1098-T Tax Reporting Information
Forms 1098-T are available on January 31 to students who meet the IRS’ reporting requirements. Forms can be accessed through WebAdvisor.
What is Form 1098-T?
The IRS requires Coastal Carolina University to report, both to the student and the IRS, certain summary financial information for students who meet IRS reporting criteria. This information is provided to assist students in determining their eligibility for certain educational tax credits.
This includes the following for transactions posted to student accounts in 2012:
- Tuition & qualified fees
- Information on transmitted grants and scholarships, including
- CCU administered grants & scholarships
- External/private scholarships
- Third party payments made by sponsors billed by the University on behalf of the student
The IRS requires Coastal Carolina University to report either:
- Payments received for qualified tuition and fees, or
- Transactions billed for qualified tuition and fees and university administered grants and scholarships
As CCU reports transactions billed for qualified tuition and fees and CCU administered grants and scholarships, no information regarding payments made is included on the 1098-T or reported to the IRS. Students should consult banking records or their student account history on WebAdvisor for payment information.
Receipt of a Form 1098-T does not establish eligibility for certain educational tax credits. Students should consult a tax advisor to determine eligibility.
What are the IRS’ reporting criteria?
The IRS requires Coastal Carolina University to provide 1098-T data for any student billed for qualified tuition and fees or CCU administered grants & scholarships during 2012. The following exceptions apply:
- Students who are not U.S. citizens or who do not have permanent resident alien status.
- Students who receive CCU administered grants and scholarships in excess of qualified tuition and fees billed during 2012.
What resources are available to me to determine my eligibility for certain tax credits?
There are many details surrounding benefits of The Taxpayer Relief Act of 1997. Please contact a tax professional to determine if you qualify for these benefits. Coastal Carolina University cannot provide tax advice. Visit one of the following websites to learn more about these tax benefits.