1098-T Frequently Asked Questions
The federal government provides two types of tax credits for educational expenses paid by you during the tax year. However, not all expenses you pay to the College are considered qualified expenses. In general, tuition and fees that are directly related to your attendance and education are allowable. Room and board, insurance and other personal expenses are generally not allowed.
If you have questions about the Hope, Lifetime Learning, and American Opportunity Credit, please see:
1098-Ts are available electronically! Go to myFSCJ. Current forms and prior years can be accessed in the Student Center. Click on the Financial Account tile. Select “View 1098-T” on the left side of the screen. If you have questions, please read the 1098-T FAQ..
Tax forms 1098-T are available not according to term, they record transactions that occurred anytime between January 1 and December 31 of that tax year, as required by the IRS.
The amount paid by Florida Prepaid is included on your 1098-T form in Box 1 and you as the taxpayer must determine how to benefit most from these educational expenses. Florida Prepaid provides a 1099Q to all of their students.
If eligible, you may choose to claim a credit for the American Opportunity Tax Credit/Lifetime Learning Credit and use your 1098-T payment as your documentation or you can report an education deduction for your Coverdale IRA and use the 1099Q form. You cannot claim both.
Your Stafford loan or alternative loan payment of tuition is included in Box 1 payments and the loan disbursement is not included in Box 5 Scholarships.
If your Social Security number is not on file, the 1098-T will have a blank in the student's Social Security number field on the 1098-T. If you failed to provide the College a valid Social Security number and the College is required to file a 1098-T, you could be subject to a $270 fine by the Internal Revenue Service for not providing your Social Security number.
If a "Y" exists in the qualifying status field it means the student was enrolled during the 2022 calendar year.
Receiving a 1098-T does not necessarily mean you are eligible for the American Opportunity Tax Credit or Lifetime Learning Credit. You should review the IRS Publication 970 for more information--or you may consult your tax professional.
If your tuition and fees is covered by a waiver that amount will not be included in Box 1. However if you have received additional grants and scholarships, those amounts will be included in Box 5.
The 1098-T reports payments and financial aid disbursements that occurred in January 1 to December 31 of the tax year. A change to your schedule in the current calendar year will be reported to you on your next tax year's 1098-T.
The 1098-T was generated based on payments or financial aid disbursements which occurred during January 1 to December 31. The IRS requires institutions to report payments or financial aid disbursements in the year received not necessarily the year of enrollment. Account activity data is available in the myFSCJ portal. Student Center. Click on the Financial Account tile. Select Account Inquiry on the left.
1098-Ts are available at myFSCJ in the Student Center. Click on the Financial Account tile. Select “View 1098-T” on the left side of the screen.
The 1098-T requirements do not provide for an institution to report payments for instruction other than college credit and postsecondary vocational instruction. However, you may be eligible and claim the Lifetime Learning Credit for a continuing workforce education class even though it is not included on your 1098-T. You may obtain a receipt for classes by logging into your myFSCJ portal. Click on the "My Finances, "Student Center," go to the Finances section drop down box, select "payments" and click the Go icon.
The requirements and the amounts listed on a 1098-T do not exactly match the requirements and amounts used when claiming an American Opportunity Tax Credit/Lifetime Learning Credit. 1098-Ts cannot be used like a W2 or a 1099. As an example, you as a student may be eligible for the Lifetime Learning Credit if you took courses to improve your job skills.
The IRS form 1098-T is not reporting taxable income like a W2 or a 1099. The 1098-T is to assist you in determining your eligibility for the American Opportunities Tax Credit /Lifetime Learning Credit
Please note that the staff at FSCJ’s Student Financial Services office cannot assist you in determining the amount you can claim for a tax credit. Your tax professional should be able to help you determine if you qualify. As well as other excellent websites on educational tax credits.
If you have any additional questions or concerns, please call (904) 646-2300 or visit a Student Financial Services on campus/center nearest you.