1098-T and Tax Credits
Electronic Delivery Option — Click Here – Remember to click on “Save” at the end of the form. After January 1st, the forms will be mailed, but you can elect this option for future years.
Copies of your 1098-T can be obtained from:
http://www.ecsi.net/1098T. (Our College code is 29). You will need a PIN to proceed. Please call our ECSI Dedicated Phone Line for 1098-T Tax Forms at 1-866-428-1098 for help.
Regarding the 1098T Form:
Scholarships and grants are reported in Box 5. Box 1 will always be blank as JC chooses to report Qualified Charges in Box 2. These are basics. We cannot provide tax advice. If the questions become a request for advice, refer to our web site and help line. We do not provide duplicates of Form 1098-T. The student can sign-in at www.ecsi.net and print duplicates from any eligible year.
Taxpayers can elect an American Opportunity Tax Credit (formerly named Hope Scholarhip) or a Lifetime Learning Tax Credit for eligible education expenses. The American Opportunity Tax Credit is available to eligible students in their first and second years of college. Students beyond their first two years of college may be eligible to claim the Lifetime Learning Tax Credit. The issues affecting computation of these tax credits are extremely complex and will vary significantly by individual taxpayer. Consequently, John Carroll is not able to provide tax advice. John Carroll University provides the information prescribed tax information on IRS Form 1098T. We recommend you opt for the electronic delivery option, above. Electronic delivery also allows you to print copies as needed.
The Internal Revenue Service’s help line telephone number is 800.829.1040.
Information regarding use of the tax credit is also available on JCU’s help line at 216-397-4477.
The American Opportunity Tax Credit and the Lifetime Learning Tax Credit are claimed on an individual’s tax return on IRS Form 8863 Education Credits. If the current year’s form is not available on our site, please check at www.irs.gov.
What is new in the American Opportunity Tax Credit?
The term “qualified tuition and related expenses” has been expanded to include expenditures for “course materials.” For this purpose, the term “course materials” means books, supplies, and equipment needed for a course of study whether or not the materials are purchased from the educational institution as a condition of enrollment or attendance. Save your textbook receipts to claim your tax credit.
For more information from the IRS, click here.