1098-T INFORMATION

1098-T TUITION STATEMENT TAX FORMS

~ You may access your 2008 thru 2013 1098-T tax forms through your WebAdvisor account ~

Students may consent to obtaining their 1098-T tax form electronically. If you consent to receiving your form electronically, a form will not be mailed to you. You can choose this option by visiting the "1098 Electronic Consent" link in your WebAdvisor account.

2013 1098-T tax forms will be mailed by January 31, 2013 to those students that did not consent to obtain their form electronically through the "1098 Electronic Consent" link and to those students that do not visit the "1098 Electronic Consent" link to make a selection.

If you have consented to receive your 1098-T tax form electronically, it will be available through your WebAdvisor account no later than January 31, 2013.  This applies to curriculum students who had registration charges billed to their account between January 1, 2013 and December 31, 2013.

PLEASE NOTE:

FTCC reports 1098-T information as the "AMOUNT BILLED" - (Box 2) on your 1098-T tax form. 

IT IS NOT NECESSARILY THE AMOUNT YOU PAID FOR YOUR TUITION, BUT IS THE AMOUNTS FOR REGISTRATION TRANSACTIONS DURING THIS PERIOD.

Changes for 2013 1098-T Tax Forms:

Box 2 – Amounts Billed for Qualified Tuition and Related Expenses. The amount reported is not reduced by scholarships, sponsorships, and grants reported in box 5.

Box 5 – Sponsorship charges are now included in this box. Scholarships and grants generally include all payments received from 3rd parties (excluding family members and loan proceeds). This includes payments received from governmental and private entities such as the Department of Veterans Affairs, Department of Defense, civic, and religious organizations, and nonprofit entities. Some exceptions may apply.

Box 6 – “Adjustments to Scholarships or Grants for a Prior Year” is the amount of current year reductions to non-loan financial aid transmitted to a student’s account for a prior tax year. This box will now include sponsorship charges that transmitted to a student’s account for one year but was covering charges for a future year semester (example: student’s sponsorship covered registration charges in December of 2012 but the classes didn’t start until January 2013).

 

FTCC may answer questions related to the statement itself, but will not be able to answer any questions relating to the requirements for education credits. Students may wish to visit www.IRS.gov or contact a tax advisor for assistance in the use of their 1098-T for tax purposes or for additional information.