What information is provided on the 1098T Form?
Educational institutions are required by the IRS to report either the amounts received for tuition and qualified expenses (Box 1) or the amounts billed for qualified tuition and related expenses (Box 2) during the calendar year. Once an institution has selected one of these options, they cannot change reporting methods between calendar years without IRS permission. Jackson Community College has elected to report the amount billed during the calendar year for qualified tuition and related expenses (Box 2), therefore, Box 1 – Payments Received for Qualified Tuition and Related Expenses, will be blank. Box 4, Scholarships and Grants, includes any scholarships and grants reported for the calendar year. Any adjustments to qualified tuition or scholarships and grants previously reported are provided in Boxes 3 and 5. For a detailed explanation of each box on the 1098T Form, please see the “Instructions to Student” printed on the form.
Educational institutions are required by the IRS to report either the amounts received for tuition and qualified expenses (Box 1) or the amounts billed for qualified tuition and related expenses (Box 2) during the calendar year. Once an institution has selected one of these options, they cannot change reporting methods between calendar years without IRS permission. Jackson Community College has elected to report the amount billed during the calendar year for qualified tuition and related expenses (Box 2), therefore, Box 1 – Payments Received for Qualified Tuition and Related Expenses, will be blank. Box 5, Scholarships and Grants, includes any scholarships and grants applied to the student’s account for the calendar year (January through December). Adjustments to the qualified tuition reported in the prior year are provided in Box 4. Adjustments to scholarships and grants reported in a prior year are provided in Box 6. For a detailed explanation of each box on the 1098T Form, please se
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