Jackson Community College
Business Office 1098T FAQ
General Information: Tax Form 1098T 1098T Forms are mailed to students in January of each year to assist you in preparing your taxes. Your payments toward “qualified tuition” may allow you to take advantage of the Hope Scholarship Credit or the Lifetime Learning Credit. Further information on these tax credits is available in the IRS Publication 970 which can be obtained via the web at http://www.irs.ustreas.gov. The Form 8863, used to calculate the credits as part of your tax return, is also available on the web at http://www.irs.gov.
Section 6050S of the Internal Revenue Code requires eligible educational institutions to file information returns to assist taxpayers in determining the amount of qualified tuition and related expenses for which an educational tax credit is allowable. This information is provided on the Form 1098T.
Why did I receive a 1098T Form? Receipt of a 1098T form indicates you were enrolled at least half time at Jackson Community College during the past calendar year. It does not mean that you are eligible for a tuition and fees deduction, Hope Credit, or Lifetime Learning Credit. According to federal tax regulations, determination of qualified charges and payments is the responsibility of the tax payer.
What information is provided on the 1098T Form? Educational institutions are required to report either the amounts received for tuition and qualified expenses or the amounts billed for qualified tuition and related expenses during the calendar year. Jackson Community College has elected to report the amount billed during the calendar year for qualified tuition and expenses. This information is reported on the 1098T Form in Box 2, Amounts Billed for Qualified Tuition and Related Expenses. Box 1, Payments for Qualified Tuition and Related Expenses, will be blank. Box 4, Scholarships and Grants, includes any scholarships and grants reported for the calendar year. Any adjustments to qualified tuition or scholarships and grants previously reported are provided in Boxes 3 and 5. For a detailed explanation of each box on the 1098T Form, please see the "Instructions to Student" printed on the form.
How can I obtain information on the amount of tuition paid to Jackson Community College during the calendar year? Jackson Community College will provide a statement itemizing a student’s account activity during the calendar year upon request. To request a statement of activity for your account at Jackson Community College, please call (517)796-8474 or toll free (888)522-7344 ext. 8474.
Where can I obtain information on the educational tax credits? For information about the tuition and fees deduction, the Hope Credit, and Lifetime Learning Credit, see IRS Publication 970 Tax Benefits for Education, Form 8863 Education Credits. The publications and forms may be found on the IRS website at www.irs.gov.
Consult your personal tax advisor for additional information to determine if you qualify. Jackson Community College does not provide tax advice.
The 1098T Form covers calendar year 2007; why does it include amounts billed for the Winter 2008 semester? Any qualified tuition and fees billed in calendar year 2007 for the Winter Semester 2008 will be included in the 2007 1098T Form.
How can I obtain a 1098T Form if I did not receive one? If you did not receive a 1098T Form and believe you qualify, please call (517)796-8474 or toll free (888)522-7344 ext.8474.
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