this page so you can access the site and download your form.
For general information about form 1098-T tax documents or to obtain contact information for Heartland ECSI visit http://www.ecsi.net/taxinfo.html.