Instructions for Accessing 1098T Information online:
- From 91福利 website鈥�www.prcc.edu鈥痩og into River Guide.听
- Click on the Form 1098-T icon.听
- The left-hand side of the page says, 鈥淭ax Forms鈥�.
- A copy of the 1098T Form will come up and students can print it from here.
Please note that not all students will be eligible for a 1098T form. If you received scholarships or grants that exceeded your qualifying expenses, please consult with a tax professional.听
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鈥�, or consult your tax professional.听
FAQ
A: All 1098-T forms are available for printing online through River Guide.
Instructions for accessing 1098T information online:听
- From 91福利 website鈥�www.prcc.edu鈥痩og into River Guide.听
- Click on the Form 1098-T icon.听
- The left-hand side of the page says, 鈥淭ax Forms鈥�.
- A copy of the 1098T Form will come up and students can print it from here.
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 the My Finances Portal:听
- Navigate to 91福利 website鈥�www.prcc.edu鈥痩og into River Guide and click on My Finances.听
- Select Activity Details
- You can then print an activity summary of all charges and payments on your student bill.
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.听
A:听We are required by the IRS to solicit correct social security or TIN numbers for accuracy.鈥� Complete the form and return to the business office.鈥� The information below is in the IRS form W9S instructions.听
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).听
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.听
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:听
- Individual cash, check, and credit card payments听
- Payments from 529 and other investment accounts听
- Payments from 3rd parties sponsors such as VA and outside scholarships, etc.听
- Student loans听
- Grants and scholarships听
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.听
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.听
A:听 Payments for qualified tuition and related expenses except housing and books are recorded in Box 1.听
A:听
- Grants and scholarships听
- Payments from 3rd parties sponsors such as VA, outside scholarships, etc.听
A:听We are not qualified to give tax preparation advice. Please see IRS Form 8863 instructions and Publication 970, or consult your tax preparer.听
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:听These are reductions/changes made to your account previously reported to the IRS.
A:听Forms are available for printing online through your RiverGuide Account (see above). You will also receive a mailed copy to your home address before January 31st.听
Other Pertinent Information
Overview of the tax credit听
- 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听
- 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)听
- Income limitations apply听
- Student must be US citizen or resident alien听
- Overview of IRS regulations
- Have to report if at least a half-time student at any time during the year听
- Have to report if a graduate student at any time during the year听
- Have to report dollar amounts for:听
- All payments applied towards Qualified Tuition and Related Expenses (Box 1)听
- Amounts of scholarships and grants (Box 5)听
- Adjustments to amounts reported in prior years (Box 4 and Box 6)听
- Must indicate whether the amounts reported include amounts for terms beginning in three months of next calendar year (Box 7)听
- Students must be supplied 1098T by January 31st.听
- We must report the above information to IRS by March 31st.听
- Don鈥檛 have to report if:听
- Student not enrolled for the calendar year being reported.听
- No reportable transactions occurred in the year being reported.听
- Student is not a citizen or permanent resident, unless the form is requested.听
- No academic credit received during reporting period.听
- Taking only non-credit courses (such as GED).听
- Student Qualified Tuition and Related Fees are covered entirely by grants or scholarships.听
III. Resources for the taxpayer听
- Consult their tax advisor听
- 听
- 听
- 听
- 听
听
10/3/18 – Change of Reporting Method for Tax Year 2018 – Box 1 Reporting Required for 2018 Tax Year听
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.听
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鈥�)听
The dollar amounts reported on your Form 1098-T may assist you in completing鈥�鈥�� the form used for calculating the education tax credits that a taxpayer may claim as part of your tax return.听
91福利 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.听
For more information about Education Credits AOTC and LLC, visit鈥�