What is a 1098-T form?
Form 1098-T is an annual IRS form completed by Gordon, as required by the Taxpayer Relief Act of 1997, for each enrolled student who has incurred qualifying tuition and related expense charges during the calendar year. The form is furnished to students to assist them in the preparation of their annual income tax returns. The IRS Form 1098-T Tuition Statement is to assist the taxpayer in determining eligibility for an educational tax credit and/or deduction.
Gordon fully complies with Section 6050S of the Internal Revenue Code, which requires colleges and universities to file information returns (data in boxes 1-10) electronically with the IRS.
When are 1098-T documents available?
IRS regulations require colleges and universities to make the 1098-T available by January 31st of each year.
How can I access a copy of my 1098-T?
Students may login to My.Gordon.edu, click on the “Students” tab at the top, click on “Student Accounts” on the left, then under the “PDF Reports” section on the right, choose “My Printable 1098-T Form”. Please note that the 1098-T will only be available through this site once they are posted by Student Financial Services (by January 31st).
Previous year copies may be found under “Students” tab – “Student Accounts” – “My 1098-T Info” – “Go to My 1098-T Info”. Alternately, you may email email@example.com.
Who is eligible to receive a Form 1098-T?
Students who are U.S. citizens or permanent residents and have incurred qualified tuition or related expenses during the calendar year will receive a Form 1098-T.
Note: Gordon must have a valid U.S. social security number on record in order to submit a valid 1098-T to the IRS. Students with an assigned 9-digit University I.D. must complete IRS Form W-9S (found at www.irs.gov) and either mail or hand deliver the completed W-9S to Student Financial Services. The IRS will not be able to validate your eligibility for the tax credit without a valid Social Security number.
Colleges and universities are not required to provide a 1098-T to the following students unless the student requests a copy: students who take courses for which no academic credit is offered; students who are nonresident aliens (not US citizens or permanent residents); students whose qualified tuition and related expenses are waived or paid entirely with scholarships; or students who participated in an international study or education abroad program (depending on the type of program in which you participated, a 1098-T may have been issued to you by the program you studied at, not by Gordon).
Some of the most common reasons for not receiving a 1098-T are:
The Social Security Number (SSN) on my form is missing or incorrect. How do I change that?
The student’s information that is presented on the 1098-T form is the information that the student has provided to the University. If the SSN is missing, or it has not been provided by the student, then Gordon assigns a random identification number. To update your social security number, you need to complete a W-9S form (www.irs.gov) and return it to the Student Financial Services Office.
Please note: failure to provide a correct SSN could result in a $100 penalty imposed by the IRS.
I don't have a Social Security Number, but have an Individual Taxpayer Identification Number (ITTN) instead. What should I do?
You may complete an IRS form W-9S which can be obtained from the IRS web site, www.irs.gov. Turn the completed form into the SFS Office and your information will be updated on the 1098-T form.
What are qualified education expenses?
Expenses that are NOT reported on the 1098-T Form:
What is the difference between Box 1 and Box 2?
The IRS allows schools the option to report either Box 1 “Payments received for qualified tuition and related expenses” or Box 2 “Amounts billed for qualified tuition and related expenses”. Gordon College reports in Box 2. If you would like a record of the payments you made during the calendar year in addition to the 1098-T, you may request an account history by emailing firstname.lastname@example.org.
The Information provided is not a substitute for professional/government tax counseling or for reading Internal Revenue Service publications. Gordon is unable to provide tax advice to individuals. If you wish to claim a tax credit for educational benefits, be sure to include the 1098-T form with your tax return. In addition to the 1098-T, your personal financial records may serve as official supporting documentation for your federal income tax return. Due to FERPA (Family Educational Rights and Privacy Act) laws, we can only answer specific questions about an account/1098-T for the account holder (student) or those they have given written authorization for us to speak to. We are not personal tax preparers and cannot give any personal tax advice. For tax preparation advice, please consult a tax advisor.