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:
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.
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.
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.
The electronic version of your 1098-T can be viewed online and reprinted. Instructions on how to view your 1098-T online.
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.
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.
Box 1
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.
Box 5
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.
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.
You may view or update your address by logging in tomyGCSCand selecting My Student Dashboard.
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.
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.
Additional Questions?
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.
Gulf Coast State College does not discriminate against any person in its programs,
activities, policies or procedures on the basis of race, ethnicity, color, national
origin, marital status, religion, age, gender, sex, pregnancy, sexual orientation,
gender identity, genetic information, disability, or veteran status. All questions
or inquiries regarding compliance with laws relating to non-discrimination and all
complaints regarding sexual misconduct or discrimination, may be directed to Lee Wood, Executive Director, Human Resources/Title II/504/Title IX Coordinator and Employment
Equity Officer, Gulf Coast State College, 5230 W. US Highway 98, Panama City, FL 32401.