Tax Credits for Higher Education – Form 1098-T
Colleges and universities use Form 1098-T to report information about tuition, fees, scholarships, and grants posted to a student’s account to the Internal Revenue Service (IRS) as required by the Taxpayer Relief Act of 1997. The reported information is used to determine eligibility for educational tax credits such as the American Opportunity Credit. For more information on tax benefits for education, review Publication 970 on the IRS website at www.irs.gov. The College of New Jersey cannot give tax advice, however please contact a tax adviser for assistance.
In addition, TCNJ is required to provide each eligible student with a copy of their Form 1098-T on an annual basis. This form is informational only and serves to alert students that they may be eligible for federal income tax education credits. A copy of Form 1098-T is furnished to students in late January.
REPORTING CHANGES FOR FORM 1098-T STARTING FOR CALENDAR YEAR 2018 ONWARD
Due to a change in reporting requirements, under federal law by the IRS, beginning with tax year 2018, The College of New Jersey is required to report the amount PAID for qualified tuition and related expenses. The college will no longer report the amount BILLED on your annual 1098-T form. Therefore, Box 2 (Amount Billed) will remain empty on your 1098-T Form and Box 1 (Payments received for qualified tuition and related expenses) will be populated with the amount paid during the calendar year.
RECEIVING A 1098T
The 1098-T form is mailed annually, typically during the month of January, to the permanent home address in PAWS for those students meeting the requirements for issuance of a 1098-T. If a student would like to receive a 1098-T form electronically, they can enroll into this feature by visiting https://heartland.ecsi.net/index.main.html#/access/eConsent
RETRIEVING YOUR 1098T FORM ELECTRONICALLY
If the student enrolled to receive their 1098T form electronically, please follow the steps below:
- Visit the homepage for ECSI
- Click on the “Find Your Tax Form” box
- Click the “I Need My 1098-T Tuition Tax Statement”
- Search The College of New Jersey and click Submit
- Fill out the prompted Student Information Form
- Click “View/Print Your Form” to locate your 1098T form
If you are having trouble retrieving your 1098T form or need further assistance with the ECSI website, please contact ECSI using their chat feature or 1098T phone line available on ECSI – Contact Us