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Student Tax Information :: 1098-T
The Taxpayer Relief Act of 1997 allows the claiming of a tax credit for out-of-pocket payments made for qualified expenses (such as tuition and certain fees) to an eligible higher education institution during the tax year. Additionally, the student enrollment must reflect a minimum of half time status (6 or more credit hours) during the tax year. The Internal Revenue Service (IRS) requires that Walters State Community College (WSCC) provide a 1098–T statement to eligible students for use in completing IRS Form 8863.
WSCC mails 1098–T forms each year prior to January 31st in compliance with IRS regulations. The student address used for delivery by the United States Postal Service is the students' permanent home address on file in WSCC’s student system. Once forms are printed and mailed, the information becomes available on-line through the MyWS portal. Refer to the instructions listed under “Access 1098–T Data”.
WSCC is unable to provide an individual with tax advice. If you have tax questions, seek the counsel of an informed tax preparer or advisor. If you have questions concerning the data reported on the 1098–T, the student may contact the Cashier's Office at 423.585.2616 during normal office hours. Remember: In accordance to FERPA federal regulations, the Cashier's Office may only discuss student information with the student unless the student signs a release of information with the Cashier's Office.
Access 1098–T Tax Information
- Login to MyWS
- select STUDENT
- Select STUDENT ACCOUNT
- Select TAX NOTIFICATION
Information Provided on the 1098–T
In compliance with IRS regulations, WSCC provides the total amount of payments made to the student account for the tax year along with the total assistance received (financial aid, third party, etc.) for the tax year. (Note: Total payments are limited to total qualified tuition/fee charges.) Amounts reported only include transactions posted to the student account for the tax year (January 1 - December 31). This amount may not reflect the total amount “the student” actually paid during the tax year. The student needs to maintain receipts for other qualified expenses such as books and related supplies. For additional educational expenses that may qualify, seek the counsel of an informed tax preparer or advisor. The Cashier's Office is unable to provide tax advice. The Cashier's Office is only required to provide the 1098–T in compliance with IRS regulations.
Student Requirements/Questions
Students are responsible for reviewing and updating their personal contact information (name, mailing address, phone number, etc) with WSCC’s Admissions Office on a regular basis. Maintaining up-to-date contact information ensures the student receives important information from WSCC in a timely manner and your tax record contains correct information.
Students are responsible for providing a valid Social Security Number (SSN) or an Individual Taxpayer Identification Number (TIN) for reporting 1098–T tax information to the IRS. Failure to provide your correct identifying number may result in a penalty imposed on you from the IRS for each incorrect document (due to missing SSN/ITIN). If you have not provided this information to WSCC, please complete a Substitute W-9S form and return the completed form to:
WSCC Cashier's Office
500 S. Davy Crockett Pkwy
Morristown, TN 37813
Students may ask
“Why did I not receive a 1098–T form?”
There are several reasons why a student may not receive a 1098–T form. The IRS regulations state that educational institutions are not required to furnish 1098–T forms for the following reasons:
- Courses for which no academic credit is offered, even if the student is otherwise enrolled in a degree program
- Nonresident alien students, unless requested by the student
- Students whose qualified educational expenses are entirely waived or paid with financial or third party assistance (Box 5 is greater than Box 1)
- Incorrect permanent address on file in Admissions
- Students who do not have a Social Security Number
- Lost in the mail due to or returned as undeliverable by the U.S. Postal Service
1098–T forms are viewable by current students through the MyWS student portal. If the student has issues logging into their MyWS portal, contact the WSCC IET Helpdesk at 423.318.2742 for assistance.
Overview of Taxpayer Relief Act of 1997
The Taxpayer Relief Act of 1997 (TRA97) introduced several tax incentives pertaining to educational expenses and student loans. The Hope and Lifetime Learning credits offer the ability to reduce your taxes based on qualified educational expenses. The 1098-T form provides a student with the total amount of qualified educational tuition/fee expenses paid (dated) in the current tax year (Box 1). Also, TRA97 provides a deduction for the interest paid on qualifying student loans. The IRS Form 1098-E reports the qualifying student loan interest for the student loan deduction. Consult IRS publication 4772 or seek the advice of an informed tax preparer/advisor.
