TaxSelect (1098T) FAQ
- What is IRS Form 1098T?
An eligible educational institution, such as a college or university in which you are enrolled, and an insurer who makes reimbursements or refunds of qualified tuition and related expenses to you must furnish this statement to you. You, or the person who can claim you as a dependent, may be able to claim an education credit on Form 1040 or 1040A, only for the qualified tuition and related expenses that were actually paid in 2012. To see if you qualify for the credit, see Pub. 970, Tax Benefits for Education; Form 8863, Education Credits; and the Form 1040 or 1040A instructions.
- How do institutions report payments received?
Institutions may report either payments received during the calendar year in box 1 or amounts billed during the calendar year in box 2. The amount shown in box 1 or 2 may represent an amount other than the amount actually paid in 2012. Your institution must include its name, address, and information contact telephone number on this statement. It may also include contact information for a service provider. Although the filer or the service provider may be able to answer certain questions about the statement, do not contact the filer or the service provider for explanations of the requirements for (and how to figure) any education credit that you may claim.
- Why did I receive Form 1098T?
- Your school is required to send you this form so that you can use it to determine if you are eligible and what dollar amount you can claim for either the American Opportunity Credit or Lifetime Learning tax Credits.
- What is Form 1098T used for?
- The information on the 1098-T form is provided to assist each Student/Taxpayer in preparing the IRS FORM 8863, which is used to claim the American Opportunity or Lifetime Learning Credits. Once complete, the 8863 should be attached to the Student/Taxpayers return to determine eligibility and the amount of the Education credit (if any) that he/she may be entitled to on their Individual Income Tax Return.
- Do I have to use Form 1098T?
- No, if you are not paying taxes or your income is too high to qualify, you do not have to do anything with this form. If you think you received it in error, please disregard it.
- Can my school or ECSI provide me tax advice?
- ECSI cannot offer tax advice regarding your tax forms. If you have any questions about if or how much interest you can deduct, you should consult with a qualified tax professional or contact the IRS Taxpayer Assistance line at 1-800-829-1040. The IRS web site has many documents concerning TRA-97, including some self-help topics for tax filers. Click here for a comprehensive list of IRS links at the bottom of ECSI's Student Tax Information Page under Additional Resources.
Form Generation & Access
- When can I expect to receive my 1098T form?
- The IRS tax laws state that all tax documents must be mailed by January 31st. ECSI has until January 31st to send out all 1098 tax documents. Please login to your ECSI periodically to see if your tax form is available.
- How do I access my 1098T form if I did not receive one?
- If your school provided you a 1098T form, you can access your 1098T form online, 24 hours a day, 7 days a week by logging into your ECSI account. Please visit www.ecsi.net/taxinfo.html to log in to your ECSI account and retrieve your form.
- What information do I need to log in to my ECSI account to view my 1098T form?
- To access your ECSI account and retrieve your 1098T, you will need your School Code, Account Number (SSN) and PIN/Password.
- How do I retreive my login creditials to access my ECSI account?
- Click here to retrieve your login credentials. Enter all the information requested. Your login credentials will appear after you click submit. **Please note that the zip code entered must match the one on file that the school sent ECSI.**
Claiming a Tax Credit
- What is the American Opportunity Credit?
If you have questions about the American Opportunity Credit, please see the IRS Publication 970: Chapter 2 - American Opportunity Credit.
- What is the Lifetime Learning Credit?
If you have questions about the American Opportunity Credit, please see the IRS Publication 970: Chapter 3 - Lifetime Learning Credit.
Information Regarding Form 1098T
- What does each box represent on Form 1098T?
Click here to view Form 1098T Instructions to Students
- What if the SSN on my tax form is incorrect?
To correct your Social Security Number ("SSN") on your tax form, you must fill out Form W-9S. Click here to download Form W-9S.. Please include your School Code and School name on the top of the form to help expedite your request. Please note that your SSN cannot be corrected without a W-9S form on file. After completing the form, you can submit it to ECSI using the following methods:
Please be sure to include your email address on the form. By providing your email address, ECSI will be able to notify you via email that your new form is available. You will also receive a new login for your website account.
- PREFERRED: Scan the form and email it to: firstname.lastname@example.org.
- Fax the form to: (866) 291.5384.
- Mail the form to: 181 Montour Run Road, Coraopolis, PA 15108.
- Where can I download Form W-9S?
Click here to download Form W-9S.. Please include your email address, school code and school name on the top of the form to help expedite your request.
- What if the amounts on my tax form are incorrect?
Please keep in mind ECSI cannot answer specific questions regarding the amounts on your tax form. To discuss amounts on your tax forms, you will need to contact your school directly using the contact information provided on the tax form.
- First, check to see if there is a form from the previous tax year, look on that form, if Box 7 was checked on the previous year's form, then the tuition for the current tax year is on that form and is not included on the current tax year's form.
- Second, check the current tax year form, if Box 7 is checked then it is including amounts for the academic period starting Jan - March of the next tax year.
- Third, this form is for qualified tuition and related expenses only, room and board will NOT be included.
- Fourth, if your scholarships are not reflected, check to see if box 2 and 7 are checked. Some schools will bill for the next tax year in fall of the current tax year but will not add scholarships to the student account until the next tax year. Therefore, those scholarships will be on next year's form.
- Fifth, have there been any changes to your class schedule. If box 2 and box 7 are checked for spring of the current tax year, and a class is added after the bill was sent, that change will be reflected on next year's tax form.