American Opportunity and Lifetime Learning Credits
The Taxpayer Relief Act of 1997 allows a tax credit to be claimed for out-of-pocket payments made to eligible higher education institutions during the tax year for tuition and certain fees. The Internal Revenue Service (IRS) requires that we provide a 1098-T statement to you for your use in completing IRS Form 8863. The 1098-T statements for 2012 will be mailed the last week of January 2013.
The IRS changed the reporting requirements for Form 1098-T in 2003. Due to this change, all Tennessee Board of Regents (TBR) higher education institutions, including Volunteer State Community College, elected to report amounts billed for qualified tuition and related expenses in box 2 of the 1098-T form. The amounts reported to the student and IRS for tax year will be the amount of qualified tuition and related expenses incurred (not paid) from January 1, 2012 until December 31, 2012. This amount may not include Spring 2012 and it may include Spring 2013 depending on when you registered and when the tuition was charged on your student account.
The student, parent or guardian is responsible for reporting to the IRS amounts actually paid out-of-pocket or with borrowed funds during the 2012 tax year for qualified tuition and related expenses.
Volunteer State Community College outsourced to ECSI to print and mail the 1098-Ts for the 2007, 2008, and 2009 tax years. You can go to ECSI's website to view your 1098-T from 2007, 2008, and 2009. You will need your personal identification number (PIN) and password for access that was provided when ECSI mailed your 1098-T to view an electronic copy of your 1098-T. If you have any questions about your ECSI account, go to their website or call (866) 428 - 1098. For information by term with detail and dates of payments, grants and scholarships on your student account, go to the My VOLSTATE Portal and view your student account.
We recommend that you refer to this information to assist you in determining the amount of credit which may be claimed on your behalf. This information must not be construed as tax advice. The amounts and calculations used to determine the credit are the decision of the taxpayer after consideration of relevant IRS regulations, Form 8863, and, perhaps, the advice of a tax consultant. For more information about higher education tax credits or the tuition and fees deduction, you may read IRS Publication 970 or instructions for Form 8863.
If you have any questions about your 1098-T, please e-mail the Business Office at email@example.com.