1098T Student Tax Form Information

Instructions for Accessing 1098T Information online:

  1. From Pearl River Community College website www.prcc.edu log into River Guide. 
  2. Click on the Form 1098-T icon. 
  3. Select the Tax Notification option. 
  4. Enter the Tax Year and click Submit. 
  5. A copy of the 1098T Form will come up, and the details of how the figures were calculated. 

Please be aware that the purpose of the 1098-T is to support any claim for educational credit. The amount reported in Box 1 is for informational purposes and might be different than the amount you actually paid or are deemed to have paid. To learn more, seeIRS Publication 970 – Tax Benefits for Education, or consult your tax professional. 

IRS Form W-9S 

FAQ

A: All 1098-T forms are available for printing online through River Guide and Wild Cat Web. 
Instructions for accessing 1098T information online: 

  1. From Pearl River Community College website www.prcc.edu log into River Guide. 
  2. Click on the Form 1098-T icon at the top of the page. 
  3. Select the Tax Notification option. 
  4. Enter the Tax Year and click Submit. 
  5. A copy of the 1098T Form will come up, and the details of how the figures were calculated. 

A: Beginning with tax year 2018, we will report in Box 1 the amount you paid during the year that applied to Qualified Tuition and Related Fees. You may also find it helpful to pull your Account Activity in Wild Cat Web: 

  1. Navigate to Pearl River Community College website www.prcc.edu log into River Guide and click on Wild Cat Web. 
  2. Click on the Term to review in the Account Detail for Term for more information. 
  3. If you need a printed account summary or if you cannot log into River Guide, email business services at businessoffice@prcc.eduwith your ID number requesting a 1098T be mailed to you. 

A: We account for all payments received in the tax year that were applied to Qualified Tuition and Related Fees billed by the college. Room & Board and books are NOT considered to be qualified expenses as per the IRS. 

A: We are required by the IRS to solicit correct social security or TIN numbers for accuracy.  Complete the form and return to the business office.  The information below is in the IRS form W9S instructions. 

An eligible educational institution, such as a college or university, or a lender of a student loan must get your correct identifying number to file certain information returns with the IRS and to furnish a statement to you. For students, this will be your social security number (SSN) or, if you are not eligible to obtain an SSN, your individual taxpayer identification number (ITIN). The returns they must file contain information about qualified tuition and related expenses (Form 1098-T, Tuition Statement) and student loan interest (Form 1098-E, Student Loan Interest Statement). 

Failure to furnish correct SSN or ITIN. If you fail to furnish your correct SSN or ITIN to the requester, you are subject to a penalty of $50 unless your failure is due to reasonable cause and not to willful neglect. 

A: Payments applied to your account during the year (January 1 through December 31) that total up to the Qualified Tuition and Related Expenses assessed during the year. They include all payments from all sources, such as: 

  • Individual cash, check, and credit card payments 
  • Payments from 529 and other investment accounts 
  • Payments from 3rd parties sponsors such as VA and outside scholarships, etc. 
  • Student loans 
  • Grants and scholarships 

Any refunds you received or any payments made that were returned by the maker’s bank are reflected as a reduction of these total payments. 

A: Mandatory tuition and fee charges that posted during the tax year (January 1 through December 31) are included. Charges for housing and books are not included. 

A:  Payments for qualified tuition and related expenses except housing and books are recorded in Box 1. 

A: 

  • Grants and scholarships 
  • Payments from 3rd parties sponsors such as VA, outside scholarships, etc. 

A:  Students can view the detail behind these amounts from their Wild Cat Web in Banner, as follows: Instructions for accessing 1098T information online: 

  1. From Pearl River Community College website www.prcc.edu log into River Guide. 
  2. Click on the Wild Cat Web icon. 
  3. Select the Tax Notification option. 
  4. Enter the Tax Year and click Submit. 
  5. A copy of the 1098T Form will come up, and the details of how the figures were calculated. 

A: We are not qualified to give tax preparation advice. Please see IRS Form 8863 instructions and Publication 970, or consult your tax preparer. 

A: It is important to note that that the purpose of the 1098-T is to support any claim for educational credit. The amount reported in Box 1 is for informational purposes and might be different than the amount you actually paid or are deemed to have paid. If you feel there is a discrepancy, file your IRS forms with the information you determine to be correct.

A: These are reductions made in 2018 to amounts previously reported to the IRS.

A: Forms are available for printing online through your Wild Cat Web Account (see above). If you’d rather get a printed copy mailed to your home address of record, please send your request with your current address in an email to the Business Services Department at businessoffice@prcc.edu. Please allow 7-10 days for processing and mailing.  

Other Pertinent Information

Overview of the tax credit 

  • A student (or the taxpayer who claims him as a dependent) may claim a tax credit for the amount paid for qualified educational expenses during a year 
  • American Opportunity Credit or the Lifetime Learning Credit provided in the Taxpayer Relief Act of 1997 (TRA 97) and The American Recovery and Reinvestment Act of 2009 (ARRA) 
  • Income limitations apply 
  • Student must be US citizen or resident alien 
  1. Overview of IRS regulations
  • Have to report if at least a half-time student at any time during the year 
  • Have to report if a graduate student at any time during the year 
  • Have to report dollar amounts for: 
  • All payments applied towards Qualified Tuition and Related Expenses (Box 1) 
  • Amounts of scholarships and grants (Box 5) 
  • Adjustments to amounts reported in prior years (Box 4 and Box 6) 
  • Must indicate whether the amounts reported include amounts for terms beginning in three months of next calendar year (Box 7) 
  • Students must be supplied 1098T by January 31st. 
  • We must report the above information to IRS by March 31st. 
  • Don’t have to report if: 
  • Student not enrolled for the calendar year being reported. 
  • No reportable transactions occurred in the year being reported. 
  • Student is not a citizen or permanent resident, unless the form is requested. 
  • No academic credit received during reporting period. 
  • Taking only non-credit courses (such as GED). 
  • Student Qualified Tuition and Related Fees are covered entirely by grants or scholarships. 

III. Resources for the taxpayer 

 

10/3/18 – Change of Reporting Method for Tax Year 2018 – Box 1 Reporting Required for 2018 Tax Year 

In previous years, 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, beginning with tax year 2018 reporting, we will report in Box 1 the amount of QTRE you paid during the year. 

Depending on your income (or your family’s income, if you are a dependent), whether you were considered full or half-time enrolled, and the amount of your qualified educational expenses for the year, you may be eligible for a federal education tax credit. (You can find detailed information about claiming education tax credits in IRS Publication 970) 

The dollar amounts reported on your Form 1098-T may assist you in completing IRS Form 8863 – the form used for calculating the education tax credits that a taxpayer may claim as part of your tax return. 

Pearl River Community College is unable to provide you with individual tax advice, but should you have questions, you should seek the counsel of an informed tax preparer or adviser. 

For more information about Education Credits AOTC and LLC, visit https://www.irs.gov/credits-deductions/individuals/education-credits-aotc-llc.

Each community college president is asked to bring two (2) wrapped door prizes, minimum value of $50 each. We will have a station set up at the conference for you to drop off the door prizes.

Each community college is asked to provide name tags for their Board members, administration, and staff attending the conference.