Frequently Asked Questions for: Cashiers Office - 1098T
- What is a 1098-T form?
- What information is on the 1098-T?
- Amounts included in Box 2, “Amounts billed for qualified tuition and related expense"
- Amounts included in Box 4, “Adjustments made for a prior year”
- Amounts included in Box 6, "Scholarship and grants for a prior year"
- Determining the eligibility for the educational tax credits
- What is the Hope Credit? (tax credit expires with the 2012 tax year)
- What is the Lifetime Learning Credit?
- When is the 1098-T available to students?
- Having trouble viewing your 1098-T online?
- Having trouble logging into myAims?
- Can my parents pick up a copy of my 1098-T?
- Is the 1098-T available online thru student services?
- Can the information be faxed to the student , parent or tax preparer?
- If my parent calls and requests the 1098-T information, will it be released to the parent?
- My tuition was paid by a 3rd party, why am I getting a 1098-T?
- My tuition was paid by the VA or VA Post 9/11 benefit, why am I getting a 1098-T?:
- I am attending Spring semester, why am I getting a 1098-T for the year I didn’t attend Aims?
- Why isn’t box 1 have what I paid to the college for school?
- What is the American Opportunity Credit?
What is a 1098-T form?The 1098-T is an IRS form entitled “Tuition Statement” that assists the student in determining if he/she qualifies for certain education related tax credits under the Taxpayer Relief Act of 1997(TRA97). The IRS requires eligible educational institutions such as Aims Community college who charge for qualified tuition and related expenses during the calendar year to provide this statement to the students and to the IRS. Information about Form 1098-T is needed to determine eligibility for the Hope Scholarship Credit, Lifetime Learning Credit or the American Opportunity Credit provided in Internal Revenue Code Section 25A Students may obtain information about all Educational credits by visiting the UC Education Tax Credit Reporting Service web site at www.tcrs.com or call 1-877-467-3811 (toll-free). For more information, visit the IRS website at www.irs.gov and type in the word Hope Scholarship Credit,Lifetime Learning Credit or American Opportunity Credit in the search engine.
What information is on the 1098-T?
On the 1098-T form, Aims Community College reports student’s name, SSN, address and indicates if the student was a graduate student or at least half-time during the calendar year. The college reports the amount billed for qualified tuition and related expenses and not the actual amount that the student paid to the college during the calendar year. Since Aims Community college does not identify payments on student account with specific charges, it is impossible to determine which payment is made towards the qualified expenses and which is made towards the unqualified expenses.
Therefore, the college has elected to report amounts billed in Box 2 instead of payment received in Box 1.Students should use their personal records and college fee receipts to determine the actual amount paid towards the charges reported on the 1098-T statement. Box 5 is used to report total amount of scholarships and/or grants that the student received during the tax year. Loans are not reported on the 1098-T due to federal regulations. The Loan company or entity will send the student a separate tax reporting form for those loans the student had during the tax year. Box 4 and Box 6 will have an amount indicated if adjustments were made to prior year amounts that were reported on the previous year 1098-T.
Amounts included in Box 2, “Amounts billed for qualified tuition and related expense"This represents the amounts billed during the calendar year for qualified tuition and related expenses. The amount reported is the total amount billed less any reductions in charges made during the calendar year that relate to the amounts billed.
Amounts included in Box 4, “Adjustments made for a prior year”
This represents any reduction in charges made for qualified tuition and related expenses processed during the calendar year that relate to amounts billed that were reported for a prior year.
Example: You registered for Spring semester in the prior tax year but dropped classes in current tax year. Your actual tuition charges are on the prior tax year 1098-T but you will also receive a 1098-T showing the adjustment in the next tax year.
Amounts included in Box 6, "Scholarship and grants for a prior year"This represents any reduction to the amount of scholarship or grants that were reported for prior year.
Determining the eligibility for the educational tax creditsAims Community College cannot determine if you qualify for a tax credit and is not allowed to give you tax advice. Please read the instructions on the 1098-T statement and obtain IRS publication 970 and Form 8863 or contact a tax professional about your personal income tax situation. The IRS website for the above form and publication is www.irs.gov/formspubs/index.html, and the IRS can be reached at 1-800-829-1040.
What is the Hope Credit? (tax credit expires with the 2012 tax year)The Hope Credit was created by the Taxpayer Relief Act of 1997 and allows certain taxpayers who pay qualified tuition and related expenses to an eligible education institution to claim a credit against their federal income tax liability. The credit may be claimed for qualified tuition and related expenses (room and board are not eligible) paid on behalf of each student in the taxpayer’s family who was enrolled at least half-time in an eligible institution; enrolled in the first two years of post-secondary education; enrolled in a program leading to an undergraduate degree or other recognized educational credential; and who has no felony drug conviction on their record. The credit may be reduced based on the taxpayer’s adjusted gross income. Please refer to Publication 970 on the IRS website for all information.
What is the Lifetime Learning Credit?The Lifetime Learning Credit was created by the Taxpayer Relief Act of 1997 and allows certain taxpayers who pay qualified tuition and related expenses to an eligible education institution to claim a credit against their federal income tax liability. The credit may be claimed for the qualified tuition and related expenses (room and board are not eligible) paid by a taxpayer’s family for students who were enrolled in undergraduate, graduate, or professional degree courses, or enrolled in any course of instruction to acquire or improve job skills, and receiving instruction from an eligible institution. The credit may be reduced based on the taxpayer’s adjusted gross income.
When is the 1098-T available to students?Per IRS federal regulations, the 1098-T tax form is to be available to students by January 31st each year. The 1098-T is issued to each student who has qualified charges and scholarships and grant activity for the tax year. Students can view and print their 1098-T form online by logging into myAims and click on the 'My Financials' tab then click on the blue link called “View My 1098-T” . Students will not be mailed a 1098-T form unless they have completed a 1098-T Opt out form and submitted it to the Cashier office.
Having trouble viewing your 1098-T online?
When trying to access one's 1098-T form on myAims via Internet Explorer 9, there are instances where clicking submit on the 1098-T form appears to do nothing. The issue in IE9 is a compatibility mode issue.
When logging in to myAims, you should see an icon in the address bar that looks like a torn piece of paper, and it should be blue.
If it appears gray, click the icon to enter compatibility mode. You will have to log back in to myAims.
If you cannot see this icon, you can select compatibility mode through tools and press compatibility mode.
Both Chrome and Firefox appear to be working as well.
Having trouble logging into myAims?
If you are having trouble logging into MyAims or forgot your username/password, please click on the username/password weblink located under the password box.You may also contact the help desk at 970-339-6380 for additional assistance.