1098T - What Is It And How Do I Receive It

Tags 1098T

Issue/Question 

Understanding what a 1098T Tax Document is and how to receive one.

Environment

All Students

Cause 

Filing Taxes

Resolution  

What is the IRS Form 1098T?

A college or university that received qualified tuition and related expenses on your behalf is required to file Form 1098T with the IRS.  Educational institutions are required to file and furnish a Form 1098T to students whose payments for qualified billed tuition and related expenses were received in the calendar year.  The information being reported to the IRS verifies your enrollment with regard to certain eligibility criteria for the American Opportunity Tax Credit, the Lifetime Learning Tax Credit, and the Higher Education Tuition and Fees Deduction.

The amount shown in Box 1 of your 1098T represents the total amount of payments received for qualified tuition and related expenses from all sources during the calendar year.  The amount reported is the total amount of payments received, less any reimbursements or refund made during the calendar year that relate to the payments received for qualified tuition and related expenses during the same calendar year.  The amount reported is not reduced by scholarships and grants reported in box 5.  The amount reported can not exceed the amount billed for qualified tuition and related expenses in the same year.  The spring semester is usually billed in December, but payments are not due until January.  This timing could result in payments and billings for qualified tuition and expenses occurring in different calendar years.

The amount listed in Box 4 of your 1098T reflects adjustments made for a prior year to payments received and/or amounts billed. Payments received may be reimbursements or refunds of qualified tuition and related expenses made in the current calendar year that relate to payments received that were reported for any prior year.  Amounts billed may be reductions in charges made for qualified tuition and fees.

The South Dakota Public Universities have contracted with Heartland ECSI to print, mail, and store your 1098T online.  Heartland ECSI provides customer service through a 1-800 phone service and offers live chat to assist in answering any questions.  Heartland ECSI will be mailing you a copy of your 1098T before January 31.  If you have any questions about your 1098T you can call 605-642-6512 for assistance.

How to receive your 1098T.

Black Hills State University, in conjunction with ECSI, offers you the opportunity to receive your 1098T Tuition Statement Tax Form electronically.  If you would like to receive your 1098T form electronically, watch for the announcement in the Student E Campus Update for the link to sign up.  When it comes in the update (usually in December) please give your consent by following the link provided and following the step-by-step instructions.  When logging into the ECSI site to obtain your 1098T documents, please remember to use South Dakota Board of Regents as the school and not Black Hills State University.

If you choose to receive a paper copy of your 1098T form,simply do nothing and your paper 1098T will be postmarked by January 31st. and sent to your permanent address on file.

The benefits to receiving electronic notification are:

Online delivery provides access to the form 1098T earlier than the traditional mailing process.

Online delivery eliminates the chance that the 1098T will get lost, delayed during delivery, or misplaced once the student receives it.

Signing up for online delivery is easy and secure.

Students can receive their 1098T form even while traveling or on assignment away from their home address.

If you choose not to sign up for an electronic delivery and your 1098T form does not make it to your address on file for whatever reason, you can go to your student portal and go to "My Academic Information" - and under Student Accounts click on "Tax Notification". If  you are not a current student, you will need to go to sdbor.edu and click on, Students & Educators  - Student Resources - 1098T information.  Click on heartland.ecsi.net.  When you get into ECSI you need to remember to put South Dakota Board of Regents as your school not BHSU as we are all in under South Dakota Board of Regents.  If you  have any problems once you are in ECSI you will need to contact them.

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