New for 2018 ---
College of the Canyons is improving the 1098T process.
We are moving the 1098T Tax form to your My Canyons Account.
Santa Clarita Community College District (College of the Canyons) will begin offering 1098T Student Tax documents through My Canyons. Once available students will be able to view, print and re-print their forms at any time. 1098T Student Tax Documents are furnished by the end of January for the preceding tax year.
Consent is required to receive your tax form through your My Canyons Account. Beginning with the year 2018, consent was given at the time of registration. If consent was not given, you may consent by logging into your My Canyons account, in the Student Menu under Student Account, select 1098T Opt In and accept
Consent may be withdrawn at any time. To withdraw consent, a written request must be submitted to the Student Business Office (firstname.lastname@example.org) from your my.canyons.edu email account. A confirmation of your request will be sent to you via email. Once consent has been withdrawn, any future 1098T forms will be mailed to your legal mailing address on file with the college. Remember to supply the college with your most up to date address information.
We will report the amount paid towards qualified tuition and related expenses.
Due to IRS regulations we will be switching from the amount billed towards qualified tuition and related expenses within a calendar year to the amount paid towards qualified tuition and related expenses within a calendar year. NOTE: Unpaid balances and payments received after December 31st, will not be included in your calculations for qualified tuition.
1098-T Tax Form
Educational institutions are required by law to report to the IRS and students the amount of qualified tuition and related expenses billed to students or paid by students during the calendar year.
Students can use this information in preparation of their Taxes. The Federal government currently has two Education Tax Credits available, the American Opportunity Credit and the Lifetime Learning Credit. Both credits allow eligible taxpayers to claim a tax credit against their federal income tax for qualified tuition and related expenses. The information reported on the 1098-T helps the student evaluate eligibility for these credits. Each tax credit has different requirements which must be met before the credit may be claimed. Information regarding education credits and their requirements are available through the IRS Web Site.
College of the Canyons does not provide any information or guidance in reference to your eligibility for these Education Tax credits. We strongly encourage students to seek professional advice regarding eligibility for this tax credit.
Frequently asked questions:
When will I receive my 1098-T?
The Santa Clarita Community College District, College of the Canyons prepares data to print the 1098T Tax form at the beginning of each calendar year. Students have the option to receive a paper copy via mail or an electronic copy.
Electronic tax forms will be available online (beginning 2015) and will be available to view by January 31st. Students who have set up their accounts in advance, will receive an email notification when their form is ready.
Paper tax forms will be mailed to the student’s legal mailing address on file by January 31st. If the 31st falls on a Sunday, tax forms will be mailed by February 1st. Please allow 5 to 10 business days to receive your form.
All forms will be mailed to the student’s legal mailing address that is on file with the college. If you have moved, please update your address as soon as possible. Any address changes made after January 1st, will not be reflected in your 1098-T
Does everyone receive a 1098-T form?
No. A 1098-T will not be issued under the following conditions:
- You are a visa student without a valid Social Security Number (SSN) or Individual Tax Payer Identification Number (ITIN) on file. IRS Regulations specify that educational institutions are not required to issue a 1098-T in this situation, unless the form is requested by the student. All tax information is sent to the IRS in March, therefor the form must be requested no later than March 1st.
- You have qualified tuition and related expenses that are entirely waived. For example, fees that are waived through the Board of Governors Fee Waiver (BOGG).
What should you do with the 1098-T form?
Keep it for your records. The information contained in the 1098-T will help you determine if you may claim an education tax credits. Review the “Instructions for Student” on the reverse side of Copy B of the 1098T. Please consult your tax advisor or refer to the IRS for Education related tax benefits.
The Social Security Number (SSN), Individual Tax ID Number (ITIN) or name on my form is missing or incorrect. What should I do?
In order to report this information to the IRS, a Social Security Number (SSN) or Individual Tax Payer Identification Number (ITIN) is required.
Notices are sent out each November, requesting students without a SSN or ITIN to update their records.
If your form is missing a SSN / ITIN or your SSN /ITIN are incorrect, you may update your records in person at the Admissions and Records Office with a photo ID and Social Security Card. Once the update has been made, you may request a corrected form with the Student Business Office.
Your legal name should be the same as what is on your social security card and not a nick name.
Student accounts that are missing a Social Security Number will still be included in College of the Canyons IRS file and noted accordingly. Students, who choose not to supply us with their Social Security Number, or provide an incorrect number or name, may be subject to a penalty assessed by the IRS.
All tax information is sent to the IRS in March, therefore SSN/ITIN numbers and name corrections must be supplied and updates to the form must be requested no later than March 1st.
I did not receive a 1098T tax form or have misplaced the form; how do I receive a duplicate?
Beginning with 2018, electronic copies will be available through My Canyons. You may log in to your account and view and or reprint your available forms at any time.
If you need a copy of a form prior to 2018, please contact the Student Business Office to request a duplicate copy. All requests take two weeks to process and can be picked up with a valid photo id.
What does the amount in Box 1 “Payment received for qualified tuition and related expenses” mean and why does it not equal the amount that I paid for tuition?
Santa Clarita Community College, College of the Canyons reports the amount paid in a calendar year towards qualified tuition and related expenses. Qualified tuition includes enrollment fees, non-resident tuition, non-resident capital outlay, student center fee, material fees and credit by exam. As per IRS regulations, qualified tuition does not include the health fee, student representative fee, parking fee and student support fee.
Beginning in 2018, College of the Canyons will be switching from the amount billed towards qualified tuition and related expenses to the amount paid towards qualified tuition and related expenses. This total will not include unpaid balances or payments received for balances after December 31st.
Why is the amount in Box 2 “Amounts billed for qualified tuition and related expenses” blank?
As per IRS regulations, Santa Clarita Community College, College of the Canyons will be reporting based on the amount paid toward qualified tuition and related expenses. Please see BOX 1.
What does the amount in Box 4 “Adjustments made for a prior year” mean?
This lists the amount of refunds issued during the current calendar year for "qualified tuition and related expenses" reported on a 1098-T for a prior tax year. Refunds may be the result of dropped, cancelled or withdrawn classes, nonresident to resident classification, fee waivers, scholarships or third party sponsorships.
What does an amount in Box 5 “Scholarships or grants" mean?
This lists the net amount of certain forms of educational assistance that were received or applied to your student account during the calendar year, regardless of the semester that the funds were intended. The amount in Box 5 may include fee payments and other credits received in the form of grants, scholarships or formal billing arrangements. Formal billing arrangements include sponsorship accounts with your employer, local business or a government entity such as DSPS or Veteran Affairs. Any subsequent adjustments or reductions to educational assistance that occurred in the same calendar year are included in this amount.
What does an amount in Box 6"Adjustments to Scholarships or grants for a prior year" mean?
This lists a total of scholarships, grants or formal billing arrangements that were reported on a 1098-T for a prior year and were adjusted or reduced in the current tax year.
What does the check mark in Box 7 “Includes amounts for an academic period beginning January – March” mean?
A check mark in Box 7 means that you have registered and have been billed for classes that will start in the following calendar year.
What does the check mark in Box 8 “If at least half-time” mean?
If Box 8 is checked, it indicates that you were considered to be "enrolled at least half-time" for one or more semesters during the calendar year.
At College of the Canyons, "at least half-time" means that you were enrolled in 6 or more units for any semester (Fall or Spring) or that you were enrolled in 3 or more units for any term (Winter or Summer).
My 1098T amounts are incorrect, what do I do?
Please contact the Student Business Office. We will analyze your account and issue a corrected 1098T statement if an error was made.