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1098-T Tuition Tax Credits
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. The only things reported are qualified tuition and expenses. Please consult your professional tax adivser with questions regarding 'qualified expenses'.
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.
You can access your current or past 1098-T via TouchNet. In addition, you can print copies from previous years.
INSTANT ACCESS TO YOUR 1098-T ONLINE
You have the option to instantly access your Form 1098-T Tuition Statement electronically and opt-out of postal delivery of the tax document.
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. Once you have signed up for the paperless option, you will no longer be mailed the 1098-T.
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.
There are several possibilities:
- 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.
- You attended in Spring Semester but you had enrolled and been invoiced in prior calendar year.
- We do not have a valid United States mailing address or Social Security Number on file for you.
- Your invoiced amounts consisted of only non-credit courses.
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.
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.
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.
- 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.