Beginning in calendar year 2018, Lone Star College will now report on Payments Received when generating 1098-T forms.
Last Updated December 2018 - An educaiton credit reduces the amount of tax owed on a individual's tax return. If the credit reduces your tax to less than zero, you may get a refund. There are two education credits available: the American Opportunity Tax Credit and the Lifetime Learning Credit.
To learn more about these education credits visit the IRS' web site Tax Benefits for Education: Information Center or read IRS Publication 970.
The IRS Form 1098-T (Tuition Statement) is issued to all students who attended an eligible educational institution and have made payments towards qualified tuition and related expenses during the previous calendar year. The information on Form 1098-T is used to determine if you are eligible to claim an education credit on your Federal Income Tax Return.
Qualified educational institutions are required to report the following for each student with qualified tuition and fees during the previous calendar year:
Forms 1098-T must be postmarked by January 31st. You should receive your form 1098-T no later than the end of the first week in February.
Forms 1098-T will be mailed to your permanent address on file with the college you attended.
Yes, you can opt-in to receive your 1098-T form electronically by following the link to the TaxSelect Electronic Consent (1098-T) Form. You must opt in by January 1st of the current calendar year to receive an e-form for the previous calendar year. If you opt-in to receiving the form electronically you will not be mailed a paper copy of the form.
Copies of your 1098-T forms can be obtained directly from the Heartland ECSI website. Enter our school name as Lone Star College System. You can also contact Heartland ECSI at 1-866-428-1098. The school code that is needed for calling is EV.
No. Lone Star College only generates 1098-T forms for credit courses.
The Teachers Certification Program is a non credit hour program, therefore tuition and fees are not reportable on Form 1098-T.
You may have not been issued a 1098-T for any of the below reasons:
Additional information about exceptions on providing 1098-T forms to students can be found in the Instructions for Forms 1098-E and 1098-T on the IRS web site.
Check to see if you fall under one of the exceptions listed above. If you don't and have not received a form 1098-T by the end of the first week in February copies can be obtained through the ECSI Website or by calling 1-866-428-1098 (use school code EV) .
The total amount of payments received for qualified tuition and related expenses (QTRE) from all sources during the calendar year are included in Box 1. The amount reported is the total amount of payments received less any reimbursements or refunds made duirng the calendar year. This amount is not reduced by scholarships or grants reported in Box 5. Payments made for previous calendar years may be included in Box 1 if Lone Star College previously billed you for these amounts and these payments were made during the calendar year for which the form was generated.
No. The Payment Plan setup fee and any late fee amounts are not included on the 1098-T because they are not eligible expenses for the tax credit.
If you have questions regarding the amounts in either Box 1 or 4, please contact the Business Office at the campus you attended during the previous calendar year.
If you have questions regarding the amounts in either Box 5 or 6, please contact the Financial Aid office at the campus you attended during the previous calendar year.
Lone Star College System does not provide tax return preparation assistance. To determine if you qualify for one of the education tax credits, or for more information regarding tax benefits for education, consult IRS Publication 970, your tax advisor, or the IRS by calling
1-800-829-1040 or visiting them online at http://www.irs.gov/.