Scroll below to find answers to the most frequently asked questions about Form 1098-T.
- What is Form 1098-T?
- How do institutions report payments received?
- Why did I receive Form 1098-T?
- What is Form 1098-T used for?
- Do I have to use Form 1098-T?
- Can Oregon Coast Community College provide me tax advice?
- How do I access my 1098-T form if I did not receive one?
- When can I expect to receive my 1098-T form?
- What if the SSN on my tax form is incorrect?
- What if the amounts on my tax form are incorrect?
What is IRS Form 1098-T?
An IRS Form 1098-T (1098-T) is used by eligible educational institution to report information about their US resident students to the IRS. As an eligible educational institution, OCCC reports certain enrollment and identifying information about US resident students who attend during the tax year. Included in the 1098-T are qualified charges that were billed and financial assistance, excluding loans. OCCC is not required to provide 1098-T forms to students who are non-resident aliens for tax purposes. If you plan to claim an educational tax credit, your social security number is required.
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. Oregon Coast Community College (OCCC) reports information in box 2, amounts billed for qualified tuition and related expenses during the calendar year. Box 1 will be left blank. Please note, your account history report is available through myoccc and provides you with the detailed information that is reported on the 1098-T.
Why did I receive Form 1098-T?
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 1098-T used for?
The information on the 1098-T 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 1098-T?
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 Oregon Coast Community College provide me tax advice?
Oregon Coast 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.
How do I access my 1098-T form if I did not receive one?
If you had qualifying expenses reported on a 1098T form, you can access it online, 24 hours a day, 7 days a week by logging into your Student account.
- Log-in to your student account at myOCCC.
- Select the 1098T Statement link.
- Make sure you have selected “Yes” to receiving your 1098T electronically.
When can I expect to receive my 1098-T form?
The IRS tax laws state that all tax documents must be mailed by January 31st. Oregon Coast Community College has until January 31st to send out all 1098T tax documents. Forms will be available online through myOCCC by the second Friday in January for students who sign up for electronic access. Paper forms will be mailed 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. 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 Oregon Coast Community College, 400 SE College Way, Newport, OR 97365 or hand delivered to the Newport or Lincoln City Campus. Please be sure to fill out the form completely before submitting.
What if the amounts on my tax form are incorrect?
- 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 myOCCC 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 1098T@oregoncoast.edu. 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.