Q: What is a 1098-T?
A: The 1098-T Tuition Statement is a form used by educational institutions to report information about their students as required by the Internal Revenue Service (IRS). The information contained on the form will help you to determine if you are eligible to claim educational tax credits such as The American Opportunity Tax Credit or the Lifetime Learning Tax Credit for educational expenses.
Q: How and when do I receive a copy of my 1098-T?
A: City Colleges of Chicago is required by the IRS to provide a copy of the 1098-T form by January 31st , following the current tax year. The 1098-T Statement can be viewed and printed on the CCC Student Portal by navigating to Finances → My Student Account → 1098-T Tax Forms.
Q: What should I do with my 1098-T Statement?
A: This form is informational only and you can keep it for your records. It serves to alert students that they may be eligible for educational tax credits. Since City Colleges of Chicago sends your 1098-T information to the IRS, there is no need to attach a copy of the form to your tax return.
Q: What are the Educational Tax Credits?
A: There are two education credits:
- The American Opportunity Tax Credit
- The Lifetime Learning Tax Credit
Q: If I receive a 1098-T from City Colleges of Chicago, does this mean I am eligible to receive the American Opportunity Credit and the Lifetime Learning Credit?
A: Please refer to the IRS Publication 970 (Tax Benefits for Education) and Form 8863. These forms are available on the IRS web site at: Forms and Publications, or for further information contact the IRS at 1-800-829-1040 or consult with your tax advisor.
Q: What should I do if I am having trouble proceeding past the E consent Option page on the Student Portal?
A: In order to proceed to the next screen, you must click "Grant Consent."
Q: What should I do if the Social Security Number (SSN) on my form is missing or incorrect?
A: You need to provide your valid SSN by completing IRS Form W-9S. This form should be returned to the Registrar’s Office at your college.
Q: Why I am not able to view my 1098-T form electronically?
A: Either you didn’t provide CCC E –Consent to access your form electronically, you were not eligible to receive 1098-T form for the current year or you opted out of the E-Consent feature.
Q: How do I print my 1098-T from the Student Portal?
A: The 1098-T Statement can be viewed and printed on the CCC Student Portal by navigating to Finances → My Student Account → 1098-T Tax Forms. In order to fit the 1098-T form onto one (1) page, you must select Print only selected frame or Shrink to Fit in Print Preview. If you continue to have problems printing, please visit your College Business Office.
Q: What is IRS Form 8863?
A: Form 8863 is used to figure and claim your education credits, which are based on qualified education expenses paid to an eligible postsecondary educational institution.
Q: What is IRS Form 8917?
A: Form 8917 is used to figure and take the deduction for tuition and fees expenses paid in 2015. This deduction is based on qualified education expenses paid to an eligible postsecondary educational institution.
Q: Does City Colleges of Chicago send a copy of the 1098-T form to the IRS?
A: Yes, we are required to do so by the IRS.
Q: My 1098-T statement has an amount in Box 2 (Amounts Billed), but not in Box 1 (Payments Received) and I made payments to City Colleges. Why is this?
A: The IRS requires educational institutions to report Payments Received (Box 1) or Amounts Billed (Box 2) on the 1098-T Form. City Colleges of Chicago reports qualified tuition and related expenses that were billed (Box 2) during the tax year which is from January 1st to December 31st. Therefore, Payments Received (Box 1), will be blank.
Q: How are my Veteran's benefits reported on a 1098-T form?
A: Veteran's benefits (Illinois Veterans Grant, Post 9/11 GI Bill, etc.) received are reported as grants on the 1098-T form in Box 5. City Colleges of Chicago does not issue a 1098-T form if veteran's benefits equal or exceeds your total charges (qualified tuition and related expenses).
Q: I took classes in the Spring term of the current tax reporting year, but the charges are not included on my 1098-T. Why?
A: Most likely, you signed up for your Spring Term classes before January 1st of the current tax reporting year. Therefore, the charges for those classes would have been reported on last year's 1098-T statement, if you met the criteria to receive one.
Q: I took continuing education classes--am I eligible to receive a 1098-T Statement?
A: No, 1098-Ts are only generated for Credit and Skills students.
Q: I took foundational studies (prerequisite) classes only--am I eligible to receive a 1098-T Statement?
A: No, you must have taken credit and/or skills courses along with your foundational studies courses in order to qualify for a 1098-T.
Q: I had charges in the current tax reporting year, but I did not receive a 1098-T statement. Why?
A: Most likely, you received financial aid and/or scholarships in excess of your charges. City Colleges of Chicago does not issue a 1098-T form to students if their financial aid (scholarships and/or grants) equals or exceeds qualified tuition and related expenses. It is also not issued to students in a "Course Taker" program plan nor those enrolled in only non-credit classes (such as continuing education and foundational studies).
Q: I received Grants (e.g. Pell, MAP, SEOG) and/or scholarships that covered my tuition and fees and I made a payment. Am I eligible to receive a 1098-T?
A: You are not eligible to receive a 1098-T if your grants and/or scholarships exceeded your charges for the calendar year.
Q: How do I view my charges and or payments made to City Colleges of Chicago?
A: This information can be viewed by visiting the CCC Student Portal and navigating to Finances → Account Summary.