In accordance with IRS regulations for the 2019 tax year your 1098-T will be mailed through the United States Post Office no later than January 31, 2020 to the address on file in the financial aid office.
If you need to change your address, please complete the Address Change Form and return to the Financial Aid Office as soon as possible.
WHAT IS A 1098-T?
The 1098-T tax form is a Tuition Statement provided by higher education institutions to all eligible student who paid for Qualified Tuition and related fees during the calendar year. The 1098-T form may be used by students or parents to claim the American Opportunity Tax Credit or Lifetime Learning Credit on their federal income tax returns.
The school is required to file the 1098-T tax forms with the Internal Revenue Service (IRS).
WHEN WILL THE 1098-T FORM BE AVAILABLE?
All forms for eligible students will be mailed out no later than January 31, 2020 through the US Postal Service.
WHY DID I NOT RECEIVE A 1098-T FORM?
There are several possibilities:
- If the grants, scholarships, and/or sponsorships, including VA benefits, MyCAA, WIOA, that were paid to the student account during the calendar year, were equal to or greater than the total Qualified Tuition and Related Fees paid to your account.
- There were no payments received for Qualified Tuition and Related Fees.
- Your 1098-T may have been mailed to an old address if you have not updated your address in the financial aid office.
WHAT DOES THE AMOUNT IN BOX 1 MEAN?
Box 1 (Payments received for qualified tuition and related expenses) reflects the “qualified tuition and expenses” paid to your account during the tax year less any adjustments (refunds/returns).
WHAT DOES THE AMOUNT IN BOX 2 MEAN?
Box 2 (Amounts billed for qualified tuition and related expenses) is blank because WCC reports Box 1 (Amounts Paid) instead. The IRS provides the option to the school to report either payments received (Box 1) or Amounts billed (Box 2), but not both. WCC elects to report Box 1.
WHAT DOES THE AMOUNT IN BOX 4 MEAN?
Box 4 (Adjustments made for a prior year) reflects any refunds of tuition and fees billed in a previous tax year that you may have received in the current tax year. The amount in Box 4 may reduce any allowable education credit you claimed for a prior year.
WHAT DOES THE AMOUNT IN BOX 5 MEAN?
Box 5 (scholarships & grants) reflects any scholarships & grants applied to your account during the calendar year. (This includes Pell Grant, WIOA, VA benefits, etc.) This does not include Direct Loans. If the amount of scholarships and grants the student received in a calendar year is greater than the amount of qualified expenses they paid that year, no 1098T will be processed.
Once you receive your 1098-T, if you feel there is an error, please contact the financial aid office as soon as possible at 573-842-2513.