Top Bar Menu
Breadcrumbs

1098-T Explanation

 

 

ILLINOIS EASTERN COMMUNITY COLLEGES (IECC)

EXPLANATION OF YOUR IRS FORM 1098-T TUITION STATEMENT

General Information Regarding IECC 1098-Ts

  • The IRS Form 1098-T is an information form filed with the Internal Revenue Service by eligible education institutions to report qualified tuition and related expenses, adjustments, and scholarships and grants.

  • The IRS Form 1098-T that you received reports payments received for qualified tuition and related expenses during the calendar year, any scholarships or grants applied to the cost of attendance, and adjustments to student accounts.

  • All information and assistance that IECC can provide to you is contained in this notice.

  • There is no IRS requirement that you must claim education deductions or credits on your personal taxes.  Claiming education tax benefits is a voluntary decision for those who may qualify and should be discussed with a tax preparer or advisor.

 

1098-T Tax Form – Frequently Asked Questions

Q.        When will the 2023 1098-T tax form be available?

A.         Students who elected electronic delivery of the 1098-T tax form can download their 2023 1098-T tax form beginning on January 12, 2024, by accessing the Student Entrata account and selecting “Taxes-1098t” on the right-hand side of the menu.

            Eligible students who did not opt into electronic delivery of their 2023 1098-T tax form will have their form mailed out to them by January 31, 2024.

 

Q.        How can I elect electronic delivery of my 1098-T tax form?

A.         Students may elect electronic delivery of their 2023 1098-T tax form by accessing their Entrata account, Students, selecting “Taxes-1098t” on the right-hand side of the menu, selecting “Electronic opt in/out” and then selecting “YES – Opt In”.

 

Q.        How do I read my 2023 1098-T tax form?

A.         Your 1098-T tax form includes reportable transactions with IECC during the calendar year 2023.  The following details out the various information that may be included in your 2023 1098-T tax form:

  1. Box 1 reports payments received for Qualified Tuition and Related Expenses. 
  2. Box 4 reports reimbursements or refunds of qualified tuition and related expenses made in 2023 that relate to prior year.
  3. Box 5 reports the total amount of any scholarship or grant administered by IECC during the calendar year for the payment of the students Cost of Attendance.  This box excludes any emergency aid administered by IECC under the Higher Education Emergency Relief Funds that was not applied to the student account.
  4. Box 6 reports any reduction to the amount of scholarship or grants reported for prior year.
  5. If the student was enrolled in at least six credit hours for at least one academic period during calendar year 2023, Box 8 will be checked.


Please refer to IRS Publication 970 - Tax Benefits for Education and Form 8863 - Education Credits for more information.  These forms are available on the IRS web site at: https://www.irs.gov/        

Please review your Entrata accounts for a detailed review of payments received and amounts billed for Qualified Tuition and Related Expenses.

IECC cannot provide you with any further information other than what is provided in this notice.  Please consult your tax preparer or tax advisor for further information.