Looking for your 1098T form? Have questions? Most answers can be answered by reading this detailed information about the 1098T process. If you still have questions after reading this e-mail in its entirety, please e-mail 1098T@vsc.edu and include your Student ID, the college you attend (or attended), and your question in detail.
PLEASE NOTE– Vermont State Colleges must get your correct identifying number to file Form 1098-T, Tuition Statement, with the IRS and to furnish a statement to you. This will be your Social Security number (SSN) or, if you are not eligible to obtain an SSN, your individual taxpayer identification number (ITIN). Form 1098-T contains information about qualified tuition and related expenses to help determine whether you, or the person who can claim you as a dependent, may take either the tuition and fees deduction or claim an education credit to reduce Federal income tax. For more information, see IRS Pub. 970, Tax Benefits for Higher Education. To add, update or correct your SSN or ITIN number, please use the form W9s and mail, Fax or drop off at your college.
IMPORTANT TAX RETURN DOCUMENT INFORMATION
1098Ts are available after Jan 31st to students and parents who are authorized by their students to view them. Students, former students & authorized users* will access the current and recent year 1098T forms on the VSC bill payment site. This e-mail includes all the steps you will need to obtain your form.
Make sure you have the most current version of Adobe Reader and that your pop-ups are not blocked. If you enable them during your visit, you will have to log out completely of your browser and back in to activate. If you are using a Mac computer, open by using Safari and enable pop-ups.
Students – To view or print your 1098T form use these instructions:
- Enter the portal address, https://portal.vsc.edu ;
- Choose “VSC Bill Payment for Students and Authorized Users.”
(https://sycamore.vsc.edu/C21736_tsa/web/login.jsp ) - Use your VSC Portal ID and password* to log into the Student and Staff box.
- Consent to viewing documents electronically to view the site.
- All available 1098T forms will appear on the “My Account” page.
- Follow instructions for viewing and downloading form.
*If you are unsure of your user ID or password, go to and follow the links labeled “What’s my username?” (https://ash.vsc.edu/selfservice/my_username.pl) or “I forgot my password” (https://myid.vsc.edu/myAccount/ResetPassword.aspx).
*Students who consent to electronic access of the 1098T form may allow authorized users access to 1098T forms. To authorize, students must log in; click on the My Account tab; choose Authorized Users; and Edit or Add Authorized User. Once added, authorized users will be emailed login information and can access 1098T forms.
*Authorized users:
- Enter https://sycamore.vsc.edu/C21736_tsa/web/login.jsp
- Scroll down to the“Authorized Users” box and using the e-mail issued by your student; and the password* you created, enter the site.
- Consent to viewing documents electronically to view the site
- All available 1098T forms will appear on the “my account” page
- Follow instructions for viewing and downloading form
*If you are unsure of your password, enter your e-mail and click “Have a temporary password e-mailed to you”.
Payments are not reported on 1098T forms – Students can view their billing statements for the detailed charges and payments or go to Web services using their username and password for a summary of the charges. Follow these instructions:
- Enter the WebServices website
- Click on “Log in” the upper right using your Portal User ID and Password.
- Select STUDENTS tab; Select STUDENT BILLING/FINANCIALS;
- Select “1098T STUDENT ACCOUNT SUMMARY” (summary of charges and payments)
The VSC uses the Box 2 method for reporting to the IRS
If you pre-registered in 2015 for your spring 2016 term, those qualifying tuition charges are reported on your 2015 1098T as this is when you were actually billed those charges, not in 2016. Please have your tax preparer refer to your 2015 1098T and you will see the box checked indicating that some charges are for January – March 2016 in box 7.
Room / Meals are not considered qualified tuition costs, only tuition, student activity fee, facilities fee and some course fees, so you will not find room & meal charges reflected on your 1098T’s.
The following will help you in understanding how box 2, 4, 5 and 6 on 1098-T is calculated for 2016 tax year- all net credits incurred in 2016 for 2015 and prior individual years will go on only box 4 of 2016 1098T form and no negative values on any 1098-T boxes whatsoever. Each institution is required to choose between the following methods of reporting to the IRS. The VSC uses box 2 method. Excerpts are taken directly from the IRS website*:
Box 1. Payments Received for Qualified Tuition and Related Expenses –
If your institution uses this method of reporting (VSC does not use this method- this box will be blank), enter the total amount of payments received for qualified tuition and related expenses from all sources during the calendar year…Box 1 will be blank
Box 2. If your institution uses this method of reporting (VSC uses this method as do most institutions), enter the amounts billed during the calendar year for qualified tuition and related expenses. The amount reported is the total amount billed less any reductions in charges made during the calendar year that relate to the amounts billed for qualified tuition and related expenses during the same calendar year. The amount reported is not reduced by scholarships and grants reported in box 5. Box 2 Includes
- Charges incurred in the current tax year for the current tax year (a student registered in 2016 for 9 credits and tuition was $1341, health insurance = $1536 and books =$300.00, then box 2 will be only $1341 since health insurance and books are not qualified fees)
- Credits incurred in the current tax year for the current tax year (say the student above dropped one of the classes on or before 12/31/2016, box 2 would be only $894.00)
- Charges incurred in the current tax year for the future tax year (say the student above registered for 2016SP class in 2016, box 2 will be $1,341 as long as the student registered for 2016SP on/before 12/31/2016 even if the class for 2016SP would start in 2016.)
- Credits incurred the current tax year for the future tax year (say the student above dropped his only one class for 2016SP before 12/31/2016, box 2 will revert back to $894.00)
- Net charges incurred in 2016 for 2015 and any individual prior years (i.e., the student got rebilled and the charges for two classes above should have been $1000 instead of $894 reported on 2015 tax form, box 2 will be $1000 ($=$894 for current year plus $106 for 2015)
Box 4 includes
- Net credits incurred in the current tax year for 2015 and individual prior years (i.e., the student above got rebilled in 2016 and the charges for 2015 should have been $600 instead of $894, then box 4 in 2016 should recapture $294 net charge (box 2 of 2015 1098T minus $600 actual amount that should have been reported)
Box 5 includes:
- Grant or scholarship administered in 2016 for any current and future terms
- Increase or decrease in the current tax year for scholarship or grant administered in prior years
Box 6 includes:
- Reduction in the current tax year for grant or scholarship administered in prior years
Form 1098-T. Eligible educational institution (such as VSC) must send Form 1098-T (or acceptable substitute) to each enrolled student by January 31, 2016. An institution may choose to report either payments received (box 1), or amounts billed (box 2), for qualified education expenses.
However, the amounts in boxes 1 and 2 of Form 1098-T might be different than what you actually paid. When figuring the credit, use only the amounts you paid or were deemed to have paid in 2016 for qualified education expenses.
* https://www.irs.gov/pub/irs-prior/i1098et–2016.pdf
Please consult your tax advisor with specific questions on how you use the 1098T or the implications of your tax refund, we are unable to answer tax related questions.
