Form 1098-T Information
What is form 1098-T?
The Form 1098-T is for all students who have qualifying tuition and fees and enroll in academic credits for the calendar year. The 1098-T form will help the student determine if they qualify for a tax education credit. The federal tax code, administered by the Internal Revenue Service (IRS) has provided for a number of education tax benefits. Full information on these tax benefits may be found in IRS Publication 970.
What is box 1, 4, 5, and 6 on the 1098-T form?
Box 1- Payments received for qualified tuition and related expenses:
This box shows the payments received up to the qualified tuition and related expenses during the calendar year. In few cases, this box also includes a carryover payment from previous year.
Box 4- Adjustments made for a prior year:
This box shows adjustments made to qualified tuition and related expenses reported on a prior year Form 1098-T in Box 1. The amount represents a reduction in tuition paid during a prior calendar year. These adjustments may reduce any allowable education credit you may claim for the prior year.
Box 5 – Scholarships or grants:
The IRS defines this as “all payments received from 3rd parties (excluding family members and loan proceeds). This includes payments received from governmental and private entities such as the Department of Defense, civic, and religious organizations, and nonprofit entities.”
Box 6 – Adjustments to scholarships or grants for a prior year:
If there was a change in scholarship information that created a change in recorded payments after the previous year’s 1098-T was generated, that amount will be recorded here.
How do you receive form 1098-T?
Casper College will mail 1098-T’s to students. Form 1098-T’s will also be available online through myCCinfo if student elects to receive the electronic format.
- To make the election, log into myCCinfo, click on the “tax information” tab.
- Select your preferred method to receive your 1098-T: “Receive my 1098 only in electronic format” OR “withhold my consent” (paper format).
- Save your selection on the left side, below Options.
- Your selection can be changed at any time by returning to these preferences.
- A 1098-T statement in no way suggests that you are eligible for a tax credit. 1098-T statements are for informational purposes only. Please speak with a tax professional or consult the IRS website for more information about whether or not you qualify for a credit.
- The release of 1098-T information is governed by federal privacy laws (FERPA) and cannot be given to parents or tax preparers without the student’s express authorization.
- Parents, even authorized users, cannot view the 1098-T for their student unless the student specifically authorizes the parent to do so. Enrollment Services or Accounting and Financial Management Office will be happy to assist any student needing to give authorization to a parent.
- When figuring an education credit or the tuition and fees deduction, use only the amounts you paid and are deemed to have paid during the tax year for qualified education expenses.
- The Accounting and Financial Management office is happy to assist students to obtain information needed for tax preparation, but cannot provide tax advice. Please consult the Internal Revenue Service and your tax preparer for assistance in preparing your tax return.
The answers to some common questions:
- Casper College is required to provide a 1098-T to US citizens and residents enrolled in courses receiving academic credit. Casper College is not required to provide a 1098-T to non-resident aliens. However, Casper College may in certain circumstances issue a 1098-T to nonresident aliens.
- BOCES and Golden Age students who enroll in academic credits during the calendar year will receive a 1098-T for that year. For the tax filing purposes, please consult your CPA.
- Students enrolled in non-credit courses will not receive a 1098-T but may possibly use an account statement toward Lifetime Learning Credits. Please consult your CPA.
- The IRS requires that Casper College include a valid Social Security number on 1098-T statements. On a regular basis, we will contact students for whom we do not have a SSN to request the number. This request will include IRS form W-9S, on which students can report their SSN (or ITIN if appropriate). Alternatively, students can take their Social Security card to Enrollment Services to have the number entered in our records. Please be advised that IRS regulations may include a fine charged to students who fail to supply a SSN when requested to do so by Casper College.
- Students can view their account statement in myCCinfo, or may obtain one by calling the Accounting and Financial Management office at (307) 268-2222. If you have questions directly related to your 1098-T form, please contact our office at (307) 268-2364.