1098-T Information
A 2024 1098-T form will be made available by January 31, 2025, to all eligible students. This form can be used to compute eligibility for education tax credits or a tuition tax deduction as part of your annual income tax filing.
Due to a change to institutional reporting requirements under Federal law, beginning with tax year 2018, we report in Box 1 the amount of qualified tuition and related expenses you paid during the calendar (tax) year. 1098-T forms issued prior to 2018 will have amounts reported in Box 2.
To access your statement please complete the following:
- Log onto KeanWISE and select the "View/Pay My Bill" link to access the Student Account Suite.
- If you are prompted for additional login credentials please use the following:
Username: Your Kean Google email address (without the @kean.edu).
Password: Your Kean Google email account password.
- Once logged into the Student Account Suite you may view your latest 1098-T Tax statement. You can also view it by selecting the My Account option from the menu at the top, select Statements, then select the 1098-T Statements option.
DISCLOSURE:
We are unable to provide tax advice regarding your tax forms. The information provided on your tax form is intended to make taxpayers aware of potential tax credits and afford them the opportunity to take advantage of the IRS tax law. If you have any questions regarding the IRS tax law, you should consult with a qualified tax professional or contact the IRS Taxpayer Assistance line at (800) 829-1040 or visit www.irs.gov.
Understanding your 1098-T form:
Box 1
Box 1 shows the total payments received by an eligible educational institution in 2024 from any source for qualified tuition and related expenses less any reimbursements or refunds made during 2024 that relate to those payments received during 2024. However, this amount is limited (capped) by the amount billed for qualified tuition and related expenses (QTRE) in 2024.
Box 2 – (BLANK)
Box 3 - (BLANK)
Box 4
Box 4 shows any adjustment made by an eligible educational institution for a prior year for qualified tuition and related expenses that were reported on a prior year Form 1098-T. This amount may reduce any allowable education credit that you claimed for the prior year (may result in an increase in tax liability for the year of the refund). See “recapture” in the index to Pub. 970 to report a reduction in your education credit or tuition and fees deduction.
Box 5
Box 5 shows the total of all scholarships or grants administered and processed by the eligible educational institution. The amount of scholarships or grants for the calendar year (including those not reported by the institution) may reduce the amount of the education credit you claim for the year. TIP: You may be able to increase the combined value of an education credit and certain educational assistance (including Pell Grants) if the student includes some or all of the educational assistance in income in the year it is received. For details, see Pub. 970.
Box 6
Box 6 shows adjustments to scholarships or grants for a prior year. This amount may affect the amount of any allowable tuition and fees deduction or education credit that you claimed for the prior year. You may have to file an amended income tax return (Form 1040X) for the prior year.
Box 7
A check-mark in Box 7 shows whether the amount in box 1 includes amounts for an academic period beginning January–March 2024. See Pub. 970 for how to report these amounts.
Box 8
A check-mark in Box 8 shows whether you are considered to be carrying at least one-half the normal full-time workload for your course of study at the reporting institution.
Box 9
A check-mark in Box 9 shows whether you are considered to be enrolled in a program leading to a graduate degree, graduate-level certificate, or other recognized graduate-level educational credential.
Box 10
Box 10 shows the total amount of reimbursements or refunds of qualified tuition and related expenses made by an insurer. The amount of reimbursements or refunds for the calendar year may reduce the amount of any education credit you can claim for the year (may result in an increase in tax liability for the year of the refund).
1098-T Frequently Asked Questions
What is a 1098-T form?
The University is required to send you a 1098-T form so that you can use it to determine if you are eligible for either the American Opportunity Credit or the Lifetime Learning tax credit. To see if you qualify for the credit, consult with your Tax Advisor or visit www.irs.gov. To view IRS FAQs, you can enter “1098-T Questions” into the search box.
How do I access my 1098-T form?
To access your statement please complete the following:
1. Log onto KeanWISE and select the "View/Pay My Bill" link to access the Student Account Suite.
2. If you are prompted for additional login credentials please use the following:
Username: Your Kean Google email address (without the @kean.edu).
Password: Your Kean Google email account password.
3. Once logged into the Student Account Suite you may view your latest 1098-T Tax statement. You can also view it by selecting the My Account option from the menu at the top, select Statements, then select the 1098-T Statements option.
How is the amount in Box 1 calculated?
Box 1 shows the total amount of payments received for qualified tuition and related expenses billed for terms the student was enrolled in within calendar year 2024. These terms include Spring 2024 (based on registration date), Summer I 2024, Summer II 2024, Fall 2024, Winter 2025, and possibly Spring 2025 (based on registration date).
Why is Box 2 of my 1098-T form empty?
Prior to 2018, your 1098-T included a dollar amount in Box 2 that represented the qualified tuition and related expenses we billed to your student account during the calendar (tax) year. Due to a change to institutional reporting requirements under Federal law, beginning with tax year 2018, we began reporting in Box 1 the amount of qualified tuition and related expenses you paid during the calendar (tax) year. As a courtesy, Kean University provides an annual Account Statement that lists both charges and payments made by students to Kean during the corresponding calendar year. The Account Statement is posted online beneath the 1098-T form for the corresponding year and can be accessed as indicated above.
What Qualified Expenses are used to compute eligibility for a tax credit?
The following chart displays the expenses that are considered qualified or non-qualified. You should consult your Tax Advisor or visit www.irs.gov/1098t for definitive clarification.
|
QUALIFIED EXPENSES |
NON-QUALIFIED EXPENSES |
|
Tuition and Fees |
Housing and Meal Plan charges |
|
Registration fees, for example: Student Teaching Fee |
University Application Fee Housing Application Fee Graduation Fee |
|
Course materials required to enroll or |
University Parking Fine Transcript Fee Orientation Fee |
I graduated in June 2024. Will I receive a 2024 1098-T form?
You may receive a 2024 1098T form. If you registered for and made payments for classes during 2024, you will generally receive a 1098-T form for that calendar year, even if you are no longer a student at the end of 2024. If you did not receive a 2024 1098-T form and believe that you should have, you may contact the Office of Student Accounting at (908)737-0400 after January 31, 2025. Please be reminded that Box 1 is limited to the total amount of payments received for qualified tuition and related expenses billed for calendar year 2024.
What if I think that the amounts on my 1098-T form are incorrect?
1) A 1098-T form reflects only transactions that happened during the calendar tax year (January through December). If you registered in 2024, your registration charges were calculated in Box 1 of your 2024 1098-T. If you paid and/or your scholarship/grant disbursed in 2024, it will be in Box 1 and Box 5 of your 2024 1098-T.
2) The registration charges calculated but not shown in Box 2 (blank beginning tax year 2018) of your 1098-T form, might be different from the amount you actually paid in that calendar year and may affect the amount reported in Box 1.
Below are some examples of timing issues:
EXAMPLE: Mary registered in November or December 2024 for the Spring 2025 semester, so those registration charges were calculated in Box 1 of her 2024 1098-T form.
EXAMPLE: John registered in November 2024 for the Winter Break 2024 term, so those registration charges will be calculated in Box 1 of his 2024 1098-T form.
What do I do if the personal information on my tax form is incorrect?
Social Security Number (SSN):
- Complete a Request for Social Security Number Correction form and return it as indicated on the form.
- (After January 31, 2025) Complete and submit the Student Request for 2024 Form 1098-T by email to stuactg@kean.edu.
Name:
- Complete a Name Change form and return it as indicated on the form.
- (After January 31, 2025) Complete and submit the Student Request for 2024 Form 1098-T by email to stuactg@kean.edu.
Address:
- Log into KeanWISE to change/update your address.
- (After January 31, 2025) Complete and submit the Student Request for 2024 Form 1098-T by email to stuactg@kean.edu.
What is Kean University’s Tax ID number?
22-2960726