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
-- 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
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.