What is the purpose of a 1098-T form?
The 1098-T form is used by educational institutions to report information about their students to the IRS, as required by the Taxpayer Relief Act of 1997. The College is required to submit the student's name, address, Taxpayer Identification Number (TIN), enrollment, and academic status. The College is also required to report amounts to the IRS pertaining to qualified tuition and related expenses, as well as scholarships and/or grants, taxable or not. Learn more about the IRS Form 1098-T at: https://www.irs.gov/forms-pubs/about-form-1098-t.
Please be advised that the College is prohibited from providing legal, tax, or accounting advice to students and is not responsible for any use you make of this information. 1098-T forms are provided to each applicable student. These forms are informational only and serve to alert students that they may be eligible for federal income tax education credits. A 1098-T form should not be considered as a tax opinion or advice. While it is a good starting point, the 1098-T, as designed and regulated by the IRS, does not contain all of the information needed to claim a tax credit. There is no IRS requirement that you must claim the tuition and fees deduction or an education credit. Claiming education tax benefits is a voluntary decision for those who may qualify.
When will I receive my 1098-T form?
Forms are issued at the end of January of each year for the previous tax year. Forms are issued to all students who had qualified tuition and other related educational expenses billed to them during the previous calendar year.
How do I access my 1098-T form?
Forms can be found in the Student Financials Hub on Workday. Click on STATEMENTS AND DOCUMENTS and then VIEW MY 1098-T. You can also type “View my 1098-T” in the search box. If a form has been produced for you, it will display.
How do I print my 1098-T form?
Once you access your form using the instructions in question 3, you can click PRINT 1098-T to create a PDF of your form. Alternatively, you can type “Print my 1098-T” in the search box.
Why did I receive a 1098-T and what am I supposed to do with it?
1098-T forms are issued to all students who had qualified tuition and other related educational expenses billed to them during the previous calendar year. This form is informational only and should not be considered as a tax opinion or advice. It serves to alert students that they may be eligible for federal income tax education credits. Receipt of a 1098-T does not indicate eligibility for the tax credit. To determine the amount of qualified tuition and fees paid and the amount of scholarships and grants received, a taxpayer should use their own financial records. It is up to each taxpayer to determine eligibility for the credits and how to calculate them. Learn more about the 1098-T at: https://www.irs.gov/forms-pubs/about-form-1098-t
Why did I NOT receive a 1098-T form this year?
First, check your Workday account to ensure that you did not receive a form. If you were not issued a 1098-T, you did not meet the requirements for receiving one for the last calendar year which are based on qualified tuition and related expenses. 1098-T forms are only issued for students whose qualified tuition and related expenses are greater than the students’ scholarships, grants, and waivers.
You may see a 1098-T form with $0.00 in Box 1. Please refer to IRS instructions for Form 1098-T, under exceptions at https://www.irs.gov/forms-pubs/about-form-1098-t.
1098-T forms will NOT be generated for students whose scholarships/grants/waivers total (Box 5) is greater or equal to the total amount included in Box 1.
What information was reported in Boxes 1 and 5 of my Form 1098-T?
- Box 1 contains the total amount of all qualified tuition and related expenses paid for a student during a calendar year. Tuition waivers and exemptions will reduce the sum of the student’s qualified tuition and related expenses for the year.
- Box 5 contains the total amount of all scholarships and grants the College administered and processed for the student during the calendar year. Scholarships that pay for tuition (qualified scholarships) and other expenses (non-qualified scholarships) will be included in this amount. Payments received from third-party sponsors that are applied to student’s account for educational expenses are included in this
What educational expenses are considered as qualified tuition and related expenses?
Qualified tuition and related expenses for calculating tax credits/deductions:
- Tuition and fees required for enrollment or attendance at an eligible educational institution (any accredited public, nonprofit, or proprietary postsecondary institution)
- Room and board
- Athletics (unless part of the degree program)
- Other similar personal, living or family expenses
- Late fees and/or fines
- Loan processing fees
Ineligible expenses for calculating tax credits/deductions:
How is my Financial Aid reported?
Financial aid, including scholarships and/or grants, is only reported when it is not expected to be paid back by the student. Similar to tuition and other applicable charges, financial aid is reported on your 1098-T according to the calendar year that it was posted to your account, not necessarily the year it was applied or refunded.
I attended last spring so why did I not get a 1098-T form this year?
If you attended in the spring semester last year, you can refer to your printed receipts when determining your tax credit. Students are billed for the spring semester as early as December of the preceding year. Depending on the date of enrollment, the amounts may have been reported on the previous year’s 1098-T.
How do I find a prior year’s 1098-T form?
Forms can be found in the Student Financials Hub on Workday. Click on STATEMENTS AND DOCUMENTS and then VIEW MY 1098-T. You can also type “View my 1098-T” in the search box. Choose the year for the form you’d like to access.
I lost my 1098-T form. How do I get another?
All 1098-T forms can be found in the Student Financials Hub on Workday. Click on STATEMENTS AND DOCUMENTS and then VIEW MY 1098-T. You can also type “View my 1098-T” in the search box.
Who do I contact if the Social Security Number (SSN) on my Form 1098-T is missing or incorrect?
I disagree with the data reported on my Form 1098-T. Who should I contact to make inquiries of my 1098-T data?
Contact us using the Student Help Request form or stop by the Cashier’s Office on the second floor of the Student Union.
Was my financial information reported to the IRS?
If a 1098-T form was issued to you, your information was reported to the IRS. Section 6050S of the Internal Revenue Code, as enacted by the Taxpayer Relief Act of 1997, requires the College to file information returns to assist taxpayers and the Internal Revenue Service in determining eligibility for the Hope and Lifetime Learning education tax credits.
How do I know if I qualify for an education tax credit or deduction, and how do I claim it if I qualify?
Please be advised that the College is prohibited from providing legal, tax, or accounting advice to students and is not responsible for any use you make of this information. Information for calculating a credit or deduction can be found in IRS Publication 970, Tax Benefits for Education.
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