Student Tax Information | Barton Community College

Billing and Payment Student Tax Information

Information on the 1098 T Form

As of the calendar year 2018, IRS regulations require the 1098 form to report the total amount of payments for qualified charges rather than amounts billed for qualified charges.  Thus starting for calendar year 2018 you will now see an amount in box 1 of the 1098 form rather than box 2.  Please note that box 1 will show total payments for terms that started during the calendar year including scholarships/grants up to the maximum amount of qualified charges.   Qualified charges only include the current calendar year adjusted for any prior year carryover amounts and will not include charges for terms that start the next calendar year.  If you plan to mail payments on account, please be sure they are in our office by December 1 of the calendar year.  Payments received after that time may be shown on the student account the following tax year due to the holiday break.  Please note 1098 forms are not required for students whose qualified tuition and related expenses are paid entirely with scholarships/grants.

Please consult your tax professional for advice on how the report amounts from the 1098 form as the college is not allowed to offer tax advice.

Definitions

Payments

The total amount of payments received for qualified tuition and related expenses from all sources during the calendar year. The amount reported is the total amount of payments received less any reimbursements or refunds made during the calendar year that relate to the payments received for qualified tuition and related expenses during the same calendar year. The amount reported is not reduced by scholarships and grants reported in box 5.  Payment of past due qualified tuition and related expenses would be included. 

Qualified Charges

Qualified tuition and related expenses. Qualified tuition and related expenses are tuition, fees, and course materials required for a student to be enrolled at or attend an eligible educational institution. The following are not qualified tuition and related expenses. Amounts paid for any course or other education involving sports, games, or hobbies, unless the course or other education is part of the student's degree program or is taken to acquire or improve job skills. Charges and fees for room, board, insurance, medical expenses (including student health fees), transportation, and similar personal, living, or family expenses.

***The amount reported is the total amount billed less any reductions in charges made during the calendar year that relate to the amounts billed for qualified tuition and related expenses during the same calendar year.  The amount may be adjusted for eligible unused amounts in a prior term. The amount will not include charges for spring semester courses starting in the following tax year. The amount reported is not reduced by scholarships and grants reported in box 5.

Scholarships/Grants

The total amount of any scholarships or grants administered and processed during the calendar year for the payment of the student's costs of attendance. Scholarships and grants generally include all payments received from third parties (excluding family members and loan proceeds). This includes payments received from governmental and private entities such as the Department of Veterans Affairs, the Department of Defense, civic and religious organizations, and nonprofit entities.