1098-T Tax Reporting
The 1098-T Form is a “Tuition Payments Statement” that higher educational institutions are required to provide to eligible students and the IRS. You receive this form because higher education costs may be eligible for tax benefits. For more information please consult a tax professional or the IRS website at www.irs.gov/pub/irs-pdf/p970.
There is no IRS requirement that you must claim the education credit. Claiming education tax benefits is a voluntary decision for those who qualify.
1098-T Frequently Asked Questions
Q: What is the IRS Form 1098-T?
A: The Form 1098-T is a statement that colleges and universities are required to issue to certain students. It provides the total dollar amount charged to your student account for what is referred to as qualified tuition and related expenses in a single tax year.
Q: When will I receive my Form 1098-T?
A: Your Form 1098-T will be available to you electronically on or before January 31 (or the next business day) through the online account through ECSI Heartland sent to you via email. Otherwise paper forms will be mailed on or before January 31 (or the next business day) to those students that did not choose to receive their Form 1098-T electronically.
Q: To what address will my 1098-T be mailed?
A: Your 1098-T will be mailed to the permanent address reflecting on your Student records/ Billing account. You can check this address on your self-service account.
Q: Does a student have to file a tax return if he/she received a 1098-T??
A: Whether a student has to file a tax return depends on many factors. Please consult a professional tax advisor to determine if filing is required. Be aware there is no IRS requirement that you must claim the 1098-T. Claiming potential education tax benefits is a voluntary decision for those who qualify.
Q: Why don’t the numbers on Form 1098-T equal the amounts I paid to EGCC during the year?
A: There are potentially many reasons for this discrepancy. First, the 1098T does not include charges like application fees, graduation fees, which – though important – are not considered mandatory education expenses for tax purposes. Second, your Form 1098-T reports amounts that the College billed you in a certain year, and not necessarily amounts that you actually paid during that year. Institutions are allowed to report either payments received or amounts charged. EGCC, like the majority of colleges and universities, has elected to report the amounts charged to your student account and must report consistently to every student.
Q: Why does Box 5 –Scholarships and Grants, show more/less than I received for the year?
A: Financial aid can post to your account on any date. The 1098-T will include the financial aid awards dated within the calendar year for which the 1098T was filed. Your self-service account will detail the specific dates charges were posted to your account and is a valuable resource for determining the semesters that are included in your Form 1098-T.
Q: Does the 1098-T include charges for books?
A: No. You should consult with your tax advisor to determine if payments for books and other expenses and fees should be considered when preparing your income tax returns.
Q: What semesters are included in my Form 1098-T?
A: Charges are posted to your account when you register for class. Your self-service account will detail the specific dates charges were posted to your account and is a valuable resource for determining the semesters that are included in your Form 1098-T.
Q: How do I file my taxes without a 1098-T?
A: Because Form 1098-T reports your qualified tuition and related expenses on an “amounts billed” basis, and you are more concerned about amounts that you actually paid when you are preparing your taxes, your self-service account will be the best and most accurate source of information when you are preparing your taxes. This is true regardless of whether you receive a Form 1098-T.
Q: My accountant or Tax Professional says I need a form with information in Box 1 (amounts paid). I need an updated form.
A: Consistent with IRS regulations, the College has the option to include information in Box 1 (amount paid) or Box 2 (amount charged) – but never both – and never on a student-by-student basis. Your self-service account reflect payments posted to your account in the calendar year, and you may wish to provide them to your accountant in addition to your Form 1098-T.
Q: I don’t understand what to do with this form. HELP!
A: We are unable to provide tax advice. For guidance you may want to consider IRS Publication 970 in addition to choosing a Tax Professional.
Q: My SSN is wrong on my form. Can I have a new one sent to me?
A: Some students may have incorrect SSN or taxpayer identification information on file if they either did not know or did not have accurate taxpayer identification information at the time they applied to the College. If your SSN is incorrect, you will need to contact the Registrar’s Office . Then, contact the Business Office to request an updated form.
Q: What is the Federal Tax ID number for EGCC?
A: EGCC federal tax id number is 34-1015707