1098-T Tax Form Information
- What is the purpose of a 1098T form?
- Where can I find more information regarding the 1098-T form and the American Opportunity (formerly Hope Scholarship) or Lifetime Learning Credits?
- When can I expect to receive my 1098T form?
- How can I get a copy of my 1098T?
- Why is my social security number missing from my 1098T?
- Who is excluded from receiving a 1098T form?
- What information is provided on my 1098T tax form?
- Where can I obtain detail of the amounts entered in the boxes of my 1098T?
- If I have additional questions about my 1098T tax form, whom do I contact?
- Will my 1098T Tuition Statement information be provided to the IRS?
1) What is the purpose of a 1098T form?
Certain educational institutions are required to submit student 1098-T forms to the IRS in order to report critical information about student transactions made during a given calendar year. The requirement is outlined by the Taxpayer Relief Act of 1997, which allows eligible taxpayers to reduce federal student loan interest rates and receive tax credits. These credits, along with information regarding taxpayer eligibility, are detailed in IRS Publication 970.
Because some educational institutions, including all colleges and universities, are subject to the IRS reporting requirement of the Form 1098-T, Tuition Statement, Northern Essex Community College must report all pertinent transaction information for each enrolled student for whom a transaction has been made. All institutions eligible for the requirement are asked to submit either a report of payments received OR a report of amounts billed for tuition and any other relevant fees. Northern Essex annually submits a report of amounts billed for tuition and other relevant fees.
The 1098-T form will supply you with information to help determine whether you are eligible for tax credits. You (the student) or anyone who can claim you as a dependent, may be eligible for the educational tax credit if you have paid for tuition, fees, and other expenses paid during a given tax year and are filing a federal tax form. Receiving the 1098-T form, however, does not guarantee tax credit eligibility. Please consult your tax professional or visit the IRS website to receive more information about calculating your tax credit.
2) Where can I find more information regarding the 1098-T form and the American Opportunity (formerly Hope Scholarship) or Lifetime Learning Credits?
IRS Tax preparation information resources and assistance:
- IRS website
- IRS Publication 970 – Information on the American Opportunity Credit (formerly Hope Scholarship) and Lifetime learning Credit
- IRS Form 8863, Education Credits : American Opportunity Credit (formerly Hope Scholarship) and Lifetime Learning Credit
- IRS Telephone Assistance Hotline: 1-800-829-1040
- IRS American Opportunity Tax Credit: Questions and Answers
Please be advised that the College is prohibited from providing legal, tax, or accounting advice to students and we are not responsible for any use you make of this information. Please consult with your tax advisor/preparer for assistance.
It is the responsibility of the student or the person claiming a tax credit to retain financial records needed for tax preparation. Supplementary information is included on your “MyNECC” account. Please refer to 8) Where can I obtain detail of the amounts entered in the boxes of my 1098T?
The supplementary information includes individual transactions that occurred during the reporting calendar year for the following categories: Student Loans, Payments (cash, check, credit card), and Refunds (excess financial aid and cash, check, & credit card over payments).
3) When can I expect to receive my 1098T form?
Northern Essex Community College has contracted with Vangent, Inc., a General Dynamics Company, to provide both electronic and paper 1098-Ts. Students will not receive a 1098T whose tuition and related expenses are waived or paid entirely with scholarships or grants, or whose tuition and related expenses are fully covered by a formal billing arrangement with the student’s employer or a government agency such as the Department of Veterans Affairs.
If you are eligible to receive a 1098-T, you can retrieve one electronically between January 6 and January 16, 2015. If you do not retrieve your 1098T electronically between those dates, one will be mailed to you, by January 31, 2015. By retrieving your 1098T between those dates, you are opting out of receiving a paper form.
4) How can I get a copy of my 1098T?
The College cannot send you a 1098T by email or fax. The fastest way to obtain your 1098-T is to log on to the Vangent website, following these instructions:
Are you logging in for the FIRST TIME ?
If you are logging in for the first time to retrieve your IRS Form 1098-T electronically, please follow these instructions:
- Go to the Vangent, Inc., website – (note: Internet Explorer 9 users may need to use “Compatibility View”).
- Click the “First Time Students” Button.
- Enter your First and Last names EXACTLY as they appear on myNECC Portal/Self Service AND the last 5 digits of your Social Security Number.
- Click Submit.
- You will be instructed to create an account (scroll down). Follow the instructions on the website to create a free account and retrieve your 1098-T.
If you have problems, call the Vangent’s TRA Service Help Desk at 800-223-0043, available from 8:00 am to 8:00 pm (Eastern Time) Monday through Friday. For further assistance, go to the Services Help page on the Vangent website.
PLEASE NOTE: You can go to the website as often as needed to retrieve a copy. You are able to retrieve your IRS Form 1098-T only if you are eligible for the year. If you don’t see the Form 1098-T for the year, you may retrieve your student account information by term by logging in to the following web link: https://secure.touchnet.net/C21159_tsa/web/login.jsp and then click on VIEW ACCOUNT ACTIVITY.
Have you previously LOGGED IN?
If you previously logged in to the Vangent, Inc., website, enter your “User ID” and “Password” to retrieve your IRS Form 1098-T.
If you don’t remember your “Password” or “User ID,” please click on “Forgot your Password?” or “Forgot your User ID?” and enter the required information to initiate your access. If none of these options work for you and you continue to have problems, call the Vangent’s TRA Service Help Desk at 800-223-0043, available from 8:00 am to 8:00 pm (Eastern Time) Monday through Friday. For further assistance, go to the Help page of the Vangent web site.
If you have any questions relating to any of the above information, please call the Bursar’s Office (Student Accounts) at 978-556-3900 during office hours.
5) Why is my social security number missing from my 1098T?
If Northern Essex Community College does not have your social security number on file, it will not be included on your 1098T tax form. The College is required by the IRS to attempt to obtain it from you.
A W-9S form, the official IRS form used for requesting your social security number, was sent to you by e-mail and by U.S. postal mail on several occasions. If you did not respond, your 1098T form will not contain a social security number.
6) Who is excluded from receiving a 1098T form?
We are not required to report to the IRS or to furnish a 1098T form to you, if:
- You were enrolled in courses for which no academic credit was offered.
- You were a nonresident alien (unless you specifically requested a 1098T).
- Your qualified tuition and related expenses were entirely waived or paid by scholarships, grants, or third parties such as employer or federal/state/city government agency.
7) What information is provided on my 1098T tax form?
Below is a brief explanation of the form contents:
Since Northern Essex Community College reports amounts billed for qualified tuition and related expenses, this box is blank. (Refer to 1. What is the purpose of a 1098T form?)
Amounts billed for qualified tuition and fees during the current reporting calendar year. If you registered in this reporting year for Spring classes of the next reporting year, this box will include qualified tuition and fees for those classes. Consult your tax professional to determine how to handle qualified charges that occurred in one tax year that were paid in a different tax year.
This box is only used if Northern Essex Community College changed our reporting method from the prior year. NECC has not changed its reporting method.
This box will show an adjusted amount if you dropped classes or your schedule was adjusted in the current reporting year, resulting in a reduction in qualified tuition and related expenses affecting amounts reported in a previous reporting year. This amount is reported as a positive number per IRS requirements. However, it is actually a decrease to the amount that was reported on a prior year 1098-T.
This box contains the total amount of any scholarships, grants, third party payments, or tuition and/or fee waivers you were eligible for that were paid toward your costs of attendance. If you received additional awards this reporting year, for previous reporting periods, those amounts will be included in this box.
If there were any grant and/or scholarship reductions on your account in this reporting year, affecting amounts reported in a prior reporting year, those adjustments will show in this box. This amount is reported as a positive number per IRS requirements. However, it is actually a decrease to the amount that was reported on a prior year 1098-T.
If any amounts billed for qualified tuition and related expenses reported in box 2 relate to the academic period that begins in January through March of the following reporting year, this box will be checked.
If you were at least a half-time student (6 credits) during any academic period that began in this reporting year, this box will be checked.
Box 9 and 10
These boxes do not apply to Northern Essex Community College or NECC current/former students.
8) Where can I obtain detail of the amounts entered in the boxes of my 1098T?
The detailed breakdown is available online.
Instructions to view your account activities online:
- Click on Internet Explorer Browser
- On your browser’s Menu Bar, Click on Tools, and then click on Pop-up Blocker. Make sure that the Pop-up Blocker is turned off.
- Log on the College’s website
- Click on myNECC icon in the upper right hand corner
- Enter your User Name (your NECC 8-digit Student ID Number) and Password to login.
To reset your Password, click on Student Password Reset link that appears under myNECC HELP. Ensure to read all instructions prior to resetting your Password.]
[Problems with the Login? Call IT Service Desk at 978-556-3111 or email the Service Desk at firstname.lastname@example.org.
- Click on the My Information tab that appears under the NECC Logo
- Click on View my Account, Make Payment, View eBill, eRefunds
- You will be logged in to Bill+Payment Online web page
[If you are unable to view Bill+Payment Online page, please verify that your web browser Pop-up Blocker is turned off (refer to step 1 and 2 above) and then Click on View my Account, Make Payment, View eBill, eRefunds]
- Click on View Account Activity
- For View Transaction By Term, click on drop down and select the semester you want to view and then click on GO.
- You are now able to view your Term activities.
- Once you are done viewing your account activities, click on the Log Out (located on the top right side) and then Exit from the Internet Explorer Browser.
9) If I have additional questions about my 1098T tax form, whom do I contact?
If you have additional questions about your 1098T tax form, call the Northern Essex Community College Student Accounts Office at: 978-556-3900. Or, you can contact us by email at: email@example.com
10) Will my 1098T Tuition Statement information be provided to the IRS?
Yes. Northern Essex Community College is required to submit an electronic version of your 1098T information to the IRS by March 31 of the following reporting year.