- What is a 1098-T?
- Can I access my 1098-T online?
- When will I receive my 1098-T?
- Why didn't I receive a 1098-T?
- How do I read the 1098-T form?
What is a 1098-T?
The 1098-T form reports the amount billed to you by KCC over the course of the previous calendar year. The purpose of the 1098-T is to help you and/or your tax professional determine if you are eligible for an Education Tax Credit. The 1098-T is just informational; you are not required to attach IRS Form 1098-T to your tax return.
Can I access my 1098-T online?
Yes! You can securely access your 1098-T form online on KCConnect. First you must give your consent by logging into KCConnect and selecting the option agreeing to view the 1098-T form electronically. The form also can be printed.
To give consent:
- Login to your KCConnect account
- Click on the Students menu bar
- Click on the 1098 Electronic Consent link under Financial Information
- Select the 1st option, agreeing to view your 1098-T tax form electronically
- Click Submit
Remember: If you opt to access your 1098-T tax form electronically, you will not receive a paper copy in the mail.
If you'd like more detailed instructions, review these printable instructions, which includes screen shots.
When will I receive my 1098-T?
For those who opt to access their 1098-T forms electronically, forms will be available sometime prior to January 31. For those opting to receive a paper form, 1098-Ts will be mailed by January 31 to qualifying students’ permanent addresses.
Why didn’t I receive a 1098-T?
There are several possible reasons:
- You attended KCC in spring of last year but you had enrolled and been billed in the prior calendar year, meaning the information was included in last year’s 1098-T.
- The IRS does not require KCC to send you one if your sponsorship payments exceeded the billed amount.
- We do not have a valid permanent address on file for you.
How do I read a 1098-T form?
Below is a sample form and descriptions for boxes 1-9.
The Service Provider/Acct. No. box in the lower left corner of the 1098-T form provides the KCC student identification number.
Box 1: Payments received for qualified tuition and related expenses
This box will be left blank on all KCC 1098-T forms. The college may choose whether to report payments received or amounts billed on student accounts; they are not required to report both amounts. KCC has chosen to report qualified tuition and related expense amounts billed.
Box 2: Amounts billed for qualified tuition and related expenses
In general, this box will contain the sum of all tuition, course fees, and activity fees billed to a student’s account during a calendar year, less any amounts by which tuition was reduced due to a reduction in course load or withdrawal. Decreases in amounts due on a student’s account due to scholarship payments, student payments or other payments are not included in the Box 2 amount.
Please note that when an Education Tax Credit is taken on the federal income tax return, the calculation of the credit is based on the amount of qualified educational expenses actually paid by the taxpayer during the calendar year. The college reports amounts billed to a student’s account. Therefore, the amount you use to calculate your education credit will not necessarily be the same as the amount that appears in Box 2. Also, see Box 7 for additional information about amounts billed in this calendar year for a semester in the next year.
This box will be left blank, since KCC has not changed its current method of reporting from the previous year.
Box 4: Adjustments made for a prior year
The amount in this box should be the sum of all reductions in tuition (refunded or not) related to amounts billed in a prior year. This amount is reported as a positive number per IRS requirements. However, it is actually a decrease to the amount that was reported on a prior year 1098-T.
Box 5: Scholarships or grants
This box contains the sum of all scholarships KCC administered and processed for the student’s account during the calendar year. Scholarships that pay for tuition (qualified scholarships) as well as for housing, books, and other expenses (non-qualified scholarships) will be included in this amount. Tuition waivers and payments received from third parties that are applied to student accounts for educational expenses are included in this box.
Box 6: Adjustments to scholarships or grants for a prior year
Decreases or refunds of scholarship amounts related to scholarships reported in a previous year are included in this box. This amount is reported as a positive number per IRS requirements. However, it is actually a decrease to the amount that was reported on a prior year 1098-T.
This box will be checked if the amount reported in Box 2 includes tuition or qualified amounts billed to a student account in the current year that pay for a semester beginning in the next calendar year. For example, tuition billed in December 2012 for Spring 2013 will be reported on a 2012 1098-T. Box 7 will be checked to indicate that this is the case.
A check in this box indicates that you are or have been enrolled at KCC at least half-time for at least one semester during the calendar year.
If you are at least a half-time student for at least one academic period that begins during the year, you meet one of the requirements for the Hope credit. You do not have to meet the workload requirement to qualify for the tuition and fees deduction for the Lifetime Learning credit.
This box will be blank. It is not applicable to KCC
This box will be blank. It is not applicable to KCC