The Taxpayer Relief Act of 1997 allows a tax credit to be claimed for out-of-pocket payments made to Southwestern Illinois College (SWIC) during the Tax Filing Year (January 1 – December 31) for tuition and certain fees. The IRS requires that SWIC provide the 1098-T statement to you for your use in completing IRS Form 8863-Education Credits, Hope and Lifetime Learning Credits. This statement reports amounts billed at SWIC in the Tax Filing Year. This information is also reported to the IRS.
The amounts and calculations used to determine the credit are the decision of the taxpayer after consideration of relevant IRS regulations, Form 8863, and, perhaps, the advice of a tax consultant. We recommend that you refer to your student invoices (bills), receipts or information from your eSTORM account to assist you in determining the amount of credit that may be claimed on your behalf. To obtain detailed payment and billing information, log into your eSTORM account. Go into the Student Center and check the Account Activity under the other financial areas of the Finances section or check the 1098T Reports folder. This information must not be construed as tax advice.
Southwestern Illinois College cannot advise on questions pertaining to a student or parent’s specific tax situation. Please contact your tax advisor or the Internal Revenue Service for information about your tax return.
For additional information, see 1098-T Information in the eSTORMHelpsection.
Important Changes to 1098T Reporting
In previous years, your 1098-T included a figure in Box 2 that represented the qualified tuition and related expenses (QTRE) we billed to your student account for the calendar (tax) year. Due to a change to institutional reporting requirements under federal law, beginning with tax year 2018, we will report in Box 1 the amount of QTRE you paid during the year.
Depending on your income (or your family’s income, if you are a dependent), whether you were considered full or half-time enrolled, and the amount of your qualified educational expenses for the year, you may be eligible for a federal education tax credit. (You can find detailed information about claiming education tax credits in IRS Publication 970, page 9.)
The dollar amounts reported on your Form 1098-T may assist you in completing IRS Form 8863 – the form used for calculating the education tax credits that a taxpayer may claim as part of your tax return.
For more information about Form 1098-T, visit: https://www.irs.gov/pub/irs-pdf/f1098t.pdf