What is a 1098-T Tax Form and Should I receive one? (Q&A)
Every year the Business Office receives a number of questions regarding financial aid and the issuance of the 1098-T to students. The following will hopefully help students regarding education tax issues.
Who gets a 1098-T?
IRS Publication 970 defines "qualified educational expenses" as tuition, fees, and books. Per IRS guidelines: If you pay qualified education expenses with certain tax-free funds, you cannot claim a credit for those amounts. You must reduce the qualified education expenses by the amount of any tax-free educational assistance and refund(s) you received.
Is financial aid taxable?
In general, financial aid is not considered taxable income to the extent it is used toward "qualified educational expenses." Student loans are never considered taxable income because it is borrowed money that must be repaid. Grants and scholarships may be considered taxable income to the extent they are not used for "qualified educational expenses."
Are there education tax credits I may qualify for? How do I learn more about tax guidelines regarding education?
Students may be eligible for a number of tax credits when filing a federal tax return. We encourage you to read IRS guidelines such as IRS Publication 970, Tax Benefits for Education, regarding any tax benefits for which you may qualify and to consult your tax preparer. Publication 970 may be downloaded from the IRS web site at www.irs.gov.
Please note that Clatsop Community College cannot offer tax advice.
Educational Tax Benefits FAQs
What is a 1098-T?
The 1098-T form contains information to assist a student in filing the education tax benefits/tax credit deductions, such as the American Opportunity Credit (a modification of the Hope Credit) and Lifetime Learning Tax Credits. For more information on these tax credits please visit the IRS web site http://www.irs.gov/publications/p970/ar01.html.
When will I receive my 1098-T?
1098-T forms for Clatsop Community College students are produced each January by our service provider Educational Services (ECSI). Students may elect to receive their form electronically by following these directions:
We have partnered with Heartland Campus Solutions ECSI (“Heartland ECSI”), offering you the opportunity to receive your 1098-T Tuition Statement electronically this year. If you would like to receive your 1098-T form electronically, please give your consent by following the link provided below and following the step by step instructions.
1098-T Electronic Consent: http://www.ecsi.net/gateway/1098t-signup.html?school=OU
If you choose to receive a paper copy of your 1098-T statement, simply do nothing.
The benefits to receiving electronic notification are:
Online delivery provides access to the form 1098-T earlier than the traditional mailing process.
Online delivery eliminates the chance that the 1098-T will get lost, misdirected or delayed during delivery, or misplaced once the student receives it.
Signing up for online delivery is easy and secure.
Students can receive their 1098-T form even while traveling or on assignment away from their home address.
To give consent to receive your 1098-T form electronically, click on the link below and follow the simple instructions to sign up!
Signup for Electronic Statements by entering your Student ID (not SSN!), Name, and Email Address (with the option to include an alternate email address). Heartland ECSI's website is a secure website and Heartland ECSI will not share your private information with anyone. This email is strictly sent to gather your consent for receiving an electronic 1098-T Form.
Read information, check box and click submit.
If you have any questions, please visit http://www.ecsi.net/taxinfo.html for information regarding your tax documents and to obtain contact information for Heartland ECSI.
What are qualified tuition and related expenses?
The IRS classifies qualified tuition and related expenses as charges a student must pay ‘out-of-pocket’ to be enrolled at or attend Clatsop Community College.
Can I get a copy of my 1098-T from previous years?
Yes, if you were eligible to receive a 1098-T from a previous year you may contact Margaret Antilla in the Business Office at 503.338.2428
What is Academic Credit?
The IRS classifies academic credit as credit awarded by an eligible educational institution for the completion of course work leading to a postsecondary degree, certificate, or other recognized postsecondary educational credential.
You can print out your account at MyCCC or stop by the Business Office to pick up a print out. If you have questions, please contact Margaret Antilla at 503-338-2428.