About Form 1098T
1098T Forms are mailed to students in January of each year.
What is a 1098T Form?
Section 6050S of the Internal Revenue Code requires eligible educational institutions to file information returns to assist taxpayers in determining the amount of qualified tuition and related expenses for which an educational tax credit is allowable. This information is provided on the 1098T Form.
Why did I receive a 1098T Form?
If you received a 1098T form it means that you had charges on your account for at least one course at Hudson Valley Community College during the calendar year. It does not mean that you are eligible for a tuition and fees deduction, Hope Tax Credit, or Lifetime Learning Tax Credit. According to federal tax regulations, determination of qualified charges and payments is the responsibility of the tax payer.
What information is provided on the 1098T Form?
Educational institutions are required to report either the amounts paid for tuition and qualified expenses or the amounts billed for qualified tuition and related expenses during the calendar year.
Hudson Valley Community College has elected to report the amount billed during the calendar year for qualified tuition and expenses. This information is reported on the 1098T Form in Box 2, Amounts Billed for Qualified Tuition and Related Expenses. Box 1 will be left blank since HVCC reports amounts billed.
Box 5, Scholarships and Grants, reports any scholarships, grants and payments from third party sponsors (excluding family members and loan proceeds) received for the calendar year.
Any adjustments to qualified tuition or scholarships and grants previously reported are provided in Boxes 3 and 5 respectively.
For a detailed explanation of each box on the 1098T Form, please see the instructions printed on the form.
Where can I obtain information on the educational tax credits?
For information about the tuition and fees deduction, the Hope Tax Credit, and Lifetime Learning Tax Credit, refer to: IRS - Tax Benefits for Education: Information Center.
You may wish to consult a tax advisor for help in calculating the amount of your credit. Employees of Hudson Valley Community College cannot answer questions regarding eligibility for the credits.
Why does the 2016 1098T Form include amounts billed for the Spring 2017 semester?
Qualified tuition and fees billed in calendar year 2016 for the Spring 2017 semester will be included in the 2016 1098T Form. Box 7 will be checked if Spring 2017 charges are being reported.
How can I obtain a 1098T Form if I did not receive one?
You may obtain your 1098T information in WIReD in the Student Account Records section by selecting the 1098T Tax Notification link, then the appropriate tax year.
If the Cashier's Office does not have a current address or a social security number on file, you may not have received a 1098T Form. Please contact the Registrar's Office at (518) 629-4574 for instructions on how to update your information if needed.
If you did not receive a 1098T Form please call the Cashier's Office at (518) 629-4504.
Learn About Education Tax Benefits and Credits