The information listed below is offered as a guide for students and not intended to provide professional tax advice. If you have questions or need further assistance please contact your tax advisor or the Internal Revenue Service (IRS).
Frequently Asked Questions (FAQs) about Form 1098-T
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What is a Form 1098-T and why do I need one?
All eligible educational institutions must file a Form 1098-T to report information to the Internal Revenue Service (IRS) for each qualifying student for whom a reportable transaction is made during the calendar tax year.
The 1098-T form that you received is for your use in preparing your federal income tax return. Please note that your 1098-T form may not provide all of the information you need to determine eligibility for tax credits and deductions.
Eligibility for any tax benefit depends upon your individual facts and circumstances and the College cannot provide you with any tax advice.
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What does the 1098-T form look like?
Sample:
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What is the deadline for the 1098-T forms to be mailed to students?
The Form 1098-T will be provided by January 31st of each year for the previous calendar year.
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How does this affect my taxes? How much can I deduct from my taxes? Where on my tax form to I put this information?
Your accountant, tax preparer, or the Internal Revenue Service can best advise you in the utilization of this form when preparing your taxes.
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Is this form a source of income that I must include on my tax forms?
No, this form is a statement of the amount of enrollment fees received into your student account in the prior calendar year.
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How is the amount determined?
It will include the amounts received from you for enrollment fees. It includes the amount of payments received from you during the prior calendar year.
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I’m a parent. Can I have my student’s 1098-T form sent to me?
Students must make all information requests. The student is responsible for providing information to other parties in accordance with FERPA (Family Education Right to Privacy Act).
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Can I access my 1098-T online?
Yes, you can access your 1098-T online:
- Login to the 1098-T site.
- As a student, you will need three pieces of information to log into the TSC1098-T system: Site ID, Username, and Password.
- The Site ID is 11533.
- The Username is your Student ID by default.
- The initial Password is the last four digits of your Social Security Number (SSN) and may be changed if needed. When logging in for the first time, you will be prompted to change your password.
- Upon creation of the 2023 1098-T form, you will receive an e-mail notifying you that the form is available on the 1098-T site. You can print a copy for yourself, your parents, and your tax advisor.
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Why is it that I don’t have any information on the Form 1098-T or I never received a Form 1098-T in the mail?
According to the IRS rules, educational institutions are not required to file Form 1098-T or furnish a statement for:
- Courses for which no academic credit is offered, even if the student is otherwise enrolled in a degree program
- Nonresident alien students, unless requested by the student
- Students whose qualified tuition and related expenses are entirely waived or paid entirely with scholarships and grants
- Students whose qualified tuition and related expenses are covered by a formal billing arrangement between the institution and the student’s employer or a governmental entity, such as the Department of Veterans Affairs or the Department of Defense.
For tax information or if you have additional questions or concerns, please consult your tax advisor or contact the Internal Revenue Service Center.