Trident Techical College contracted with ACS Education Services to print and mail students’ Form 1098-T Tuition Statements.  The Form 1098-T Tuition Statements are now available on the ACS secure website at http://www.1098-t.com/.  Students may access their financial information and print copies of their 1098-T from this website.

FAQs about 1098-T reporting:

Why does Trident Technical College send 1098-T forms to students?

The Internal Revenue Service (IRS) requires “eligible” colleges and universities to file form 1098-T for each student enrolled for any academic period during calendar year 2006.  A college or university is “eligible” if it qualifies for participation in the Department of Education’s student aid programs.  TTC does not file 1098-T forms for continuing education students.  This is an allowable exception to the reporting requirement.

What does the student do with this information?

The student, or individual who can claim the student as a dependent on their tax return, may be eligible to take either the tuition and fees deduction or claim an educational tax credit for out-of-pocket tuition and related expenses paid between January 1, 2006 and December 31, 2006 on Form 1040.  The student should take form 1098-T to their tax preparer or if preparing their own taxes, follow the instructions on Form 8863 Education Credits. 

In general, the Hope Scholarship Credit and the Lifetime Learning Credit allow taxpayers to claim a nonrefundable credit against their federal income taxes for certain post-secondary educational expenses.  There are some factors considered in the calculation of tax credits, such as income limitations, that may disallow the tax credit.  For more information about the deduction or credit, students should refer to IRS Pub. 970 Tax Benefits for Education, Form 8863 Education Credits, and the Form 1040 or 1040A instructions.

What do the boxes on Form 1098-T mean?

The 2006 1098-T Form reports financial transactions on student accounts for the calendar year January 1, 2006 through December 31, 2006.  Please note if a box is “blank,” then the amounts required in that box do not apply to TTC.

Box 1*   Blank         

Box 2*   Amounts billed for qualified tuition and related expenses (spring 2006, summer 2006, or fall 2006; or spring 2007 if enrolled before December 31, 2006)

Box 3     Blank

Box 4     Tuition adjustments made for a prior calendar year

Box 5     Scholarships or grants (Pell, Lottery, SCNBG and Scholarships)

Box 6     Scholarship or grant adjustments from a prior calendar year

Box 7     If marked X, means the student enrolled in spring 2007 before December 31, 2006

Box 8     If marked X, means the student was enrolled in at least 6 hours in a term that began during the calendar year (spring 2006, summer 2006 or fall 2006)

Box 9     Blank

Box 10   Blank

* Box 1 is blank because Trident Technical College reports amounts in box 2.  Colleges are required to report in either box 1 or box 2.

Any activity, such as enrollment changes or financial aid feeds, to student accounts that occurred in January 2007 will be reported on next year's 1098-T. 

How can a student get a copy of his/her 1098-T Form?

Go to the ACS Education Services secure website at http://www.1098-t.com/.  Click on “Student Access,” follow the instructions to set up a password, access financial information and print copies of his/her 1098-T from this site.

Questions:

Call ACS at 1-877-467-3821 or Trident Techncial College 843-574-6804.