Tax Information Form 1098-T
The Internal Revenue Service requires that Winston-Salem State University issue Form 1098-T Tuition Payments Statement to students for the purpose of determining a student's eligibility for the Hope and Lifetime Learning education tax credit.
You may retrieve a copy of your 1098-T tax statement electronically on Banner Rams Online. The steps are as follows:
- Go to the WSSU Home Page.
- Choose the option for Current Students
- Scroll down to the option Banner Self Service for Students.
- Choose the option enter the secure area.
- Enter your Banner ID number and Pin.
- Choose the Student tab under the logo.
- Choose the option for Student Records.
- Choose the option for Tax Notification.
- Enter the four digit tax year and submit.
WSSU has chosen to report amount billed for qualified tuition and related expense (can only change now with IRS approval).
Qualified tuition and related expenses are only tuition and fees.
The following are not qualified tuition and related expenses:
- Amount paid for extracurricular activities unless taken as part of the student’s degree program or to acquire or improve job skills
- Room and Board
- Insurance (Health)
- Health Service Fee
- Medical Expenses
- Transportation Fees
- Personal, living, or family expense
*If you preregistered (early registration) for classes in the semester before the classes in which you are registering for begins, you will incur charges at that moment and they will show up on the 1098-T for the calendar year in which you registered and charges billed.
For example, if you register for Spring 2012 classes in the semester Fall 2011 you will incur charges in the calendar year 2011 and they will show up on the tax year 2011’s 1098-T form even though you did not take those classes until Spring 2012. Please note that the charges for Spring 2012 will, therefore, not show up in the tax year 2012’s 1098-T.
If you have specific questions regarding the use of the 1098-T or concerns about how this form affects your tax situation, please seek the advice of a tax professional.
You may also visit the IRS website for more information at www.irs.gov