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Student Tax Form FAQs
How do I access my 1098T information online?
- Go to glenoaks.edu
- Go to your myGOCC and login
- Go to Tax Information
- Consent to receive online
- Click the year of form looking for (if multiple years)
- A form should pop up for you to print (if doesn’t make sure pop-up blockers are off)
How do you come up with figure in Box 1?
We account for all payments received in 2021 that were applied to Qualified Tuition and Related Fees billed by the College in 2021 (January 1st thru December 31st only). Housing is NOT considered to be a qualified expense per the IRS.
Why didn’t the form include what I paid for Winter 2021 semester?
Winter term is generally billed in November and December (depending on when you registered), therefore, the charges billed would have been part of the calculations for the 2020 1098T form.
What is reported in Box 1?
Payments applied to your account during 2021 (January 1 through December 31) that total up to the Qualified Tuition and Related Expenses assessed in the 2021 tax year.
They include all payments from all sources, such as:
- Individual cash, check and credit card payments
- Payments from 529 and other investment accounts
- Payments from 3rd party sponsors such as VA, MI Works, etc.
- Student loans
- Grants and Scholarships
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.
What is not reported in Box 1?
- Housing deposits
- Scholarships/grants earmarked for charges other than Qualified Tuition and Related Expenses such as housing, meals or books
- Tuition and fee waivers, which are reported to the IRS as a reduction to Qualified Tuition and Related Expenses
Mandatory tuition and fee charges that posted during the 2021 tax year (January 1 thru December 31) for Winter 2021 term through Winter 2022 term, will no longer appear on the 1098-T form, but are reported to the IRS. If your winter 2021 term charges posted in tax year 2020, they were reported in 2020 and are NOT included in 2021. Charges for housing and books are NOT included.
Any tuition and fee waivers you received are reported as reductions of these total charges.
My records indicate I made more payments in 2021 than what is appearing in Box 1. Why?
Payments recorded in Box 1 cannot exceed the total qualified charges reported in 2021.
Additionally, payments made for Fall 2020 term, Winter 2021/2020 or earlier terms, are not reported, as the charges associated with these payments were reported in the 2019 or prior tax years.
What is reported in Box 5?
Grants and Scholarships and payments from 3rd party sponsors such as VA, MTIP, etc.
How do I get the deduction on my income tax?
We are not qualified to give tax preparation advice. Please see IRS Form 8863 instructions and Publication 970, or consult your tax preparer.
Can I get a corrected form?
It is important to note 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.
What are boxes 4 and 6?
These are reductions made in 2021 to amounts previously reported to the IRS.
Does the 1098-T include charges for books?
No, the college does not include amounts paid for books in Box 2 of Form 1098-T. You should consult with your tax advisor to determine if payments for books, equipment or fees should be considered when preparing your income tax returns and determining eligibility for education tax credits or deductions.
Can I get a paper form mailed out?
Forms are available for printing online through myGOCC. If you’d rather get a printed copy mailed to your home address of record, please send your request via email to the Senior Accountant. Please allow 7-14 days for processing and mailing. In order to safeguard your most vital personal information, forms cannot be emailed, faxed, or picked up by anyone other than the student.
I graduated in May of 2021, do I have a 1098-T Form for 2021?
Some May 2021 graduates will not be issued a 2021 1098-T Form because there is a possibility that payments for Qualified Tuition and Related Expenses for winter 2021 was made on or before December 31, 2020. The 2021 Winter semester tuition charges are generally billed and posted in November 2020 and therefore, would have been included on the 2020 1098-T Form.
How do I prepare my tax returns without a 1098-T Form?
1098-T Form reports payments received from the student for qualified tuition and related expenses (Box 1) during the preceding calendar year. However, if the student receives scholarships, grants and/or sponsorships in the preceding year in excess of the amounts they paid for qualified tuition and related expenses, the college is not required to issue a 1098-T Form to the student. When determining your eligibility for education related tax credits and deductions, you will need to report the amount you paid for qualified tuition and related expenses. Therefore, your Term Fee bills will be the best and most accurate source of information for amounts paid for qualified education and related expenses. This is true regardless of whether you receive a 1098-T Form or not.
My accountant says that the College must provide me with a 1098-T Form. Is this true?
The College is NOT required, by the IRS, to furnish a 1098-T Form in the following instances:
- Payments for courses for which no academic credit is offered, even if the student is otherwise enrolled in a degree program.
- Enrolled student is a nonresident alien, unless request by the student
- Students whose qualified tuition and related expenses are entirely waived or paid entirely with grants/scholarships
What about CARES Act Funding Students received in 2021?
Funds received in regards to CARES Act funds (emergency funding) in 2021 that were not applied to your outstanding balance on your account:
- are not taxable and
- are not reported on the 1098T form.
Funds received in regards to CARES Act funds (emergency funding) in 2021 that were applied to your outstanding balance on your account will be added to your 2021 1098-T.