WHAT IN THE WORLD IS A 1098-T, AND WHY DO I NEED IT?

What is the name of that form that your parents, spouse or the person doing your taxes keeps asking for? You know, the one that shows you took college classes.

It is the 1098-T. Yes, tax time is coming, and that means it’s time for 1098-Ts yearly tuition statements.

Who?

Does everyone need this form?

No. If your tuition and expenses are paid by scholarships, grants or third-party vendors, you do not need a 1098-T. If you are a non-resident alien student or if you are only taking continuing education classes, you do not need this form.

What?

  1. What is the 1098-T?

A yearly tuition statement, the 1098-T has information that can help you determine if you can claim income tax credit for the Hope Scholarship Tax Credit or the Lifetime Learning Tax Credit. Contact your tax advisor or www.irs.gov for more information if you qualify.

  1. What is the deadline to sign up to receive the form electronically?

You must sign up by Jan. 12, 2017.

When?

  1. When can I start the electronic process to request my 1098-T?

You can start today.

  1. When will my form be available?

If you sign up to request the 1098-T electronically, an e-mail notification and log in instructions will be sent to your e-mail address. Paper 1098-T forms will be mailed by Jan. 31 to the address of record for the student. Please allow 2-3 weeks for delivery.

Where?

Where can I get additional information?

www.collin.edu/gettingstarted/bursar/1098info.html

Why?

Why do I need this form?

This yearly tuition statement can help you get tax credit.

How?

  1. How do you get the 1098T sent electronically?

You need to register online, and then the form will be emailed to you.

Sign up to get an electronic 1098-T.

  1. Go to collin.edu/gettingstarted/bursar/1098info.html
  2. In the right bar, click on the Electronic 1098-T authorization link
  3. Select Collin College and provide your CWID, name and e-mail address
  4. You are done—chill time. You will receive the information via email. You will not receive a paper copy.
  1. How do I calculate the amount of education tax credit?

The dollar amount on the 1098-T reflects the billed amount (qualified tuition and fee charges) on your student account in the actual calendar year, not the amount paid. For a breakdown of tuition and fees and when payment was actually made, access your student account through CougarWeb. Collin 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, on-line at www.irs.gov .

What if?

What if I don’t receive my 1098-T?

If you were eligible for but did not receive a 1098-T, a replacement 1098-T may be obtained via www.ecsi.net/taxinfo.html or by calling 1-866-428-1098. The IRS does not require you submit a 1098-T with your tax form.

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