AMERICAN OPPORTUNITY TAX CREDIT LIFETIME LEARNING TAX CREDIT The Taxpayer Relief Act of 1997 (the "Act") created two Federal income tax credits for eligible taxpayers paying qualified tuition and related expenses. Both the American Opportunity Tax Credit and the Lifetime Learning Tax Credit are claimed on a student's or parent's personal individual income tax Form 1040. More detailed information and instructions can be found on IRS Form 8863 (Education Credits) and Publication 970 (Tax Benefits for Higher Education), which are available at the IRS website http://www.irs.gov. Under the provisions of this law, William Paterson University is required to report to students and to the Internal Revenue Service (IRS) certain information on a 1098-T Tuition Statement (see information). Information provided on the 1098-T form is based on the 2023 calendar year which includes transactions from January 1, 2023 through December 31, 2023. In order to properly file this form, the University requires a valid Social Security Number (SSN) or Tax Identification Number (TIN). Students who were missing a SSN or TIN were sent an email notification to update the information by December 31, 2023. The dollar amounts reported on your Form 1098-T may assist you in completing IRS Form 8863 – the form used for calculating the education tax credits that a taxpayer may claim as part of your tax return. You can review your 1098-T form on-line by logging into WPConnect and go to the Billing and Payment section. International Students In previous years, William Paterson University only issued Form 1098-T to international students who requested it. Starting with the 2023 tax year, William Paterson University will issue Form 1098-T to international students who may or may not be eligible to receive an education tax benefit, or who may not file taxes in the United States. William Paterson University “cannot” determine which international students are residents for tax purposes and “cannot” provide personal tax advice to students. It is each student’s responsibility to determine if they should file taxes and/or if they are eligible for a tax credit. You have two options to view your 1098-T Statement. 1) To view your 1098-T Statement via the Bill+Payment Center, click on the Bill+Payment Home link. Once you are in the Bill+Payment center, select “My Account” from the top menu bar and click “Statements” to view and print your 1098-T Statement. Please note that you must have Adobe Acrobat Reader 8.x or higher to view your statement. 2) You can also view your 1098-T Statement via WPConnect and clicking on the 1098-T Tax Information link in the Billing and Payment section. Enter 2023 for the tax year, click submit and then click on the Tax Notification link to view your statement. Copy B of the 1098-T form for the 2023 tax year will also be mailed to the permanent home address of all eligible students who elected a paper form on or before January 31, 2024. If you need additional information regarding the 1098-T statement, please visit our Frequently Asked Questions for the 1098-T at https://www.wpunj.edu/studentaccounts/form-1098t-statement/ or contact Student Accounts at (973) 720-2234 or by e-mail at studentaccounts@wpunj.edu. William Paterson 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. For more information about Form 1098-T, visit https://www.irs.gov/forms-pubs/about-form-1098-t.
