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1098-T Tax Form Information

1098-T for 2016 Calendar Year

The 1098-T form will supply you with information to help determine whether you are eligible for tax credits. Receiving the 1098-T form does not guarantee tax credit eligibility. The IRS Publication 970 – provides detail information about the American Opportunity Credit (formerly Hope Scholarship) and Lifetime learning Credit.

1098-T forms for calendar year 2016 will be available by January 31, 2017.  Instructions on how to access your 1098-T will be send to your NECC email account.

Who will receive a 1098-T form?

All eligible students enrolled at NECC in 2016 in at least one course will receive a 1098-T form. Not all students who received a 1098-T are eligible to claim a deduction or credit. Please visit the IRS website or consult your tax professional for information about calculating tax credit.

The information below should be used to assist you in understanding what information will be reported on the 1098-T form.

What will be reported on your 1098-T?

Educational Institutes have the option of reporting either payments received (Box 1), or amounts billed (Box 2), for qualified tuition and related expenses. Northern Essex Community College has chosen to report amounts billed for qualified tuition and related expenses. For this reason you will not find any information in Box 1 of your 1098-T.

Box 1:

Since Northern Essex Community College reports amounts billed for qualified tuition and related expenses, this box is blank.

Box 2:

Amounts billed for qualified tuition and fees during the current reporting calendar year. If you registered for classes beginning January-March of the following reporting year this amounts are included in this box.

Box 3:

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.

Box 4:

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.

Box 5:

This box contains the total amount of any scholarships, grants, third party payments, or waivers that were paid toward your costs of attendance. This may also reflect scholarships or grants from a previous year that were received late.

Box 6:

If there were any grant and/or scholarship reductions on your account in this reporting year, affecting amounts reported in a prior year, those adjustments will show in this box.

Box 7:

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.

Box 8:

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.

Important Note

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.