1098-T Educational Tax Credit
1098-T General Information and Link to current IRS Publication 970
By Jan. 31, RCC will be mailing all credit students enrolled during the prior tax year a 1098-T. The 1098-T provides information for tax benefits that may be available to those who are paying education costs.
You can print a copy of your 1098-T from WebAdvisor.
RCC cannot provide you with tax advice. The following information is intended to inform students about the benefits and requirements contained in the Tax Relief Act (TRA) of 1997. It is based on our understanding of the provisions in the law and should not be considered an official document.
Students and/or parents should refer to 2013 Tax Benefits for Education - IRS Publication 970 and seek the advice of a qualified tax consultant regarding all matters concerning their eligibility.
Additional information and tax forms can be obtained at the IRS website or by calling 1-800-TAX-FORM (1-800-829-3676).
1098-T Box Codes: TAX-ID 13-3755303
Note: The IRS allows institutions to report either payments received (Box 1) or the net amount billed (Box 2). RCC reports data using the Box 2 method.
- Box 2, Amounts Billed for Qualified Tuition and Related Expenses, reports total amounts billed for qualified tuition and related expenses, less any related charges covered by a sponsor or a waiver.
- Box 4, Adjustments Made for a Prior Year, is the amount of qualified tuition and related expenses billed to a student's account for a prior tax year including any net decreases for a prior tax year.
- Box 5, Scholarships and Grants, is the amount of non-loan financial aid transmitted to the student's account for the current tax year including any net increases for a prior year.
- Box 6, Adjustments to Scholarships and Grants for a Prior Year, is the net decrease to non-loan financial aid transmitted to a student's account for a prior tax year.
- Box 7, "Check Box" for Amounts for an Academic Period Beginning in January through March 31 if invoices selected for Box 2 are for terms beginning during the first three months of the next tax year.
- Box 8, "Check Box" if at Least a Half-Time Student (6 credits) in any enrollment period during the current tax year.