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1098-T Information
1098-T . . . What you need to know.

What is a 1098T?Form 1098-T is a statement of qualified tuition and related expenses. The Internal Revenue Service (IRS) requires Collin College to furnish this information to certain students and also report the information to the IRS. The 1098-T can be used as one means of proof of enrollment if a tax credit is claimed, and the information on the form may be useful in determining whether a tax credit of the Hope or Lifetime Learning credit may be claimed on Form 8863. For authoritative information, visit the IRS web site at http://www.irs.gov/Forms-&-Pubs or call the IRS at 1-800-829-1040. At the IRS web site you can review:

-- Instructions for 1040 and 1040A
-- IRS Publication 970 "Tax Benefits for Higher Education," which includes 

    information on the Hope credit, the lifetime learning credit, and the tuition

    and fees deduction.

-- Form 8863 "Education Credits (American Opportunity, Hope and Lifetime

    Learning Credits)."

-- IRS Publication 17 "Tax Guide for Individuals."



The tax rules regarding eligibility for, calculation of, and limitations on the tuition and fee deduction and education credits can be complex. You may want to consult your tax advisor to determine whether you are qualified to claim the education expense tax credits and deduction.

 

Can I receive my 1098-T electronically?You may use the link to the right to authorize the electronic delivery of your 2014 1098-T. Electronic delivery--it saves time and provides secure delivery of personal identification information. Sign up today for electronic delivery of your 2014 Form 1098-T. (Last day to elect e-form delivery for the 2014 1098-T is January 15, 2015.)

 

When will I receive my 1098-T?1098-T forms for the 2014 tax year will be issued prior to January 31, 2015, either to the electronic address provided by the student or to the address of record for the student.  For those receiving the forms through the mail, please allow 2-3 weeks for delivery.

Does everyone receive a 1098-T?Per IRS instructions, a 1098-T is not required for every student.

-- If you received exemptions, scholarships and/or grants that exceeded your tuition and fee costs incurred in the calendar year.

-- If your tuition and fees were paid by a third party under a formal billing arrangement.

-- Nonresident aliens

-- Students enrolled in noncredit courses such as continuing education courses.


What if I did not provide the school with a Social Security (SSN) or Tax Identification number (TIN)? To provide your SSN/TIN to Collin, complete NACUBO Substitue Form W-9S and submit at any Collin Bursar/Cashier Office location. Also, in November of each year, Collin College identifies student accounts that do not include a SSN or an individual taxpayer identification number (TIN). The college then mails a letter to the address of record for each of those students, requesting completion and return of an IRS Form W-9S. Students who do not comply with the request may be subject to a $50 penalty assessed by the IRS. In January, qualified tuition charges are filed with the IRS and reported to students via IRS Form 1098-T. Student accounts still missing an identifying number are included in the IRS file and annotated accordingly.

How is the dollar amount of my 1098-T determined? The dollar amount reflects the actual billed amount on the student account for the specific calendar year, not the payments made or the start date of the term for which the charges are assessed. For example, if you register in December 2013 for the spring 2014 term, the charges assessed for the registration would be reported on the 2013 1098-T, since the charges were posted in December of 2013. If you register for the spring 2014 term on or after January 1, 2014, then those charges would be reported on your 2014 1098-T.

How do I calculate the amount of the education tax credit?       The dollar amount on the 1098-T is the billed amount on the student account in the specified calendar year. It is not the amount paid.      For your account detail of tuition and fee charges as well as the payments made, access your student account through Cougar web:

From Quicklinks, select Pay by Credit Card/Check

Then select Collin College Account Suite

Then Select Current Account Status

 

Collin College 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, by calling 1-800-829-1040 or using the IRS link in the sidebar to the right.

What if I don't receive my 1098-T? The IRS does not require submission of Form 1098-T with your tax submission. The form is an informational form only. If you did not receive a form, your tuition and fee details may be obtained on-line through CourgarWeb or from a cashier at any college campus location. Also, remember if your scholarships, grants, waivers, and/or third party funding exceeded your charges and/or you are a nonresident alien, a 1098-T will not be issued.

 

I'm a Continuing Education (CE) student; will I receive a 1098-T?No, CE students are not furnished a 1098-T. However, CE students may be eligible to use a Life Long Learning Credit as a tax deduction. You may use receipts provided at the time of payment for your documentation, or print account activity statements from CougarWeb, or ask a cashier at any college location to print student statements with fee assessment activity for the calendar year.

 

 

The information provided here and available on your student account statements is not intended as legal or tax advice.

Electronic 1098-T Authorization

To sign up to receive your 2014 electronic 1098-T you will need your student ID number (9 digit
CWID assigned by Collin), then click

Here.


When prompted for your CWID, enter all 9 digits without
any spaces or hyphens.

Collin College does not offer tax advice or recommend specific tax experts, however, upon students' recommendations, this tax site link is provided for additional helpful information.

 

IRS Information
For IRS information, you may go to:

Here.