Why Did I Receive this Form?
The 1098-T form is used by eligible educational institutions to report information about their students to the IRS as required by the Taxpayer Relief Act of 1997. Eligible educational institutions are required to submit the student’s name, address, taxpayer identification number (TIN), as well as, enrollment and academic status. Educational institutions must also report amounts to the IRS pertaining to qualified tuition and related expenses, as well as scholarships and grants.
Did the College Send this Information to the IRS?
Section 6050S of the Internal Revenue Code, as enacted by the Taxpayer Relief Act of 1997, requires institutions to file this information to assist taxpayers and the Internal Revenue Service in determining eligibility for the Hope and Lifetime Learning education tax credits.
Why Isn’t There an Amount in “Box 1” of My 1098-T?
The IRS instructs institutions to report either payments received for qualified tuition and related expenses (Box 1) or amounts billed for qualified tuition and related expenses (Box 2) on the 1098-T. Harcum College reports qualified tuition and related expenses that were billed during the tax year (Box 2)
, therefore, Box 1 – Payments Received for Qualified Tuition and Related Expenses, will be blank
Can I Access My 1098-T Online?
Students can access their 1098-T forms online by going to http://www.ecsi.net/1098T
, then selecting “Login to My Account.”
To use the Login Page, three pieces of information are needed:
- The School Code for Harcum: H7
- Student’s Account: Social Security Number without dashes
- Password: PIN number assigned by ECSI (students receive this with their original mailing)
If the PIN number is lost, or if you have questions regarding 1098-T forms that were sent to you by ECSI, please call ECSI at 1-866-428-1098.
Where Can I Find Out More About Educational Tax Credits and Deductions?
For additional information about higher education tax credits and deductions, please see Publication 970 Tax Benefits for Higher Education (http://www.irs.gov/pub/irs-pdf/p970.pdf
), or confer with your accountant.