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.
Posted in: 1098t