In 1997, the Taxpayer Relief Act established two education tax credits and a deduction for student loan interest. These credits are explained in detail in Publication 970 from the IRS. Eligible educational institutions such as colleges or universities are subject to the IRS reporting requirements of Form 1098T Tuition Statement. Therefore, we must report for each student enrolled for whom a reportable transaction is made during the pertaining calendar year. Eligible institutions may choose to report payments received or amounts billed for qualified tuition and related expenses. GCC reports qualified tuition and related expenses (Box 2).
When filing a federal tax return, you (the student), or a person who can claim you as a dependent, may be eligible for an education tax credit for qualified tuition, fees, and related expenses that were actually paid out of pocket during the pertaining calendar year. The 1098T form provides information that will assist in determining eligibility for a tax credit when preparing a federal tax return. Receiving the 1098T form does not mean you necessarily qualify for a tax credit. If you have questions about how to calculate your education tax credit, you should consult your tax professional or refer to the IRS (www.irs.gov). GCC cannot offer advice on tax matters.
The IRS requires us to mail your 1098T tax form by January 31. Therefore, a representation of the actual form will be available for viewing on your “MyGCC” account by January 31 and a hardcopy will be mailed to you by that date.
Anyone who had a reportable transaction described in question one.
Log on to your MyGCC account. Once logged into your account, access the “Tax Notification” page. The first sentence located in the paragraph just above your 1098T representation will indicate whether the form was sent to you. If we did not send the form to you, the second sentence will state so.
The IRS mandates that 1098T tax forms be mailed to your permanent address. Therefore, we urge you to check your address on your “MyGCC” account to verify that it is the correct permanent address. If you have not previously provided your permanent address or if your permanent address is no longer active in our system, your 1098T form was/will be mailed to your mailing address. If we do not have a permanent address or a mailing address, your 1098T form was mailed to whatever address we have on file that was previously provided by you. A representation of your 1098T form is included on your “MyGCC” account. The address where your 1098T form was sent is included on the form.
The fastest way to obtain your 1098-T information is to log on to your “MyGCC” account and print the page containing your 1098T representation. Note: the form shown on your “MyGCC” account is not an official copy of your 1098T form. It is only a representation of your original form. You are responsible for providing the 1098T form information to your Tax Preparer.
If we do not have your social security number on file, it will not be included on your 1098T tax form. When we do not have your social security number on file, we are required by the IRS to attempt to obtain it from you. A W-9S form, the official IRS form used for requesting your social security number, was (will be) sent to you monthly by U.S. Postal mail and by e-mail beginning in August and each month thereafter through December. Therefore, you may receive monthly requests from us until you complete and return the W-9S form. If you did not respond to any of our requests, your 1098T form will not contain a social security number.
Failure to furnish correct SSN or ITIN.
If you fail to furnish your correct SSN or ITIN to the requester (GCC), you are subject to a penalty of $50.00 unless your failure is due to reasonable cause and not to willful neglect.
We are not required to report to the IRS or to furnish a 1098T form to you, if:
a) You were enrolled in courses for which no academic credit was offered, even if you were otherwise enrolled in a degree program.
b) You were a nonresident alien (unless you specifically requested a 1098T).
c) Your qualified tuition and related expenses were entirely waived or paid by scholarships, grants, or third parties such as employer or federal/state government agency.
d) The school does not maintain a separate financial account for you and your qualified tuition and related expenses are covered by a formal billing arrangement between GCC and your employer or a government entity, such as the Department of Veterans Affairs or the Department of Defense.
Below is a brief explanation of the form contents:
Box 1: Since GCC reports qualified tuition and related expenses, this box is blank.
Box 2: Amounts billed for qualified tuition and fees during the pertaining calendar year. If you registered for spring classes during the previous calendar year, this box will include qualified tuition and fees for those classes. Note: the amount in this box only reflects qualified charges billed to the student. It is not necessarily the amount that was paid toward those charges. Remember, when completing your tax return, you must determine the amount that was paid out-of-pocket toward qualified charges shown in this box. You must have paid those charges in the same tax year for which you are claiming the educational benefit. Consult your tax professional to determine how to handle qualified charges that occurred in one tax year that you’ve paid in a different tax year.
Box 3: This box is only used if GCC changed our reporting method for a previous calendar year. We have not.
Box 4: This box will show an adjusted amount if you dropped classes or your schedule was adjusted in but the charge was accessed in the previous calendar year resulting in a reduction in qualified tuition and related expenses affecting amounts reported in the pertaining previous reporting year after 2002. This amount is reported as a positive number per IRS requirements. However, it is actually a decrease to the amount that was reported on a prior year 1098-T.
Box 5: This box contains the total amount of any scholarships, grants, third party payments, or tuition and/or fee waivers you were eligible for that were paid toward your costs of attendance. If you received additional awards in a specific year for previous reporting periods, those amounts will be included in this box.
Box 6: If there were any grant and/or scholarship reductions on your account during a specific year affecting amounts reported in a prior reporting year after 2002, those adjustments will show in this box. This amount is reported as a positive number per IRS requirements. However, it is actually a decrease to the amount that was reported on a prior year 1098-T.
Box 7: If any amounts billed for qualified tuition and related expenses reported in box 2 relate to the academic period that begins in January through March of the next year, this box will be checked.
Box 8: If you were at least a half-time student (6 credits) during any academic period that began in the year being reported in your 1098-T, this box will be checked.
Box 9 and 10: These boxes do not apply to GCC or GCC current/former students.
The detailed breakdown is available online. To view the detailed breakdown, log on to your MyGCC account under Tax Notification. Refer to the category headings labeled Detail of Amounts Billed and/or Detail of Scholarships or Grants.
In addition to my 1098T information, is additional information regarding my tuition and fee account activity available to assist in the preparation of my tax return?
It is the responsibility of the student or the person claiming a tax credit to retain financial records needed for tax preparation. It is not up to the school to provide payment records. However, supplementary information is included on your “MyGCC” account. The supplementary information includes individual transactions that occurred during the pertaining calendar year for the following categories: Student Loans, Payments (cash, check, credit card), and Refunds (excess financial aid and cash, check, & credit card overpayments).
If you have additional questions about your 1098T tax form, call the GCC Student Billing Office at 413-775-1301 or contact us by email at email@example.com.
Yes. We are required to submit an electronic version of your 1098T information to the IRS by March 31.
You should consult your tax professional for assistance with tax return preparation and claiming an educational tax credit/benefit. For basic tax assistance, the Volunteer Income Tax Assistance Program is generally available on campus in February and March to assist students and the general public with tax return preparation. This is a free program offered to students and citizens of the local community. Do not call the VITA Program seeking explanation or clarification of data provided on your 1098T form. And do not call the GCC Student Billing (Bursar’s) Office to schedule VITA appointments or to seek tax advice. Contact GCC’s Business and Information Technology Department directly for information about the VITA program.
The VITA program will not be running this year.
NOTE: The VITA program is not associated with the GCC Student Billing (Bursar’s) Office.
IRS Tax preparation information resources and assistance:
- IRS website: http://www.irs.gov/
- IRS Publication 970 – Information on the Hope Scholarship Credit and Lifetime learning Credit: http://www.irs.gov/pub/irs-pdf/p970.pdf
- IRS Form 8863, Education Credits (Hope and Lifetime Learning Credits): http://www.irs.gov/pub/irs-pdf/f8863.pdf
- IRS Telephone Assistance Hotline: 1-800-829-1040
- IRS American Opportunity Tax Credit: Questions and Answers: http://www.irs.gov/uac/American-Opportunity-Tax-Credit:-Questions-and-Answers