1098-T’s Frequently Asked Questions
Form 1098-T Tuition Statement is used to report information to the IRS as required by the Taxpayer Relief Act of 1997. The Form helps you and the IRS determine your eligibility to claim certain tax credits (e.g. Hope, Lifetime Learning). Please see IRS Publication 970, “Tax Benefits for Education” for more information (www.irs.gov). WTCC is required to send the 1098-T to students by January 31st each year summarizing qualified tuition and fees billed during the previous year.
We are required to issue a 1098-T to eligible students by January 31st of each year. If you have consented to receive an electronic version on WebAdvisor, you will go to WebAdvisor to access and print your 1098-T. If you did not consent to receive an electronic version, your 1098-T will be mailed to you by January 31st to the address we have on file as of mid-January.
In WebAdvisor, Financial Information, 1098-T Electronic Consent. Select the electronic consent option.
There could be a number of reasons you did not receive a 1098-T.
- Have you consented to receive an electronic version? If so, or you are not sure, go to WebAdvisor 1098-T’s to see if you have a statement for 2016. If there is a statement on WebAdvisor, and you have consented to receive it electronically, you will not receive a 1098-T in the mail.
- Do we have a current address on file for you? You can check (and change) your address through WebAdvisor. If your address is not current in WebAdvisor, please update it. To view and print your 1098-T, go to WebAdvisor, and consent to receive the electronic version. If the mailing address was the problem, you should now be able to see your 1098-T.
- Did you enroll in classes during calendar year 2016? Our 1098-T is based on enrollment dates, not payment dates. For example, if you enrolled in 2016 Spring semester in December of 2015, these courses would be included on your 2015 1098-T, regardless of when you paid.
If your social security number does not appear on the 1098-T or is incorrect, it is because we do not have the information in our system. You are required by the IRS to provide your SSN to the College so that we can include it on your 1098-T. If you fail to provide your SSN to the College, you may be subject to a fine by the IRS. You can correct this by completing a W-9S form https://www.irs.gov/pub/irs-pdf/fw9.pdf and returning it in person to the Cashier Window in Montague Hall, Room 110 on Main Campus or by mailing it to:
Wake Technical Community College
Attn: Accounting Office
9101 Fayetteville Road
Raleigh, NC 27603
Once we update your social security number in our system you should be able to view a corrected 1098-T in WebAdvisor. We are required to send the 1098-T information to the IRS by March 31, 2017. We will continue updating social security number information until we send the file to the IRS.
Wake Technical Community College does NOT report “payments received” in Box 1, only “amounts billed” in Box 2 is reported on the 1098-T.
No. The IRS allows colleges and universities to report either total qualified “payments received” in Box 1 or total qualified “amounts billed” in Box 2, but not both. Wake Technical Community College has chosen to report on “amounts billed” in Box 2. Thus, Box 1 will be empty (or zero).
Furthermore, the amount in Box 2 may not correspond to your actual payments to be reported on your tax return. For these reasons, students are required to maintain their own proof of payment records such as receipts, check copies and bank/credit card statements. You may print your statements by semester in WebAdvisor, which will detail dates payments were made by semester. Please contact your tax advisor or the IRS for more information.
Box 2 includes total qualified amounts billed. For purposes of 1098-T reporting, some fees are excluded from this amount. Specifically, the Campus Access Fee is not included. Also, Box 2 is based on the date you registered for classes. For example, if you registered for classes for Spring 2017 semester in December of 2016, they would be included in Box 2 of this statement. You will need to consult your tax advisor or the IRS to determine what expenses are reportable on your tax return.
We do not include books on the 1098-T unless they are charged as part of a course fee (i.e. supply fee). We only include tuition and fees paid to the College. Please consult your tax advisor to determine if books are a deductible expense for tax purposes.
Box 5 shows the amount of scholarships and grants the student received. Box 5 does not include loans. Scholarships and grants reduce the amount of qualified expenses the student can use when calculating a deduction or credit.