Instructions for Accessing 1098T Information online:
- From Pearl River Community College website www.prcc.edu log into River Guide.
- Click on the Wild Cat Web icon.
- Select the Tax Notification option.
- Enter the Tax Year and click Submit.
- 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, see IRS Publication 970 – Tax Benefits for Education, or consult your tax professional.
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
- 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
- Consult their tax advisor
- Publication 970
- Form 8863
- Publication 5197
- Education Credits – AOTC and LLC
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.