BUSINESS OFFICE
1098-T Information
The Internal Revenue Service requires that Catawba Valley Community College report, on Form 1098-T, qualified tuition and expenses, scholarships and grants, invoiced to your student account.
The 1098-T is an information return. Its purpose is to assist you in computing certain education tax credits or deductions for which you may be eligible.
For tax information, please visit the IRS website - www.irs.gov - Publication 970 provides detailed information about tax benefits for education. For additional information, contact your professional tax preparer.
NEW: You can now view and/or print your 1098-T using My Services.
1098-T Frequently Asked Questions
Q: What is Form 1098-T?
A: We are required by IRS Section 1.65050S-1 to send Form 1098-T to students for whom qualified tuition and fees were invoiced (or billed) during the calendar year.
Q: Why did I receive Form 1098-T?
A: Form 1098-T has been provided to assist in determining if you the individual, or who may claim you as a dependent, are eligible to claim a Hope Scholarship or Lifetime Learning Credit on the income tax return.
Q: Why did I NOT receive Form 1098-T?
A: There are several possibilities: 1) The IRS does not require us to send you one if your scholarship and aid (including formal billing arrangements with employers, government agencies, etc.) exceeded the invoiced amount. 2) You attended in Spring Semester but you had enrolled and been invoiced in prior calendar year. 3) We do not have a valid United States mailing address or Social Security Number on file for you. 4) Your invoiced amounts consisted of only non-credit courses.
Q: Where was my form mailed?
A: Your 1098-T form was mailed based on addresses provided by the student to the Records Office as of January 1.
Q: I paid $1,100 last year. Why does my 1098-T only reporting $800 in Box 2?
A: Your 1098-T will show the amount invoiced to your student account from January 1 to December 31 of the tax year, not the amount paid.
Q: I registered in November for Spring classes. Is that amount reflected on my 1098-T.
A: Yes. Your 1098-T will report any amount invoiced to your account from January 1 to December 31 of the tax year, not the amount paid. Box 7 will be checked on your form showing that your amount in Box 2 includes amounts for terms beginning in the first 3 months of the next year.
Q: My address is wrong. Can I get another copy printed?
A: You can access your 1098-T for the current tax year by logging into My Services. The Business Office cannot reprint tax forms. Please update/correct your mailing address with the Records Office.
Q: What about books? Why are they not included?
A: Only qualified tuition and expenses are reported on your 1098-T. Please consult your professional tax adviser with questions regarding "qualified expenses".
Q: What did I pay for tuition last year? Can I get copies of my receipts from last year?
A: Please refer to your canceled checks and credit card statements for this information. If you need more detail, you can view your account summary using My Services, or visit the Business Office for receipts for the prior tax year. Receipts for the prior year will not be reprinted until after February 1.
Q: Why does the 1098-T form show billed amounts instead of payments?
A: The IRS requires Catawba Valley Community College to choose one reporting method. The College chose to report the amount billed, not the amount paid.
Q: If I receive Form 1098-T, does it mean I qualify for the Hope Scholarship or Lifetime Learning Tax Credits?
A: Not necessarily, the College is required to provide Form 1098-T to individuals who were billed for qualified tuition and fees during the calendar year. Please consult your professional tax advisor to make an individual determination.
Q: How do I determine which expenses will qualify for the Hope Scholarship and Lifetime Learning Credits?
A: Catawba Valley Community College cannot offer tax advice. Please consult your professional tax advisor for additional information.
Q: What do the amounts located on the form represent?
Box 2 represents the amount of qualified invoiced tuition and expenses for calendar dates January 1 through December 31.
Box 4 represents the total of all scholarships or grants administered and processed by the eligible educational institution. The amount of scholarships or grants for the calendar year (including those not reported by the institution) may reduce the amount of any allowable tuition and fees deduction or the education credit you may claim for the year.
Box 7 is checked only if the student has been billed prior to December 31 for any qualified tuition for the spring semester.
Box 8 is only checked if you have been a half time student (6 credit hours) for at least one academic period that began during the calendar year.
