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IRS Form 1098-T Information and Education Tax Credits

 

The American Opportunity Credit (which extended the Hope Credit) and the Lifetime Learning Credit, also referred to as education credits, were created by the Taxpayer Relief Act of 1997. Education credits can help offset the costs of education by allowing a subtraction from federal income tax, rather than a deduction from taxable income. The details of these and other higher education tax benefits associated with the Taxpayer Relief Act of 1997, including a description of qualifying expenses, can be found on the Internal Revenue Service (IRS) website, at www.irs.gov/Individuals/Education-Credits.

In January each year, Herkimer College will issue a Form 1098-T to each qualifying student indicating the amount charged by the college for Qualified Tuition and related expenses during the previous calendar year.  The purpose of the 1098-T is to assist students in identifying tax credit qualifying expenses.  The amounts and calculations used to determine the credit are very complex and are the decision of the taxpayer after consideration of relevant IRS regulations, IRS Form 8863 available at this link: https://www.irs.gov/pub/irs-pdf/f8863.pdf, and consultation with a tax advisor. For more information, see IRS Publication 970, Tax Benefits for Education, which can be obtained online at IRS.gov or by calling the IRS at 800-TAX-FORM (800-829-3676).  

A 1098-T is sent to each student enrolled in credit-bearing classes who was billed or had bill adjustments during the previous calendar year.  Supplemental information that is not provided on the 1098-T is available for students through the College’s website via Student Online Services and may be obtained as follows:

  1. Go to www.herkimer.edu and choose the link for MyHerkimer (found at the top of Herkimer’s home page)
  2. Log in (If you need assistance, please contact the HELP desk during regular business hours at 315-866-0300, extension 8555)
  3. Once in the MyHerkimer portal, please click on the link for Student Online Services in the top left corner.
  4. From the Main Menu in Student Online Services, click on the link for Student Services.
  5. Click Student Services again.
  6. Click on the link for Tax Notification.
  7. Enter a tax year and click submit.
  8. The 1098-T form will be shown along with other supplemental information not shown on the form.

 

Providing your Social Security Number (SSN) for 1098-T Purposes

The Privacy Act Notice, Section 6109 of the Internal Revenue Code requires you to provide your correct SSN to persons who must file information returns with the IRS to report certain information.  The IRS uses SSNs for identification purposes and to verify the accuracy of tax returns.   To comply with the statute, if you haven’t previously provided your SSN to Herkimer College and are taking credit-bearing course work, please complete part 1 of Form W-9S, “Request for Student’s or Borrower’s Taxpayer Identification Number and Certification,” and return it to the Student Accounts Office at Herkimer College, via mail or by fax at 315-866-5497. The form is available at this link: https://www.irs.gov/pub/irs-pdf/fw9s.pdf.

The SSN will be used only for the purpose of preparing form 1098-T. All other documentation printed by the College will use your student identification number (H#).