Education tax credits may be available to you if you are paying educational costs for yourself or a student who is an immediate member of your family.
The Community College of Rhode Island is required by federal law to provide a completed IRS 1098-T form to all students enrolled in courses for "credit" for which a reportable transaction is made for any given calendar year. A reportable transaction is defined as tuition and certain fees a student must pay to enroll at the college. This student enrollment and financial data is then transmitted to the IRS.
The Community College of Rhode Island reports the amount billed for qualified tuition and fees in Box 2 of IRS Form 1098-T, and the total amount of scholarships and or grants in Box 5 of IRS Form 1098-T as well as any billing adjustments made which would appear in Box 6 of the 1098-T Form. The college DOES NOT provide payment information in Box 1 of the 1098-T Form.
Note: The reporting of tuition, fees, scholarships, grants, and adjustments do not determine the tax credit or taxability of these amounts being reported; it is the students' responsibility, not the college's to determine the taxability of scholarships and grants or the tax credits available.
The Community College of Rhode Island will mail student's IRS Form 1098-T prior to February 1st for the prior calendar year financial account activity as required by federal law. To view and print your Form 1098-T:
Supplemental account information will be shown below the 1098-T displaying a summary and line by line detail of account activity for the calendar year.
In order to provide you with IRS Form 1098-T and to report your student financial data to the IRS the college must have:
For complete information regarding Education Tax Credits see the most current versions of IRSPublication 970, Tax Benefits for Education, IRS Form 8863, Education Credits, or consult your tax advisor.
The college is not required and does not provide Form 1098-T for courses which no academic credit is offered, or to students who are nonresident alien students.
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