1098-T (Tuition STatement) information
1098-Ts are federal tax forms that are filed by educational institutions for each student enrolled for whom a reportable transaction is made. The dollar amounts reported on your 1098-T may assist you in completing IRS form 8863, the form used for calculating the education tax credits that a taxpayer may claim as part of their tax return.
Employees of Gulf Coast State College are unable to provide tax advice. For guidance, you may want to consider the following resources:
- Internal Revenue Service (IRS)
- IRS Publication 970 (tax benefits for education)
- Education Tax Credits (overview information for students)
- Your trusted tax professional
FREQUENTLY ASKED QUESTIONS
Do I HAVE TO claim this as income on my taxes?
The 1098-T is not an income reporting form, like a W-2. Gulf Coast State College staff are not permitted to offer tax advice to students or parents. The Business Office can explain the values on the form but cannot tell you whether or not you will qualify for a credit. You may want to review IRS Form 8863 or contact your tax professional.
When will I receive my 1098-T?
1098-Ts will be mailed / available online by January 31st of each year. Gulf Coast is not required to mail a form to students whose total grants, scholarships, third-party and waiver payments were greater than or equal to their tuition and fees. The form will still display online for these students.
how can i access my 1098-T?
Instructions on how to view your 1098-T online.
What should I do with my 1098-T?
You should immediately give it to whoever is responsible for preparing your tax returns. If you prepare your own tax returns, you should keep your 1098-T in a file with your other tax documents. Your 1098-T should remain in your files; you do not need to attach the 1098-T to your tax returns.
I misplaced my 1098-T form. can i get another copy?
The electronic version of your 1098-T can be viewed online and reprinted. Instructions on how to view your 1098-T online.
Why does GCSC report by calendar year instead of by school year?
We are required by the IRS to report on a calendar year basis, which is January 1 to December 31. We can only report amounts to the IRS that posted to your student account between those dates.
I attended GCSC in the spring semester, but some of the payments for that term are showing on the previous year’s form. Why?
The 1098-T reports only those transactions that posted to your student account during the calendar year. Spring semester begins in January, but if you paid for those classes on or before December 31, those amounts will be reported on the previous year’s 1098-T.
WHy don't the amounts match my records?
- Box 1 displays payments made for qualified tuition, as defined by the IRS, even if the charges were for terms that fell before or after the tax year in question. For example, payments made in December of the tax year for the upcoming spring semester will appear in Box 1 for December's tax year.
- Payments made for items other than qualified tuition and fees will not be included on the 1098-T.
- Scholarships, grants, out-of-state tuition waivers, and other tuition waivers will be included in Box 5 if they were credited to your account during the tax year in question, even if they were for previous or future semesters.
- Loans and Florida Prepaid do not count as scholarships or grants for Box 5.
My address listed on the 1098-T has changed. will this affect me when i file my tax return?
No. The address shown on your 1098-T is irrelevant for IRS income tax filing purposes. However, you should update your address on the portal so that GCSC has up-to-date information.
Where can I view or update my address?
You may view or update your address by logging in to myGCSC and selecting My Student Dashboard.
I am an international student. what do i do with My 1098-T?
The IRS does not require GCSC to file a 1098-T for international students who are not U.S. residents for tax purposes. This is because non-resident students are not eligible for education tax benefits. However, GCSC cannot definitively determine which international students are residents for tax purposes. For these reasons we provide 1098-T forms to all students. To determine your eligibility, please consult your tax professional or the IRS.
Does my 1098-T tell me everything i need to know for tax purposes?
Probably not. Your 1098-T reports all tuition payment transactions that flowed through your student account during the calendar year. However, students typically incur other expenses that may also qualify for tax credits or deductions. The most common example is textbooks. For further information on “qualified” education expenses, please review IRS Publication 970. You may wish to consult with a tax professional.
If you have other questions about your 1098-T, information can be found on our website as well as the IRS website at the links above. If you have additional questions, feel free to email us at BusinessOffice@gulfcoast.edu or call (850) 872-3879. Remember, we cannot provide tax advice - we can only answer questions regarding information on the form itself.