Education Tax Credits

How do I obtain my 1098-T Form?

Go to www.1098-t.com
Click on "Access my record" in the menu on the left hand side
Enter your Social Security Number and your last name
Click on the "Login" button
Enter your first name and date of birth (mm/dd/yyyy format)
Click on "Next"
Enter the four digit PIN number you selected
Re-enter PIN to confirm
Enter your mother's maiden name
Click on "Finish"
A page showing your name, address and other personal information will be displayed
If you are enrolled in more than one school, select the year and school for which you would like to get the 1098-T form
Print information from two links: "View my 1098-T tax form" and "View my financial information"

***Payments for the Spring 2010 Semester***

Payments made in 2009 for the Spring 2010 semester are not included in Box 1 of the 2009 tax form. Beginning with the Spring 2010 semester, The Victoria College switched to a new registration system that will use the “Amounts Billed” method (Box 2) for reporting qualified expenses. Therefore, the amounts billed for Spring 2010 will be reported on next year’s (2010) Form 1098-T. In order to obtain your amounts paid in 2009 for the Spring 2010 semester, you may log on to the Pirate Portal. After logging in to the portal, go to the “Make Payments/ Manage Payments” tab to view account activity and payments made for Spring 2010.

Hope Scholarship & Lifetime Learning Credits and Student Loan Interest Deduction

In 1997, the Taxpayer Relief Act established two education tax credits and a deduction for student loan interest. The following is general information only and should not be taken as tax advice. Please consult the IRS or a tax professional, or see the Resources and Frequently Asked Questions for more information.

The Hope tax credit is available for the first two years of postsecondary education for students enrolled at least half time in a degree or certificate granting program. Taxpayers may claim up to $1,800 per student for qualified tuition and related expenses paid in the calendar year 2009.

The Lifetime Learning tax credit applies to any postsecondary education to acquire or improve job skills. There is no minimum enrollment requirement or limit to the number of years it is available. Taxpayers may claim a maximum of $2,000 (20% of $10,000) of qualified expenses paid in the calendar year 2009.

The IRS Form 1098-T is issued to all students with tuition and fee expenses paid in 2009. The form is mailed to the student's permanent address during January. If you have questions regarding your 1098-T, please call 877-467-3821 for assistance.

Resources

The College cannot provide assistance regarding your eligibility or the calculation of the credit. The following web sites have additional information that may be useful.

Tax Credit Frequently Asked Questions

1. Why did I receive a 1098-T tax form? Am I eligible to claim the tax credit?

You received a form because higher education expenses may be eligible for federal tax benefits. Our records show that you were enrolled in courses at the College, which were paid for in 2009.

Whether or not you may take advantage of these tax credits depends upon your individual facts and circumstances. The College cannot provide tax advice, so you may want to consult the IRS or a tax professional to find out more about the credits and your eligibility. Please see the resources below:

IRS Publication 970 - Tax Benefits for Higher Education
IRS Form 8863 to claim education tax credits
U.S. Department of Education

2. When and where will the 1098-T be mailed?

Forms will be mailed to the student's permanent address during January. The permanent address may be verified by calling the Admissions and Records Office at (361) 572-6408.

3. Did you send me a 1098-T form? Why haven't I received my 1098-T form?

In certain situations, a 1098-T may not have been generated for you:

If payments were made either in 2010r 2008for classes taken in 2009 the expenses are not reflected in tax year 2009 When reviewing your records, please take into consideration actual payment dates.

Your VC ID may not be a valid SSN. We cannot report information to the IRS if we do not have a valid SSN.

To change the SSN on record with the College or if you are an international student, call the Admissions and Records Office at (361) 572-6408.

If these situations do not apply to you, a 1098-T should have been generated and mailed to the student's permanent address.

4. Does the 1098-T form have to be attached to my tax return?

No. There is no requirement to attach the 1098-T form to your tax return.

5. My child attends VC and I need his/her payment information/My parents need a copy of my 1098-T form.

IRS 1098-T forms are sent to the student's permanent address. In order to protect student privacy rights guaranteed through the federal Family Educational Right to Privacy Act, the Business Office must have the student's permission to discuss financial information with any other party.

6. Why don't the tuition and fee payments reflected on my 1098-T form match my records?

When reviewing your records, please take into consideration actual payment dates in order to reconcile your records to the amounts on the form. The 1098-T form reflects payment and refunds made in calendar year 2009 Payments made in 2007 for Spring '08 classes and payments made in 2010or Spring 2010 Classes are not included.

7. Why does my 1098-T form show zero amount paid?

If in calendar year 2009 you paid for a semester and received a refund for the entire amount you paid, then the 1098-T will show the net amount of payments, which is zero.

8. I know I didn't pay this much in tuition. Why are the figures on my statement so high?

The 1098-T form reflects total tuition and fee payments, not just items paid by you individually. Therefore, the statement may include amounts paid by financial aid, tuition waivers, exemptions, etc.

9. I know I paid more that what the form shows. Why?

The 1098-T form shows payments for tuition and fees made within the calendar year 2009. Some payments for a semester may be made outside of the calendar year and are not reported.

10. What are qualified tuition and related expenses?

The College is not required to report amounts to IRS at this time, and includes payments of all tuition and fees on the 1098-T form. In order to determine qualifying expenses, only those amounts a student is required to pay in order to be enrolled at or attend the College should be considered. Amounts paid for any course or other education involving sports, games or hobbies are not eligible unless the course is part of the student's degree program. Charges and fees associated with room, board, student activities, athletics, insurance, books, equipment, transportation and similar personal living or family expenses are not qualified expenses. Qualified expenses must be reduced by tax-free grants, scholarships, fellowships, tuition exemptions and employer-provided educational assistance.