Tax Credit FAQs

Tax Credit Frequently Asked Questions

  1. Why did I receive a 1098-T tax form? Am I eligible to claim the tax credit?
  2. When and where will the 1098-T be mailed?
  3. Did you send me a 1098-T form? Why haven't I received my 1098-T form?
  4. Does the 1098-T form have to be attached to my tax return?
  5. My child attends VC and I need his/her payment information/My parents need a copy of my 1098-T form.
  6. Why don't the tuition and fee payments reflected on my 1098-T form match my records?
  7. Why does my 1098-T form show zero amount paid?
  8. I know I didn't pay this much in tuition. Why are the figures on my statement so high?
  9. I know I paid more that what the form shows. Why?
  10. What are qualified tuition and related expenses?
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 billed during calendar year 2013.

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:
2. When and where will the 1098-T be mailed?
Forms will be mailed to the student's mailing or permanent address of record January. The mailing and/or 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: Your student record did not reflect any amounts billed during calendar year 2013.  Your VC ID may not be a valid SSN. We cannot report information to the IRS if we do not have a valid SSN.  If you are an international student or if you need to change the SSN on record with the College, 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 mailing or 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 mailing or 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 amounts billed and refunds made in calendar year 2013. Please log into the Pirate Portal and navigate to the “Make Payments/ Manage Payments” tab to view account activity and payments made during 2013.
7. Why does my 1098-T form show zero amount paid?
The 1098-T form reflects amounts billed and refunds made in calendar year 2013. When reviewing your records, please take into consideration actual payment dates in order to reconcile your records to the amounts on the form. Please log into the Pirate Portal and navigate to the “Make Payments/ Manage Payments” tab to view account activity and payments made during 2013.
 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 billing amounts, 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 billed amounts for tuition and fees made within the calendar year 2013. Please log into the Pirate Portal and navigate to the “Make Payments/ Manage Payments” tab to view account activity and payments made during 2013.
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.  The definition of qualified tuition and related expenses varies depending upon which tax credit you are utilizing for eligibility purposes – American Opportunity Tax Credit or Lifetime Learning Credit. 

American Opportunity Tax Credit:  Qualified tuition and related expenses are tuition and fees a student must pay to be enrolled at or attend an eligible educational institution.  The definition for qualified tuition and related expenses, for purposes of the American Opportunity Tax Credit, has been expanded to now include course materials (books, supplies, equipment) whether or not they are purchased from an eligible institution as a condition of enrollment.  The following are not qualified tuition and related expenses: (1) amounts paid for any course or other education involving sports, games or hobbies (unless the course or other education is part of the student’s degree program; (2) charges and fees for room, board, student activities, athletics, insurance, books, equipment, transportation (and similar personal, living, or family expenses).

Lifetime Learning Credit:  Qualified tuition and related expenses are tuition and fees a student must pay to be enrolled at or attend an eligible educational institution.  The following are not qualified tuition and related expenses: (1) amounts paid for any course or other education involving sports, games or hobbies (unless the course or other education is part of the student’s degree program); (2) charges and fees for room, board, student activities, athletics, insurance, books, equipment, transportation (and similar personal, living or family expenses).Note that with either credit, qualified expenses must be reduced by tax-free grants, scholarships, fellowships, tuition exemptions and employer-provided educational assistance. 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:

 

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