FAQ for IRS 1098-T Form
College of Central Florida Federal Identification Number is: 59-1213999
This information is being provided for information purposes ONLY. Neither the College of Central Florida nor its staff are qualified to give tax advice. For tax advice, you should consult a licensed tax professional or the Internal Revenue Service. For more information, visit the IRS website at www.irs.gov or call the toll free number, 1-800-829-1040.
The Department of Student Accounts produces the 1098Ts each year in January for the entire student population.
The tax forms are mailed and postmarked to students by January 31st. The tax forms provided include the following:
- Box 1: Starting in tax year 2018, due to IRS legislation that changed Form 1098-T reporting requirements, the College of Central Florida will report payments received for qualified tuition and related expenses within the calendar year (January 1st - December 31st). Prior to 2018, IRS allowed reporting in Box 1 payments received, OR in Box 2 amounts billed for qualified tuition and related expenses. Box 2 will no longer be used on the form.
- Box 2: Now no longer used on the form. Used to contain amounts billed for qualified tuition and related expenses
- Box 4: Adjustments made for a prior year
- Box 5: Scholarships or grants
- Box 6: Adjustments made to scholarships or grants for a prior year
- Box 8: Half-time status
- Box 9: Graduate student status
The College of Central Florida cannot provide tax advice. A tax professional should be consulted for such advice. Below is some helpful information regarding tax benefits and accessing the Form 1098-T.
Why is the 1098-T Form important to you?
The 1098-T Form helps you identify eligible college expenses for valuable education credits up to $2,500. This form is not required to be included or returned with your tax return. In addition, receipt of the 1098-T form does not indicate eligibility for the tax credit.
How do I access my 1098-T?
The 1098-T tax forms are mailed and postmarked to students by January 31st. Online access is currently available for tax year 2018, where applicable. Please go to MyCF or contact Student Accounts directly if you require a copy of a prior year 1098-T tax statement. You may reach us at 352-854-2322 ext. 1213 or via email at email@example.com.
Why did I not receive a 1098-T?
See exceptions listed on the IRS website providing information on Form 1098-T.
How can I get a copy of my 1098-T from a prior year?
You may access your 1098-T from a prior year in which you were eligible to receive a form online by clicking MyCF.
Why is there nothing in Box 2 of my 1098-T?
The College of Central Florida previously reported amounts billed for qualified tuition and related expenses, which were reported in Box 2. Payments you made to the College of Central Florida were not reported on the Form 1098-T. Starting in tax year 2018, due to IRS legislation that changed Form 1098-T reporting requirements, College of Central Florida will report payments received for qualified tuition and related expenses in Box 1. Prior to 2018, IRS allowed reporting in Box 1 payments received, OR in Box 2 amounts billed for qualified tuition and related expenses. Box 2 will no longer be used on the form.
How can I view my Student Account information?
To view your student account, please log into MyCF. If you cannot view your MyCF account using Mozilla Firefox, please use Internet Explorer or Google Chrome as your web browser.
What other information do I need to claim the tax credit?
The 1098-T form serves to alert students that they may be eligible for federal income tax education credits. Receipt of Form 1098-T does not indicate eligibility for the tax credit. To determine the amount of qualified tuition and fees paid, and the amount of scholarships and grants received, a taxpayer should use their own financial records.
What are the education tax credits?
- The American Opportunity Tax Credit can help pay for the first four years of college if you attend at least half-time. The credit provides up to $2,500 per student per year, or up to $10,000 over four years of education.
- The Lifetime Learning Tax Credit can help pay for any level of college or for education courses that advance or improve your job skills. The credit provides up to $2,000 per return per year.
How do I claim one of these credits?
These tax credits are available to taxpayers who paid education expenses for themselves, their spouse or for their dependent(s). To claim a credit, you must file a Form 1040 or Form 1040-A federal tax return and complete Form 8863. Form 1098-T contains helpful information needed to complete Form 8863.
Can I still claim education tax credits if I got a Pell Grant or other scholarship?
Most likely you can. Some students may be able to increase their credit by including some of the grant money in the student’s income. Students with tuition expenses and Pell Grants or other scholarships should use the resources below to maximize their benefits.
Use the Interactive Tax Assistant tool on IRS.gov to see if you can claim the credit.
Where can I learn more about these valuable tax credits for higher education?
Everything you need is online at Education Credits.
What are qualified expenses?
See Publication 970
See Tax Benefits for Education --> Information Center
Who do I contact with questions on my 1098T Form?
If you have any questions related to your tax form 1098T, you can email firstname.lastname@example.org, or contact 352-854-2322 ext. 1213. It is important to review your Form 1098T statement and compare the Form 1098T to your MyCF account. Some awards may be taxable and yet not reportable on Form 1098-T. Please consult your tax advisor for further details.
How can I get an itemized listing of the financial activity that is on my 1098-T form?
Account statements are available online at MyCF.
- Log into MyCF.
- Click on the Finances
- Click on Fee Statement.
- Select a Term in the drop-down box.
- Click Generate my Fee Statement.
How do I get a reprint of my 1098-T form?
If you did not receive a 1098-T due to a change of address, or you misplaced the form, you can print a duplicate by logging into your account at MyCF and following the steps below:
- Log into MyCF.
- Click on the Finances
- Click on 1098-T Info.
- Click on Go to My 1098-T Info.
- Select the Year from the drop-down box.
- Click Printer Ready to print your 1098-T form.
Please be advised that the College of Central Florida will not mail any duplicates.
My address listed on the 1098-T has changed. Will this affect me?
No. The address shown on Form 1098-T is irrelevant for IRS income tax filing purposes. The single most important information on the form is your Social Security Number.
What if the Social Security Number or Individual Taxpayer Identification Number is incorrect on my 1098T?
If the 1098-T does not include the correct Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN), please contact the Enrollment Services (352-854-2322, ext. 5802), so they may correct your student record. Once the SSN/ITIN is corrected on your student account, you may contact Student Accounts (352-854-2322, ext. 1213) for further assistance. A Student Accounts staff member will ensure that a new 1098T form gets generated and the correct information is refiled with the IRS.
What if anything else is incorrect on my 1098-T?
If you have discovered a discrepancy on the 1098-T form, please contact the Office of Student Accounts (352-854-2322, ext. 1213) and a member of our staff will be able to assist you.
Why does the College of Central Florida need my Social Security Number?
As it pertains to the 1098T form, the College of Central Florida needs to have the correct social security number for all students that attend the college to comply with the IRS requirements. Every year, as an eligible educational institution, the College of Central Florida must report enrollment information for all eligible students in connection with the Hope Scholarship Credit and the Lifetime Learning Credit.
What if I still have questions?
If you have any additional questions or concerns, please call the Office of Student Accounts (352-854-2322, ext. 1213).