Tax Form 1098T
The Tax Relief Act (TRA) of 1997 provides a tax credit for qualified educational expenses. These qualified expenses are reported on Form 1098T. Colleges and universities are required to send 1098T forms so an individual can use it to determine if they are eligible and what dollar amount can be claimed for the educational tax credit.
My child is a high school student at a Technical College System of Georgia college. Why did my student get a 1098-T form?
If your child had more qualified charges (Box 2) for the calendar year than they had in scholarships and grants (Box 5), the college is required to send the 1098-T form.
What is IRS Form 1098T?
An eligible educational institution, such as a college or university in which you are enrolled, and an insurer who makes reimbursements or refunds of qualified tuition and related expenses to you must furnish this statement to you. You, or the person who can claim you as a dependent, may be able to claim an education credit on Form 1040 or 1040A, only for the qualified tuition and related expenses that were actually paid in the tax year in question. To see if you qualify for the credit, see Pub. 970, Tax Benefits for Education; Form 8863, Education Credits; and the Form 1040 or 1040A instructions.
What is the Taxpayer Relief Act of 1997?
The Taxpayer Relief Act of 1997 (TRA97) introduced several tax incentives on qualifying student loans. The Hope and Lifetime Learning credits provide the ability to take a tax credit for qualifying educational expense. TRA also provides a deduction for the interest paid on qualifying student loans. The Student Loan Interest Deduction is reported on an IRS Form 1098E. The Hope, Lifetime Learning, and American Opportunity Credits are reported on an IRS Form 1098T.
How do institutions report payments received?
Institutions may report either payments received for qualified tuition and related expenses during the calendar year in box 1 or amounts billed for qualified tuition and related expenses during the calendar year in box 2. The amount shown in box 1 or 2 may represent an amount other than the amount actually paid in the tax year in question. All colleges governed by the Technical College System of Georgia report information in box 2, amounts billed for qualified tuition and related expenses during the calendar year.
Why did I receive Form 1098T?
Colleges and Universities are required to send you this form so that you can use it to determine if you are eligible and what dollar amount you can claim for either the American Opportunity Credit or Lifetime Learning tax Credits. All students with an enrollment record for the current tax year or any student who was not enrolled in the current tax year but for whom there was a prior-year adjustment made in the current year will receive a Form 1098T.
What is Form 1098T used for?
The information on the 1098T form is provided to assist each Student/Taxpayer in preparing the IRS FORM 8863, which is used to claim the American Opportunity or Lifetime Learning Credits. Once complete, the 8863 should be attached to the Student/Taxpayers return to determine eligibility and the amount of the Education credit (if any) that he/she may be entitled to on their Individual Income Tax Return.
Do I have to use Form 1098T?
There is no IRS requirement that you claim tuition and fees deduction or an education related tax credit.
Can Savannah Technical College provide me tax advice?
Savannah Technical College cannot offer tax advice regarding your tax forms. If you have any questions about the credits or how much interest you can deduct, you should consult with a qualified tax professional or contact the IRS Taxpayer Assistance line at 1-800-829-1040. The IRS web site has many documents concerning TRA-97, including some self-help topics for tax filers.
Why didn’t I receive a Form 1098T?
The college or university is not required to file a Form 1098T for students whose amounts billed for qualified tuition and related expenses (box 2 on Form 1098T) are zero, when Scholarships and Grant amounts (box 5 on Form 1098T) exceed or equal amounts billed for qualified tuition and related expenses (box 2 Form 1098T) and when all other amounts are zero, nonresident aliens and noncredit courses (Continuing Education) in which a student is enrolled, even if the student also is enrolled in credit courses. This doesn’t mean a tax record was not created on the BANNER student account, only that a Form 1098T was not sent to Heartland ECSI and the IRS. If a student does not receive a Form 1098T, they can pull the tax information from their BANNER self-service student account (see steps below).
How can I download my Form 1098T from the ECSI website?
Sign on to Heartland ECSI website, https://heartland.ecsi.net/index.main.html#/access/eConsent
If this is the first time signing on to the website, complete the electronic consent process; follow the steps and start an account. Once you have completed the process you will be able to download your Form 1098T.
If no information is found in Heartland ECSI and you cannot obtain a certificate number, a Form 1098T may not have been generated based on federal regulations. However, you can pull the tax information from your BANNER self-service student account to take to your tax preparer. Follow these steps to access 1098T information on BANNER self-service:
- Go to the Students on the Savannah Technical College’s website – www.savannahtech.edu/students/
- Click on “BANNER Web Using STC Email” at bottom left of screen
- Sign in to your BANNER self-service using your STC Email account
- Once signed in, click on “Student Services”
- Click on “Student Records”
- Click on “View 1098T Tax Information”
- Enter tax year, for example 2015—click “submit”
- Your 1098T information will be uploaded
Contact the STC Business Office at 912.443.4716 if you have any issues.