In previous years, the 1098-T included a figure in Box 2 that represented the qualified tuition and related expenses (QTRE) CVCC billed to the student's account for the calendar (tax) year. 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 QTRE the student paid during the year.
Depending on the student's income (or the student's family’s income, if the student is a dependent), whether the student was considered full or half-time enrolled, and the amount of the student's qualified educational expenses for the year, the student may be eligible for a federal education tax credit. (Students can find detailed information about claiming education tax credits in IRS Publication 970 (PDF), page 9.)
The dollar amounts reported on the Form 1098-T may assist students in completing IRS Form 8863 – the form used for calculating the education tax credits that a taxpayer may claim as part of the student's tax return.
Catawba Valley Community College is unable to provide students with individual tax advice, but should the student have questions, they should seek the counsel of an informed tax preparer or adviser.
Below is a blank sample of the 2018 Form 1098-T, that students will receive in January 2019, for general reference. For more information about Form 1098-T, visit IRS 1098T 970 (PDF) (https://www.irs.gov/pub/irs-pdf/f1098t.pdf.)