Payment Posting: Payments received in Student Accounts prior to Winter Break will be posted in the current year. Payments received after the college is closed for Winter Break will be posted when the college reopens. Click the calendar
for actual dates: Payments made online through the PeopleSoft Student Portal
will be posted the same day the payment is made.
What is a Form 1098-T?
Colleges and universities are required under Internal Revenue Code Section 6050S to issue the Form 1098-T for the purpose of determining a tax payer’s eligibility for various tax credits and/or deductions. You are not required to attach the IRS Form 1098-T to your tax return. The primary purpose of the 1098-T is to let you know that FCC has provided the required information to the IRS to assist them in determining who may be eligible to claim the tuition and fee deduction or education credits. There is no IRS requirement that you claim a tuition and fees deduction or an education related tax credit.
What has changed?
• In 2017 and prior, FCC reported qualified CHARGES in Box 2.
• Effective January 1, 2018 the Internal Revenue Service (IRS) is requiring colleges and universities to begin reporting what students paid to an educational institution. Payments made prior to 01/01/2018 toward 2018 spring semester qualified tuition will not appear on the 2018 1098-T for the following reason:
• On Form 1098-T for 2017, Frederick Community College was reporting qualified charges in Box 2. Spring 2018 charges incurred in 2017 were reported in Box 2 on the 2017 Form 1098-T.
• Your payment made prior to 1/1/18 cannot be reported in 2018.
• While the transition can be a bit confusing, nothing has been lost or misreported during the transition from reporting in Box 2 in 2017, to reporting payments in Box 1 in 2018.
When is my 1098-T available?
Students can elect to receive an electronic Form 1098-T via the PeopleSoft Student Portal and it is generally available the third week of January. Otherwise, a paper copy will be mailed via the U.S. Postal Service no later than January 31st to the mailing address on record.
How do I view my 1098-T
• Log on to your PeopleSoft account.
• From your Student Center, under the Finances tab, click link to view 1098-T.
• Choose the tax year that you wish to view.
• Log on to your PeopleSoft account.
• Click on Self Service on the left hand side menu.
• Select Campus Finances in the middle of the page.
• Select View 1098-T and choose the tax year that you wish to view.
What do I do with the 1098-T form?
The purpose of the 1098-T is to help you and/or your tax professional determine if you are eligible for the American Opportunity Credit or the Lifetime Learning Credit. The 1098-T is just informational.
Why didn’t I receive a 1098-T form?
There are several possibilities:
• You did not enroll in courses at FCC during the January 1st through December 31st calendar year.
• You did not have any payments to report for Qualified Tuition and Related Expenses.
• Your paper copy of the Form 1098-T was mailed to the mailing address on record and returned by the Postal Service.
How can I get my invoice?
You can request an invoice by contacting Student Accounts by phone at 301.846.2456 or by email. Invoices can only be mailed to the student or sent to their myFCC email account.
What time period does my 1098-T cover?
Payments in Box 1 only reflect classes paid by the student during that calendar year. Reporting activity on a calendar year basis may create a timing difference on the student's 1098-T. This is most apparent during the payment for J-Term and Spring semester. This difference is caused by payment activity being posted in a different calendar year. For instance, if you register and pay for a Spring semester course in December of the previous year, then the payment will be reflected on the 1098-T from the calendar year in which you paid.
Can I get my 1098-T from a prior year?
Yes. All years which you qualified for a form will be accessible by you online when you opt in to receive the 1098-T through PeopleSoft Student Portal.
Who can claim an Education Credit?
You may be able to claim an education credit if you, your spouse, or a dependent you claim on your tax return was a student enrolled at or attending an eligible educational institution. If a student is claimed as a dependent on another’s tax return, only the person who claims the student as a dependent can claim a credit for the student’s qualified education expenses. The College encourages students to seek advice from a qualified tax accountant when appropriate.
The Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) on my Form 1098-T is missing or incorrect. What should I do?
Reporting to the Internal Revenue Service depends primarily on your SSN/ITIN. It is very important for you to have the correct information on file with the college. Follow these steps to have a corrected Form 1098-T generated:
1.Download and complete the Request for Student’s or Borrower’s Taxpayer Identification Number and Certification (W-9S) Form.
2.Submit the completed form to the Registrar for processing.
3.Contact Student Accounts once updated for a revised Form 1098-T.
Disclaimer: The items presented here are for general information only and do not constitute tax advice. The College does not endorse nor independently confirm the information presented in any other website referred to in this document. The College encourages users of this page to seek advice from a qualified tax accountant when appropriate.
• IRS Publication & Forms: https://www.irs.gov/forms-instructions
• Form 8863 Instructions for Education Credits: https://www.irs.gov/pub/irs-pdf/i8863.pdf
• Form 1040 Instructions: https://www.irs.gov/forms-pubs/about-form-1040
• IRS Information on American Opportunity Credit: https://www.irs.gov/newsroom/american-opportunity-tax-credit
• IRS Information at Lifetime Learning Credit: https://www.irs.gov/credits-deductions/individuals/llc
• Why Form 1098-T is important to you?: https://www.irs.gov/pub/irs-pdf/p5197.pdf