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Tax Information (1098-T)

This section provides links to general information about Federal Education Tax Benefits, help on understanding your 1098-T Forms and navigation to the IRS website for detailed information. If you disagree with the amounts listed on your 1098-T, please contact the COCC's Admission and Records Office at 541-383-7500. If you did not receive a copy of your 1098-T, you may print a copy by logging into your Bobcat Web Account and click the '1098-T Notification' link. COCC staff member are not experts on tax return preparation and federal education tax benefits so they cannot provide tax advise but can assist with general questions. 

  • Federal Education Tax Benefits

    Each year the National Association of Student Financial Aid Administrators updates their guide to federal education tax benefits. Outlined is information about tax credits that directly reduce the amount of tax for which a tax filer is liable, and tax deductions that reduce the amount of income on which the filer pays taxes. There is also information about related IRS Publications that may be helpful.

    For more information, go to the IRS website.

  • Your 1098-T Forms

    COCC Admissions and Records provides 1098-Ts for the previous calendar year on, or before, January 31. These records are mailed to students and available in their bobcat web account (link to bobcat web) under tuition, payments, and refunds. Students and/or bill payers may use the 1098-T information to help calculate their eligibility for tax credits and deductions for the IRS filing year reported on the form.

    Depending on your income (or your family's income, if you are a dependent), whether you were considered full or half-time enrolled, and the amount of payments you contributed to qualifying tuition and fees, you may be eligible for a federal education tax credit. (You can find detailed information about claiming education tax credits in IRS Publication 970, page 9.)

    The dollar amounts reported on your Form 1098-T may assist you in completing IRS Form 8863 - the form used for calculating the education tax credits that a taxpayer may claim as part of your tax return.

    COCC is unable to provide you with individual tax advice, be should you have questions, you should seek the counsel of an informed tax preparer or adviser.

    COCC will be unable to furnish a tax record to the IRS for you if we do not have a SSN on file. We can provide one directly to you if you request it but we will be unable to update the IRS if you add an SSN after we have sent our records to the IRS.

  •  Reading the 1098-T

    Box Number Description
    Box 1 Reflects the number of payments you made toward qualifying tuition and fees. This includes payments made personally, from a college savings plan, or loans used to pay for tuition and fees. 

    Total amount of qualified tuition and related expenses (QTRE) you paid in calendar (tax) year, less any refunds received that year. If payments made in the calendar year exceeded QTRE, Box 1 will not include amounts above QTRE.

    Tuition and fees, such as lab, course, aviation, lesson, and student activity fees are examples of qualified expenses. By regulation, room, board, insurance, transportation, expenses not directly billed (books, supplies, equipment), or other personal expenses cannot be included. Please refer to IRS Publication 970 and IRS Form 8863 to calculate eligibility and/or credits. 
    Box 2 Not applicable to COCC.
    Box 3 Not applicable to COCC.
    Box 4 Reflects adjustments made for the prior year. This may mean you need to update tax records for a previous year. Consult a tax professional with questions. 

    This box shows any adjustment made to prior year qualified tuition and related expenses that were reported in the preceding year. This amount may reduce any allowable education credit you may claim.
    Box 5 Reflects the amount of grants and scholarships that were applied to qualifying tuition and fees in the calendar year. 

    Reflects scholarships, grants, and payments made by a third party (not your parents or other individual) to the student account as payment toward the cost of attendance.

    Included are institutional, federal, state and/or private scholarships and/or grants that were posted on the student account.
    Box 6 Reflects the adjustments in your year being reported to grants or scholarships from the calendar year prior to the year being reported.
    Box 7 Is checked if any of the expenses reported in Box 1 related to an academic period that begins in January through March of the year following the year being reported.
    Box 8 Is checked if the student was enrolled half-time or greater in the year being reported. The College checks that box if you were half-time or more for at least one term that began during the year. This information is important in determining eligibility for the American Opportunity Tax Credit. 
    Box 9 Not applicable to COCC.
    Box 10 Not applicable to COCC.

 

Frequently Asked Questions