1098-T Information

The Internal Revenue Service requires that NorthWest Arkansas Community College report, on Form 1098-T, qualified tuition and expenses, scholarships and grants, invoiced to your student account.

The 1098-T is an information return. Its purpose is to assist you in computing certain education tax credits or deductions for which you may be eligible.

For tax information, please refer to IRS Publication 970, which provides detailed information about tax benefits for education. For additional information, contact your professional tax preparer.

Privacy Act Notice

Section 6109 of the Internal Revenue Code requires you to give your correct SSN or ITIN (if you are not eligible to obtain an SSN) to persons who must file information returns with the IRS to report certain information. The IRS uses the numbers for identification purposes and to help verify the accuracy of your tax return.

If you do not have a SSN or ITIN on file with the Student Records Office, or you need to report a name change, please bring either your Social Security Card or a completed W-9S form to the Student Records Office. Failure to furnish your correct SSN or ITIN may subject you to an IRS penalty. SSNs and ITINs are maintained confidentially and used only for official business by NWACC.

Instant Access to Your 1098-T Online

NWACC is pleased to announce that you now have the option to instantly access your Form 1098-T Tuition Statement electronically and opt-out of postal delivery of the tax document.

By providing consent to receive your 1098-T Tuition Statement electronically, a paper copy of your 1098-T will no longer be mailed to your address on file, as of January 2015.

If you would like electronic delivery and instant access to your 1098-T statement online, please login to TouchNet and provide your consent in the Paperless 1098-T pop-up box or by using the "Paperless Options" option under the "My Account" menu.

Why get instant access?
  • Faster: Instant access allows you to get your Form 1098-T weeks earlier than the traditional mailing.
  • Safer: Instant access eliminates the chance that your Form 1098-T will get lost, misdirected, or delayed during delivery, or misplaced once you receive it. Fast, easy and secure, and you can cancel online access at any time.
  • Easier: You can even retrieve your 1098-T Form even while you are away from home.
  • Better: Help us go green and reduce the cost and impact of paper forms.

FAQ

Q: What is Form 1098-T?

A: We are required by IRS Section 1.65050S-1 to send Form 1098-T to students for whom qualified tuition and fees were invoiced (or billed) during the calendar year.

Q: Why did I receive Form 1098-T?

A: Form 1098-T has been provided to assist in determining if you the individual, or who may claim you as a dependent, are eligible to claim a Hope Scholarship or Lifetime Learning Credit on the income tax return.

Q: Why did I NOT receive Form 1098-T?

A: There are several possibilities: 1) The IRS does not require us to send you one if your scholarship and aid (including formal billing arrangements with employers, government agencies, etc.) exceeded the invoiced amount. 2) You attended in Spring Semester but you had enrolled and been invoiced in prior calendar year. 3) We do not have a valid United States mailing address or Social Security Number on file for you. 4) Your invoiced amounts consisted of only non-credit courses.

Q: Is the 1098-T form I printed from my TouchNet account valid for the IRS?

A: Absolutely.  The 1098-T form from your TouchNet account is an IRS approved substitute.

Q: I paid $1,100 last year. Why does my 1098-T only reporting $800 in Box 2?

A: Your 1098-T will show the amount invoiced to your student account from January 1 to December 31 of the tax year, not the amount paid.

Q: I registered in November for Spring classes. Is that amount reflected on my 1098-T.

A: Yes.  Your 1098-T will report any amount invoiced to your account from January 1 to December 31 of the tax year, not the amount paid.  Box 7 will be checked on your form showing that your amount in Box 2 includes amounts for terms beginning in the first 3 months of the next year

Q: I registered in November for Spring classes and I did not receive a 1098-T. Why?

A: The IRS requires us to only send 1098-T forms to students who were enrolled or attended classes during the tax year.  If the upcoming spring semester is your first time enrolled, or if you were not enrolled or attended classes during the last calendar year, you will not receive a 1098-T.

Q: My address is wrong. Can I get another copy printed?

A: No, but you can access and print a copy of your 1098-T by logging into TouchNet. The Treasurer's Office cannot reprint tax forms. Please update/correct your mailing address with the Records Office or "opt-out" of paper delivery.

Q: What about books? Why are they not included?

A:  Only qualified tuition and expenses are reported on your 1098-T.  Please consult your professional tax adviser with questions regarding "qualified expenses".

Q: What did I pay for tuition last year? Can I get copies of my receipts from last year?

A: Please refer to your canceled checks and credit card statements for this information. If you need a more detailed view, you can view "Account Activity" using TouchNet.

Q: Why does the 1098-T form show billed amounts instead of payments?

A: The IRS requires NorthWest Arkansas Community College to choose one reporting method. The College chose to report the amount billed, not the amount paid.

Q: If I receive Form 1098-T, does it mean I qualify for the Hope Scholarship or Lifetime Learning Tax Credits?

A: Not necessarily, the College is required to provide Form 1098-T to individuals who were billed for qualified tuition and fees during the calendar year. Please consult your professional tax advisor to make an individual determination.

Q: How do I determine which expenses will qualify for the Hope Scholarship and Lifetime Learning Credits?

A: NorthWest Arkansas Community College cannot offer tax advice. Please consult your professional tax advisor for additional information.

Q: What do the amounts located on the form represent?

Box 2 represents the amount of qualified invoiced tuition and expenses for calendar dates January 1 through December 31.
Box 4 represents the total of all scholarships or grants administered and processed by the eligible educational institution. The amount of scholarships or grants for the calendar year (including those not reported by the institution) may reduce the amount of any allowable tuition and fees deduction or the education credit you may claim for the year.
Box 7 is checked only if the student has been billed prior to December 31 for any qualified tuition for the spring semester.
Box 8 is only checked if you have been a half time student (6 credit hours) for at least one academic period that began during the calendar year.

THIS PAGE IS PROVIDED AS GENERAL INFORMATION AND NOT AS QUALIFIED TAX ADVICE.  THE TREASURER'S OFFICE STAFF CANNOT PROVIDE TAX ADVICE.

For any questions or comments please e-mail the Treasurer's Web Author.