Accessing Your 1098-T
If students have trouble accessing their 1098-T, they can call (509) 682-6550. Vendor representatives are available Monday-Friday, 7a.m. to 5p.m. Central time. Reprints can be purchased from the WVC Cashier after February 15th for $7.50.
Tax Benefits for Education - 1098-T
As required by the Internal Revenue Service (IRS), Form 1098-T is mailed by Jan. 31 to all students who had qualified tuition and other related educational expenses billed to them during the previous calendar year.
The 1098-T form is informational only and should not be considered as tax advice. It serves to alert students that they may be eligible for federal income tax education credits such as the Lifetime Learning Credit and the Hope Credit as part of their Federal Income Tax Return. IRS Publication 970 "Tax Benefits for Higher Education" as well as Chapter 35 of IRS Publication 17 provide additional information on these credits. While it is a good starting point, the 1098-T, as designed and regulated by the IRS, does not contain all of the information needed to claim a tax credit. To determine the amount of qualified tuition and fees paid, and the amount of scholarships and grants received, a taxpayer should use their own financial records. There is no IRS requirement that you must claim the tuition and fees deduction or an education credit. Claiming education tax benefits is a voluntary decision for those who may qualify.
FREQUENTLY ASKED QUESTIONS:
- You will receive a 1098-T only if you had out-of-pocket payments, whether paid by you or with a loan, for “qualified educational expenses.” IRS Publication 970 defines "qualified educational expenses" as tuition, fees, and books.
- You will not receive a 1098-T on the portion of tuition paid with tax-free educational assistance. 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. A 1098-T is, therefore, not issued for the portion of tuition paid with tax-free educational assistance including:
- The tax-free part of scholarships and fellowships,
- Pell grants,
- Employer-provided educational assistance,
- Veterans' educational assistance, and/or
- Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance (including CAP and FSEOG grants).
Yes. Section 6050S of the Internal Revenue Code, as enacted by the Taxpayer Relief Act of 1997, requires institutions to file information returns to assist taxpayers and the IRS in determining eligibility for the Hope and Lifetime Learning education tax credits.
The IRS instructs institutions to report either payments received (Box 1) or amounts billed for qualified tuition and related expenses (Box 2) on the 1098-T. Once an institution has selected one of these options, they cannot change reporting methods between calendar years without IRS permission. Wenatchee Valley College reports qualified tuition and related expenses that were billed during the tax year ( Box 2 ); therefore, Box 1 - Payments Received for Qualified Tuition and Related Expenses will be blank.
Not necessarily. WVC is required to provide the "amounts billed" and "scholarship or grant" figures to help you determine the amount of qualified expenses you can claim on your IRS Form 8863. Per Internal Revenue Code Section 25A, taxpayers may claim an education tax credit only with respect to qualified tuition and related expenses paid (not billed) during the calendar year. You will need to review your payment records to determine the actual qualified expenses paid. Remember that qualified amounts paid by student loans may count as payments eligible for these purposes. Scholarships and grants received may reduce your eligible payment amounts. See IRS Publication 970 for information to determine your qualified expenses paid amount.
This information may be found on your campus' Student Information Systems on your tuition account or on-line billing statement history. If you are a parent looking for this information for a student, please ask your student to access this information for you.
This box shows the amount of any tuition and fees reductions in the current calendar year for charges that were billed in a previous calendar year.
The figure in Box 5 includes scholarships, grants and, if applicable, payments made by a third party under formal billing arrangements (i.e. outside scholarships, employer provided educational assistance (regardless of taxability), military, etc.) which have been administered by Wenatchee Valley College. If you received other forms of outside scholarships and grants not administered by WVC, it is your responsibility to adjust the figure accordingly. Third party payments do not include payments made by your parent or other individuals.
Wenatchee Valley College does not determine whether your education benefits are being taxed by your employer. As such scholarships and grants are increased by 100% of any employer provided payments under a formal billing arrangement and it is up to the student to adjust their qualified tuition and related expenses accordingly based on the taxability of their employer benefits.
This box shows the amount of any scholarship, grant, and if applicable, third party reductions in the current calendar year for aid that was credited in a previous calendar year.
Box 8 will not be checked if you were not enrolled at a half-time status during an academic period which is either enrolled or billed during the calendar year. Wenatchee Valley College checks this box if you were half-time or more for at least one term beginning during the year. This information is important in determining eligibility for the Hope Credit.
Generally, foreign students cannot claim a credit. However, some foreign students may be eligible. Review IRS forms, instructions and publications for guidance.
Your name is a key element on your tax information. Contact the WVC registrar office at (509) 682-6835.
No. The address shown on Form 1098-T is irrelevant for IRS income tax filing purposes. However, you should make sure WVC has your current information.
Yes; however, those changes do not change the records at the campus.
If students have trouble accessing their 1098-T, they can call (509) 682-6550. Vendor representatives are available Monday-Friday, 7 a.m. to 5 p.m. Central Time.