Welcome to the Business Office
FORM 1098-T TUITION STATEMENTS
The Internal Revenue Service requires Asheville Buncombe Technical Community College (A-B Tech) to report qualified tuition and expenses and scholarships and grants invoiced or posted to all degree-seeking students’ accounts on Form 1098-T. The 1098-T is an information return that assists students in computing certain education tax credits or deductions for which they may be eligible when they file annual income tax returns.
Students have instant access to their Form 1098-T Tuition Statement. By providing consent to receive your 1098-T Tuition Statement electronically, you will be able to access and print your 1098-T as soon as it is available. Tax forms will no longer be mailed. If you do not have access to WebAdvisor, please email firstname.lastname@example.org and we will print and email it to you. Please allow a two business day turn around.
If you would like instant online access to the form 1098-T statement, you should log into your Web Advisor account (student menu > financial information) and provide consent using the 1098-T Electronic Consent option. This must only be done once while attending A-B Tech.
For tax information, please visit the IRS Publication 970 where detailed information is provided about tax benefits for education. For additional information and guidance, contact your professional tax preparer.
FREQUENTLY ASKED QUESTIONS
What is Form 1098-T?
We are required by IRS Section 1.65050S-1 to make available Form 1098-T to students for whom qualified tuition and fees were invoiced (or billed) during the calendar year.
Why did I receive Form 1098-T?
Form 1098-T has been provided to assist in determining if you (or an individual who may claim you as a dependent) are eligible to claim a Hope Scholarship or Lifetime Learning Credit on the income tax return.
Why did I NOT receive Form 1098-T?
There are several possibilities:
- The IRS does not require us to send you one if your scholarship and aid (including formal billing arrangements with employers, government agencies, etc.) exceeded the invoiced amount.
- You attended in Spring Semester, but you had enrolled and been invoiced in prior calendar year.
- We do not have a valid Social Security Number on file for you. You may come to the Business Office and provide your Social Security Number and we will generate your 1098-T.
- Your invoiced amounts consisted of only non-credit courses. We do not send form 1098-T to CE students.
I viewed my 1098-T online. Will I get a copy in the mail?
Is the 1098-T form I printed from WebAdvisor valid?
Absolutely. The 1098-T form from WebAdvisor is an IRS-approved form.
I paid $1,100 last year. Why does my 1098-T only reporting $800 in Box 2?
Your 1098-T will show the amount invoiced to your student account from January 1 - December 31 of the tax year, not the amount paid.
I registered in November for Spring classes. Is that amount reflected on my 1098-T?
Yes. Your 1098-T will report any amount invoiced to your account from January 1 to December 31 of the tax year, not the amount paid. Box 7 will be checked on your form showing that your amount in Box 2 includes amounts for terms beginning in the first three months of the next year.
Can I get a copy printed?
Yes, email email@example.com to request a copy. Please make sure you include your current mailing address and student ID for verification.
What about books? Why they are not included?
Only qualified tuition and expenses are reported on your 1098-T. Please consult your professional tax advisor with questions regarding "qualified expenses."
Why does the 1098-T form show billed amounts instead of payments?
The IRS requires us to choose one reporting method. The college, along with all other North Carolina Community Colleges, chose to report the amount billed, not the amount paid.
If I receive Form 1098-T, does it mean I qualify for the Hope Scholarship or Lifetime Learning Tax Credits?
Not necessarily. We are required to provide Form 1098-T to those who were billed for qualified tuition and fees during the calendar year. Please consult your professional tax advisor to make an individual determination.
How do I determine which expenses will qualify for the Hope Scholarship and Lifetime Learning Credits?
Please consult your professional tax advisor for additional information.
What do the amounts located on the form represent?
Box 2 represents the amount of qualified invoiced tuition and expenses for calendar dates Jan. 1 through Dec. 31. Box 4 represents any adjustments made for prior year. Box 5 represents the total of all scholarships or grants administered and processed by us, as well as the total of any tuition or fees that were paid by a sponsor on the student's behalf through a formal sponsorship agreement. The amount of scholarships or grants for the calendar year (including those not reported by the institution) may reduce the amount of any allowable tuition and fees deduction or the education credit you may claim for the year. Box 6 represents adjustments to scholarship or grants for a prior year. Box 7 is checked only if you have been billed prior to Dec. 31 for any qualified tuition for the spring semester. Box 8 is only checked if you have been a half-time student (six credit hours) for at least one academic period that began during the calendar year.
Do I need to provide my social security number?
Per state, federal, and Internal Revenue Service (IRS) guidelines, beginning 2014, we will request that all students provide their social security number (SSN) or individual taxpayer identification number (ITIN) for reporting purposes.
Why is my SSN/ITIN being requested?
Per state, federal, and Internal Revenue Service guidelines, we are required to verify social security numbers (SSN) and individual taxpayer identification numbers (ITIN) annually for accurate tax reporting on 1098-T forms. Having an accurate SSN/ITIN on tax forms supports the tax deduction that a student or family may claim for qualified educational expenses on both federal and state income tax returns. Failure to provide us with an SSN/ITIN may result in the student being fined by the IRS in accordance with Internal Revenue Code Section 6723
Does A-B Tech fine students for not providing an SSN/ITIN?
A-B Tech does not fine students if they do not provide an SSN/ITIN; however, the IRS may fine students who have not provided A-B Tech with an SSN/ITI, in accordance with Internal Revenue Code Section 6723.
Who will my SSN/ITIN be shared with?
As required by Internal Revenue Code Section 6723, a student’s SSN/ITIN will be shared with the IRS for 1098-T reporting.
Are my FERPA rights being protected?
Asheville Buncombe Technical Community College fully complies with the Family Educational Rights and Privacy Act (FERPA), also known as the “Buckley Amendment” and therefore, does not release educational records or personal identifying information unless authorized or unless required for state and federal reporting.
I received an email from firstname.lastname@example.org. Is this a legitimate email address?
Some of the emails we send are processed systematically on behalf of the Business Office; therefore you may receive emails from this address. Although A-B Tech may communicate with students regarding the 1098-T verification process by email, the college will not request students to send or update your SSN/ITIN information by email.
Who do I contact with questions regarding A-B Tech’s request for SSN/ITIN?
Please contact the Business Office at email@example.com. You may also visit any Business Office in the Roberson Building.
If you have any questions regarding payment please call the cashier at 828-398-7152
Asheville-Buncombe Technical Community College
Attention: Business Office
340 Victoria Road
Asheville, NC 28801