The Internal Revenue Service requires that Catawba Valley Community College report, on Form 1098-T, qualified tuition and expenses, and scholarships and grants, invoiced or posted to the student's account.
The 1098-T is an information return. Its purpose is to assist students in computing certain education tax credits or deductions for which they may be eligible.
For tax information, please visit the IRS website - www.irs.gov - Publication 970 which provides detailed information about tax benefits for education. For additional information, contact a professional tax preparer.
Catawba Valley Community College is pleased to announce that students now have the option to instantly access their Form 1098-T Tuition Statement electronically and opt-out of postal delivery of the tax document once they are available each year.
By providing consent to receive the 1098-T Tuition Statement electronically, a paper copy of the 1098-T will no longer be mailed to the student's address.
If students would like electronic delivery and instant access to the 1098-T statement online, please login to MyCVCC Portal and provide consent under the “Student” menu.
Steps to access the 1098-T online:
Students will be notified each year when the 1098-T is available online.
For those who prefer traditional postal delivery, Form 1098-T will be mailed to students no earlier than January 31.
Q: What is Form 1098-T?
A: CVCC is required by IRS Section 1.65050S-1 to send Form 1098-T to students for whom payment for qualified tuition and fees were received during the calendar year.
Q: Why did I receive Form 1098-T?
A: Form 1098-T contains information to assist the IRS and students in determining if they are eligible to claim educational related tax credits or deductions on the income tax return.
Q: Why did I NOT receive Form 1098-T?
A: There are several possibilities:
Q: Where was the form mailed?
A: The 1098-T form will be mailed based on addresses provided by the student to the Records Office as of January 1.
Q: I viewed my 1098-T online. Will I get a copy in the mail?
A: No, by providing consent to view the 1098-T online, the student also opted-out of receiving a paper copy.
Q: Is the 1098-T form I printed from MyCVCC Portal valid for the IRS?
A: Absolutely. The 1098-T form from MyCVCC Portal is an IRS approved substitute.
Q: I registered in November for Spring classes. Is that amount reflected on my 1098-T?
A: It depends. The 1098-T will report any payment received for qualified tuition and fees in the student's account from January 1 to December 31 of the tax year. Box 7 will be checked on the student's form showing that the student's amount in Box 1 includes amounts for terms beginning in the first 3 months of the next year.
Q: My address is wrong. Can I get another copy printed?
A: No, but student's can access and print a copy of the 1098-T by logging into MyCVCC Portal. The Business Office cannot reprint tax forms. Please update or correct mailing addresses 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 the 1098-T. Please consult a 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 go to the MyCVCC Portal to reprint receipts or refer to the student's canceled checks and credit card statements for this information. The Business Office will not reprint receipts.
To See Account Information, go to:
Q: Why is box 3 checked in regards to the reporting method?
A: The IRS requires Catawba Valley Community College to choose one reporting method. In previous years the College chose to report the amount billed in box 2, not the amount paid. Due to a change to institutional reporting requirements under federal law, beginning with tax year 2018, CVCC will report in Box 1 the amount of qualified tuition and related expenses the student paid during the year.
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 for whom qualified tuition and fee payments were received during the calendar year. Please consult a 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: Catawba Valley Community College cannot offer tax advice. Please consult a professional tax advisor for additional information.
Q: What do the amounts located on the form represent?
Box 1 shows the total payments received by the college from any source for qualified tuition and related expenses less any reimbursements or refunds made for calendar dates January 1 through December 31.
Box 3 is checked when the college changed its reporting method. Students should be aware of this change in figuring your education credits.
Box 4 shows any adjustment made by the college for a prior year for qualified tuition and related expenses that were reported on a prior year Form 1098-T. This amount may reduce any allowable education credit that the student claimed for the prior year (may result in an increase in tax liability for the year of the refund). See “recapture” in the index to Pub. 970 to report a reduction in the student's education or tuition and fees deduction.
Box 5 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 the student may claim for the year.
Box 7 is only checked when in box 1 includes amounts for spring semester paid prior to December 31 for any qualified tuition.
Box 8 is only checked if the student has 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 business office staff cannot provide tax advice.