IRS Form 1098-T
IRS Regulatory Reporting Overview
Per Federal regulations, Roger Williams University is annually obligated to provide all students enrolled in a credit bearing program with an IRS Form 1098-T. Depending on your income (or your family’s income, if you are a dependent), whether you were considered full or half-time enrolled, and the amount of your qualified educational expenses for the year, you may be eligible for a federal education tax credit. You can find detailed information about claiming education tax credits in IRS Publication 970.
All universities report Amounts Paid in Box 1 of the 1098T form (below). The amount paid in Box 1 is capped by Qualified Tuition and Related Expenses (QTRE) billed in the same calendar year (January 1 to December 31) and any unpaid QTRE from prior tax years (2018 forward).
QTRE includes tuition and certain related expenses required for enrollment. Room, board and other fees are not considered qualified expenses.
Important Update for Calendar (Tax) Year 2020
To align on-time payments with term charges, RWU has altered the billing date for our spring and winter 2021 terms. These changes will take effect for calendar year 2020 forward and may impact when you make payment for the spring or winter 2021 terms.
Our spring and winter term payment due date is January 2. We have changed our billing date from January 1 to December 1 of the prior year. If previously registered, the spring and winter 2021 terms are billed on 12/1/20.
- If you make payment in December 2020 for spring or winter terms that are billed in 2020, the payments will be included in the 2020 1098-T calculations.
- If you make payment in 2021, any unpaid applicable charges (QTRE) from 2020 will carry forward to 2021, so the payment will be included in the 2021 1098-T calculations.
- If you are concerned about the payment posting date, online checking or credit card payments will post to your account immediately. Paper check payments arriving after December 17th will not be applied to accounts until January (due to the university closure).
Roger Williams University is unable to provide you with individual tax advice, but should you have questions, you should seek the counsel of an informed tax preparer or adviser.
Below is a blank sample of the 2020 Form 1098-T that you will receive in January 2021. For more information about Form 1098-T, visit IRS Form 1098-T.
The 1098-T for calendar year 2020 will be mailed to the student's address on record no later than January 31, 2021. If you do not receive your 2020 1098-T, please email Rosa Greber in the Bursar's Office at firstname.lastname@example.org and include the student's name and ID#. The 1098-T can be mailed only to the student’s address on record.
IRS Form 8300
RWU is required by law to report receipt of more than $10,000 in cash over a course of any 12 month period to the IRS by filing an IRS Form 8300. Cash (currency), Money Orders, Cashier’s/Treasurer's checks and Traveler’s checks are considered cash payments.
Personal and corporate checks are not considered cash payments. Students will be notified by the University Bursar’s Office if a Form 8300 has been filed.