- What is Form 1098-T?
- What is the Taxpayer Relief Act of 1997?
- How do institutions report payments received?
- Why did I receive Form 1098T?
- What is Form 1098T used for?
- Do I have to use Form 1098T?
- Can RCC provide me tax advice?
- How can I access my 1098T online?
- What if the SSN on my tax form is incorrect?
Form Generation & Access
- When can I expect to receive my 1098T form?
- How do I access my 1098T form if I did not receive one?
- What information do I need to log in to myRogue account to view my 1098T form?
Claiming a Tax Credit
Information Regarding Form 1098T
- What does each box represent on Form 1098T?
- What if the SSN on my tax form is incorrect?
- Where can I download form W-9S?
- What if the amounts on my tax form are incorrect?
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. Rogue Community College (RCC) reports information in box 2, amounts billed for qualified tuition and related expenses during the calendar year. Please note, the Account History report available through myRogue provides you detailed information that is reported on the 1098T and the supporting documentation required by the IRS.
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.
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?
No, if you are not paying taxes or your income is too high to qualify, you do not have to do anything with this form. If you think you received it in error, please disregard it.
Can Rogue Community College provide me tax advice?
Rogue Community 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.
- Log-in to your student account at myRogue.
- Select the 1098T Statement link.
- Make sure you have selected “Yes” to receiving your 1098T electronically.
When can I expect to receive my 1098T form?
The IRS tax laws state that all tax documents must be mailed by January 31st. Rogue Community College has until January 31st to send out all 1098T tax documents. Forms will be available online through myRogue by the second Friday in January for students who sign up for electronic access. Paper forms will be mailed in the last week of January for students that do not sign up for electronic access.
What if the SSN on my tax form is incorrect?
To correct your Social Security Number ("SSN") on your tax form, you must fill out Form W-9S. Please note that your SSN cannot be corrected without a W-9S form on file. After completing the form, it can be mailed to Rogue Community College 3345 Redwood Hwy Grants Pass, OR 97527 or hand delivered to Rogue Central. Please be sure to fill out the form completely before submitting.
Where can I download form W-9S?
The W-9S form is located within Forms for Students. Please note that your SSN cannot be corrected without a W-9S form on file. After completing the form, it can be mailed to Rogue Community College 3345 Redwood Hwy Grants Pass, OR 97527 or hand delivered to Rogue Central. Please be sure to fill out the form completely before submitting.
- First, check to see if Box 7 was checked on the form from the previous year. If Box 7 is checked then the form from the previous year included the amounts for the academic period starting in Jan-March of this tax year and will not be included on the current form for this tax year.
- Second, check the current tax year form, if Box 7 is checked then it is including amounts for the academic period starting Jan - March of the next tax year.
- Third, this form is for qualified tuition and related expenses only, book expenses are NOT included.
- Fourth, if your scholarships are not reflected, check to see if box 6 has an amount and if box 7 is checked. If so, scholarships and grants for the academic period starting in Jan-March of this tax year were included on last year’s form and will not be included on the current form for this tax year.
Note: Please view your account history on the myRogue menu to see a detailed history of your account by calendar year. The Account History report provides the supporting documentation the IRS requires.
If you still have questions, please email us at firstname.lastname@example.org. Please allow two weeks for a response to your inquiry. The following must be included in your email: name, student ID#, current address and a phone number where we can reach you. If you are a non-resident alien, the IRS does not require us to send you a form, but we are able to provide you with a billing history.