Business Office

1098-T Payment Statements

  • What is the 1098-T Tuition Payment Statement?
  • When and where will the Form 1098- be provided? Can I 'GO GREEN!' and consent to access my Form 1098-T online?
  • Why didn't I receive my 1098-T?
  • Change of Reporting Method for Tax Year 2018 - Box 1 Reporting Required for 2018 Tax Year

 

What is the 1098-T Tuition Payment Statement?

The Taxpayer Relief Act of 1997 states that eligible educational institutions, such as Valencia College, are required to file with the Internal Revenue Service (IRS) and furnish a Form 1098-T to students to assist them in determining eligibility for the American Opportunity Credit, Lifetime Learning Credit, or the Tuition and Fees deduction.  Valencia College has elected to report amounts billed for qualified tuition and related expenses instead of total payments received. Therefore, the amounts reported on the 1098-T may not be the amounts you would report on your tax return.

When and where will the 1098-T Form be provided?

Students at Valencia College can receive their 1098-T tuition statement form electronically by logging into your ATLAS account, and clicking on Students Tab. Under Business Office click on IRS Form 1098-T (Electronic Delivery). 1098-T Tuition Statement form will be available by end of January of each year.

Benefits to receiving the Form 1098-T electronically vs. through regular postal mail:

  • Online delivery provides 24/7 access to the Form 1098-T.
  • Online delivery eliminates the chance that the Form 1098-T will get lost, misdirected or delayed during delivery, or misplaced once the student receives it.
  • Students can receive their Form 1098-T even while traveling or on assignment away from their home address.

Why didn't I receive my 1098-T?

  • Valencia College is not required to file Form 1098-T or furnish a statement for:
  • Non-credit program courses for which no academic credit is offered, even if the student is otherwise enrolled in a degree program
  • Nonresident alien students, unless requested by the student
  • Students whose qualified tuition and related expenses are entirely waived or paid entirely with scholarships and grants.
  • Students whose qualified tuition and related expenses are covered by a formal billing arrangement between an institution and the student's employer or a government entity, such as the Department of Veterans' Affairs or the Department of Defense.

  • Am I eligible to receive the American Opportunity, Lifetime Learning credit or Tuition and Fees deduction?
  • Refer to IRS publication 970 and Tax Benefits for Education: Information Center for further information regarding the 1098-T, or consult your tax advisor. Please note that the taxpayer is responsible for determining eligible educational expenses, and should not request from the college instructions related to the eligibility requirements or calculation of allowable education credits or tuition and fees deduction.

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, 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, page 9.)

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.

Valencia 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.

Below is a blank sample of the 2018 Form 1098-T, that you will receive in January 2019, for your general reference. More information about Form 1098-T.

Tuition Statement

Impact of Reporting Change

The impact of this change for the tax year ending December 31, 2018, is that the amount reported in Box 1 does not include your Spring 2018 payments if they were paid in December, 2017. That amount is reported in Box 2 on the 1098-T for the tax year ended December 31, 2017, because fees for the Spring 2018 term were billed in that year. Since the same payments cannot be recorded twice simply because of a change in reporting method, Box 1 may not reflect the total amount paid by you for QTREs during the calendar year. Beginning with the tax year ending December 31, 2019, the amount in Box 1 should correlate with the amount you paid for QTREs.

Claiming Education Credits on Your Individual Tax Return

You should use the information on the Form 1098-T in conjunction with your own payment records to complete your individual tax return. If you have questions about how to compute an education tax credit, consult your tax professional or refer to IRS Publication 970.