What you need to know about the 1098-T form.
What is a 1098-T? Form 1098-T is a statement of qualified tuition and related expenses. The Internal Revenue Service (IRS) requires Western Texas College to furnish this information to eligible students and also report the information to the IRS. The 1098-T can be used as one means of proof of enrollment if a tax credit is claimed, and the information on the form may be useful in determining whether a tax credit of the Hope or Lifetime Learning credit may be claimed on Form 8863. For authoritative information, visit the IRS web site at http://www.irs.gov/Forms-Pubs or call the IRS at 1-800-829-1040. At the IRS web site can you review:
- Instructions for 1040 and 1040A
- IRS Publication 970 "Tax Benefits for Higher Education" which includes information on the Hope Credit, the Lifetime Learning Credit, and the tuition and fees deduction.
- IRS Publication 17 "Tax Guide for Individuals."
The tax rules regarding eligibility for, calculation of, and limitations on the tuition and fee deduction and education credits can be complex. You may want to consult your tax advisor to determine whether you are qualified to claim the education expense tax credits and deduction.
Can I receive my 1098-T electronically? You may use the following link to authorize the electronic delivery of your 1098-T at https://www.1098t.com/. Electronic delivery--it saves time and provides secure delivery of personal identification information. Sign up today for electronic delivery of your 2016 Form 1098-T. (Last day to elect e-form delivery for the 2016 tax year is January 12, 2017.)
When will I receive my 1098-T? 1098-T forms for will be issued prior to January 31st, either to the electronic address provided by the student or to the address of record for the student. For those receiving the forms through mail, please allow 2-3 weeks for delivery. If you are eligible for a 1098-T and did not receive one, you may download the form at https://www.1098t.com/access/login.asp.
Does everyone receive a 1098-T? Per IRS instructions, a 1098-T is not required for every student.
- If you received exemptions, scholarships and/or grants that exceeded your tuition and fee costs incurred in the calendar year.
- If your tuition and fees were paid by a third party under a formal billing arrangement.
- Nonresident aliens
- Students enrolled in noncredit courses such as continuing education courses.
What if I did not provide the school with a Social Security (SSN) or Tax Identification Number (TIN)? To provide your SSN/TIN to Western Texas College, you will need to bring your SSN card or W-9S to the Registrar's Office.
How is the dollar amount of my 1098-T determined? The amount reflects the actual billed amount on the student account for the specific calendar year, not the payments made or the start date of the term for which the charges are assessed. For example, if you register in December 2016 for Spring 2017 term, the charges assessed for the registration would be reported on the 2016 1098-T, since the charges were posed in December of 2016. If you register for the Spring 2017 term on or after January 1, 2017, then those charges would be reported on your 2017 1098-T.
How do I calculate the amount of the education tax credit? The dollar amount on the 1098-T is the billed amount on the student account in the specified calendar year. It is not the amount paid. Remember, not all charges are eligible for education credits. For your account detail or tuition and fee charges as well as the payments made, access your student account through MyWTC.
Western Texas College personnel cannot determine if you qualify for the credit or the amount of the credit. Contact your personal tax advisor for assistance or obtain IRS Publication 970, Tax Benefits for Higher Education, and IRS Form 8863, Education Credit, by calling 1-800-829-1040 or going to the IRS "Help & Resources" site.
What if I don't receive my 1098-T? The IRS does not require submission of Form 1098-T with your tax submission. However, replacement forms may be downloaded at https://www.1098t.com/access/login.asp. Remember too, if your scholarships, grants, waivers, and /or third party funding exceeded your charges and/or you are a nonresident alien, a 1098-T will not be issued.
I'm a Continuing Education (CE) student; will I receive a 1098-T? No, CE students are not furnished a 1098-T. However, CE students may be eligible to use a Life Long Learning Credit as a tax deduction. You may use receipts provided at the time of payment for your documentation, or ask a cashier at Western Texas College to print student statements with fee assessment activity for the calendar year.
The information provided here is not intended as legal or tax advice.