The Tax Relief Act (TRA) of 1997 requires eligible educational institutions to provide a statement to the IRS and to students who enrolled in credit courses and have a reportable transaction during each calendar year. UCC provides this information to the IRS electronically and to students on a 1098-T form.
The 1098-T provides the amounts billed to you for qualified tuition and related expenses, amounts you received for scholarships and grants, and prior year adjustments. Please, note, UCC reports the amounts billed to you for qualified tuition and related expenses on the 1098-T and not the amount you paid during the calendar year. Students must use their own records about tuition and fees amounts paid during the year in addition to the information on the 1098-T to determine if they qualify for certain education tax credits.
The IRS defines qualified tuition and related expenses as tuition and fees a student must pay to be enrolled at or attend an eligible education institution.
UCC does not furnish 1098-T forms if:
- Scholarships and grants equal or exceed qualified charges billed
- Student is a nonresident alien (unless requested by the student)
- Student only registered for non-credit courses
- Student’s qualified charges billed are waived or paid through third party billing arrangements
Umpqua Community College is transitioning to the electronic delivery of student 1098T forms with full implementation starting with 2015 1098T forms. IRS regulations state that each student who wishes to receive their 1098T electronically must also provide his/her consent electronically:
- Go to Student Self Service.
- If you are logging in for the first time, you will be prompted to review and accept Terms of Usage where you will be consenting to electronic delivery of the student 1098T form. Your consent will be in effect unless you revoke it.
- Mailing Date: If you opted out from the electronic access, 1098-T’s will be mailed by January 31. Forms might not reach you until sometime after that date. The Finance Office will need to receive your opt out form by December 31st in order to meet the mailing deadline.
- Mailing Address: The 1098-T form will be mailed to your most recent mailing address on record at the time of printing.
- Online Information: You can access 1098-T form electronically no later than January 31st. You may view a detailed representation on UCC’s Student Account site.
- Tax Advice: UCC cannot determine if you qualify for an education tax credit and are not allowed to give you tax advice. Please read the instructions on your 1098-T form or contact a tax professional to assist you. You may refer to IRS Publication 970 on Tax benefits for Education and IRS Form 8863.
For additional information contact the IRS at 1-800-829-1040.