GENERAL INFORMATION: TAX FORM 1098-T
1098-T 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 American Opportunity tax Credit (AOC), 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 IRS website (Publication 970 (pdf)). 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/pub/irs-pdf/f8863.pdf (pdf).
WHAT IS A 1098-T FORM?
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 1098-T.
WHEN WILL I RECEIVE MY 1098-T TAX FORM?
Jackson College will mail the forms by the Jan. 31 deadline. You may also elect to receive your tax form electronically. Please check your college e-mail for instructions on how to opt-in to this service.
CAN I RECEIVE MY 1098-T TAX FORM ELECTRONICALLY?
Yes! Beginning with the 2014 tax year, students can opt in to receive their 1098-T through their e-Services account. Eligible students will receive an e-mail in their college e-mail account with instructions on how to opt-in. Students must give consent by following the instructions provided in the email to access the 1098-T tax form online. If they do not choose to receive their 1098-T electronically, JC will mail the forms by the Jan. 31 deadline.
WHAT ARE THE BENEFITS OF RECEIVING MY TAX FORM ELECTRONICALLY?
The benefits to receiving electronic notification are:
- Online delivery provides access to the form 1098-T earlier than the traditional mailing process.
- Online delivery eliminates the chance that the 1098-T will get lost, misdirected or delayed during delivery, or misplaced once the student receives it.
- Signing up for online delivery is easy and secure.
- Students can receive their 1098-T form even while traveling or on assignment away from their home address.
WHY DID I RECEIVE A 1098-T FORM?
Receipt of a 1098-T form indicates you were enrolled at least half time at Jackson 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 1098-T FORM?
Educational institutions are required by the IRS to report either the amounts received for tuition and qualified expenses (Box 1) or the amounts billed for qualified tuition and related expenses (Box 2) during the calendar year. Once an institution has selected one of these options, they cannot change reporting methods between calendar years without IRS permission.
Jackson College has elected to report the amount billed during the calendar year for qualified tuition and related expenses (Box 2) therefore, Box 1 – Payments Received for Qualified Tuition and Related Expenses, will be blank.
Box 5, Scholarships and Grants, includes any scholarships and grants applied to the student’s account for the calendar year (January through December). Adjustments to the qualified tuition reported in the prior year are provided in Box 4. Adjustments to scholarships and grants reported in a prior year are provided in Box 6.
For a detailed explanation of each box on the 1098-T Form, please see the “Instructions to Student” printed on the form.
HOW CAN I OBTAIN INFORMATION ON THE AMOUNT OF TUITION PAID TO JACKSON COLLEGE DURING THE CALENDAR YEAR?
Jackson 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 College, please call 517.796.8420 or toll free 888.522.7344 ext. 8420.
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 (pdf), Form 8863 Education Credits (pdf). 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 College does not provide tax advice.
THE 1098-T FORM COVERS CALENDAR YEAR 2016; WHY DOES IT INCLUDE AMOUNTS BILLED FOR THE WINTER 2017 SEMESTER?
Any qualified tuition and fees billed in calendar year (January through December) 2016 for the Winter Semester 2017 will be included in the 2016 1098-T Form calculation.
HOW CAN I OBTAIN A 1098-T FORM IF I DID NOT RECEIVE ONE?
If you did not receive a 1098-T Form and believe you qualify, please call 517.796.8420 or toll free 888.522.7344 ext. 8420.
In the event that a Social Security number has not been provided to Jackson College for a student and that student has confirmed with the Business Office that they are eligible to receive a 1098-T, the student may use the form below to provide the information necessary to allow JC to create a 1098-T for the student.
HOW CAN I GET AN ITEMIZED LISTING OF MY FINANCIAL ACTIVITY THAT IS ON MY 1098-T FORM?
A statement of your account may be obtained by calling 517.796.8420 or toll free 888.522.7344 ext.8420. Please be sure to leave your full name and student ID number along with your phone number in case we have questions or need to follow up with you. Statements will be mailed via the U.S. Postal Service.
WHAT IF I STILL HAVE QUESTIONS?
If you additional questions/concerns, you may leave a message on our information hotline and a JC representative will return your call.
Phone: 517.796.8474 or toll free 888.522.7344 ext.8474
IRS Tax Info: 800.829.1040