Prior to 2018, your 1098-T included a figure in Box 2 that represented the qualified tuition and related expenses (QTRE) we billed to your student account for the calendar (tax) year. Due to a change to institutional reporting requirements under federal law, effective for tax year 2018 and going forward, we will report in Box 1 the amount of QTRE you paid during the year.
|What is the Purpose of Form 1098T?|
|Form 1098T is used as a guide in the preparation of your taxes. Its purpose is to assist you in determining whether you are eligible for an education tax credit. The 1098T is informational; you are not required to attach IRS Form 1098T to your return.|
|I disagree with the data reported on my Form 1098T. Whom should I contact to correct this condition?|
|Call the Business Office at (337) 421-6515 or email email@example.com.|
|I did not receive a 1098T form. Whom should I contact to request one?|
|If the amount of scholarships or grants you received in the calendar year is greater than or equal to the amount of payments received, a 1098T will not be issued on your behalf. If you do not have a valid social security number, a 1098T was not issued. Please see below for information on updating your social security number. If you feel you should have received one please call the Business Office at (337) 421-6515 or email firstname.lastname@example.org.|
|How can I obtain my 1098T online?|
|To print a copy of your 1098T, please follow the instructions below. If you have any problems, call the Business Office at (337) 421-6515 or email email@example.com.
|Whom do I contact if the Social Security Number on my Form 1098T is missing or incorrect?|
|To update your SSN, please bring your Social Security Card to the Registrar’s Office, located at the One Stop in the Sycamore Student Center|
|Was my financial information reported to the IRS?|
|If you were able to download your Form 1098T electronically and/or received a paper Form 1098T in the mail, your financial information was reported to the IRS.|
|What information was reported in Boxes 1 and 5 of my Form 1098T?|
|Box 1- This box will contain the sum of all payments received by SOWELA during the tax year from any source for qualified tuition and related expenses less any reimbursement or refunds made during the year that relate to those payments received.
Box 5- This box contains the sum of all scholarships and grants SOWELA Technical Community College administered and processed for the student during the calendar year. Scholarships that pay for tuition (qualified scholarships) and other expenses (non-qualified scholarships) will be included in this amount. Payments received from third parties that are applied to student accounts for educational expenses are also included in this box.
|How is my Financial Aid reported?|
|Financial aid, including scholarships and/or grants, is only reported when it is not expected to be paid back by the student. Similar to tuition and other applicable charges, financial aid is reported on your 1098-T according to the calendar year that is was posted to your account, not necessarily the year it was applied or refunded.|
|How do I know if I qualify for an education tax credit or deduction, and how do I claim it if I qualify?|
|The college cannot advise students on the preparation of their tax return. Information for calculating a credit or deduction can be found in IRS Publication 970 “Tax Benefits for Education” (PDF) . As a reminder, 1098-T forms will NOT be generated for students whose scholarships/grants totals (Box 5) is greater or equal to the total amount billed for eligible charges (Box 2).|