1098-T Tax Information

1098-T Tax Information

 

Taxpayer Relief Act of 1997

 

The following information is not intended as legal or tax advice. Please refer with a personal tax advisor or the Internal Revenue Service to determine your eligibility for education tax credits.

 

The Taxpayer Relief Act (TRA) of 1997, created tax benefits for families or students who are paying for higher education or repaying student loans. Through Richard Bland College, students, or the persons who can claim them as 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 during a Calendar Year.

 

Richard Bland College reports the amount billed during the calendar year, regardless of the term, in Box 2. The amount shown in Box 2 may represent an amount other than what was actually paid.

 

  • Box 2. Shows the total amounts billed for qualified tuition and related expenses less any reductions in charges that relate to those amounts billed.
  • Box 4. Shows any adjustment made for a prior year for qualified tuition and related expenses that were reported on a prior year Form 1098-T. This amount may reduce any allowable education credit that you claimed for the prior year (may result in an increase in tax liability for the year of the refund). See recapture in the index to Pub. 970 to report a reduction in your education credit or tuition and fees deduction.
  • Box 5. Shows the total of all scholarships or grants administered and processed by the eligible educational institution. The amount of scholarships or grants for the calendar year (including those not reported by the institution) may reduce the amount of the education credit you claim for the year.
  • Box 6. Shows adjustments to scholarships or grants for a prior year. This amount may affect the amount of any allowable tuition and fees deduction or education credit that you claimed for the prior year. You may have to file an amended income tax return (Form 1040X) for the prior year.
  • Expenses that do not qualify are insurance, medical expenses (including health fee), room and board, transportation (including bus fee), or similar personal, living, or family expenses, etc.

 

Students who will not receive a 1098-T:

 

  • If academic credit hours were not achieved during the calendar year for which the 1098-T is produced.

 

To see if you qualify for the credit, or for help in calculating the amount of your credit, please login to the IRS website at www.irs.gov.

 

In addition, you may need to contact a personal tax advisor and the Internal Revenue Service at 800/829-1040 for more information or to determine if you are eligible for the tax credits.

 

The College encourages all students to receive their 1098-T form online through the Banner Student Information System.  Students should ensure that they have access to their Banner Student ID and PIN in order to receive the 1098-T in a timely fashion.  To access Banner:

 

  • Go to the RBC homepage, www.rbc.edu, and click on myRBC located at the top of the page.
  • Click on Banner
  • Click on Enter Secure Area
  • Enter User ID and PIN
  • Click on Login
  • On Main Menu, Click on Account
  • On Student and Financial Aid, Click on Student Account
  • On Student Account, Click on Tax Notification
  • On Select a Tax Year, enter 2013, and Submit
  • Once the 1098-T is displayed, the form can be printed from this page
  • Qualified students will have access to a detailed breakdown of box 2 and 5 by retrieving their electronic form online through the Banner Student Information System.

 

If your social security number or any information on your 1098-T form appears to be incorrect, please contact the Cashier’s Office: