Tax Form 1098-T Questions

What is a 1098-T?

Internal Revenue Service (IRS) form 1098-T is an informational only tax document that is issued to students for the purpose of determining eligibility for education tax credits. The information on the form is also filed with the IRS.

Will paying my Spring semester balance in December have any effect on the person claiming me on their taxes for 2023?

The American Opportunity Credit and Lifetime Learning Credit may be available to students and taxpayers claiming students as dependents on their federal income tax returns for certain qualifying educational costs.

Although College personnel cannot offer specific tax advice, it is suggested that any questions regarding the applicability of these credits as well as the appropriate timing to make qualified tuition expense payments for the Spring 2023 semester in your particular situation be directed to your tax advisor prior to January 1, 2024. Reviewing the www.irs.gov website may also answer some of the questions you may have about the tax credits.

Payments by check made during the time the school is closed will not be processed until January, but payments made online will be credited on the date the payment posted.

Who can claim my education credit?

You, or the person who can claim you as a dependent, may be able to claim an education credit.

When will the 1098-T form be mailed to my home address?

Lycoming College has partnered with Heartland ECSI for processing 1098-T tax forms. The forms are mailed to your home address on or before January 31st unless you consented to electronic delivery. If you consented to electronic delivery, an email notification will be sent to the student alerting them that the 1098-T is available at https://heartland.ecsi.net/. Once on the website, select Access your 1098-T Tax Documents and follow the instructions.

Can I access my 1098-T online?

You can access your 1098-T online by going to https://heartland.ecsi.net/. If you have no other forms or accounts with Heartland ECSI and only want to access your 1098-T, you will not need to set up a profile. Simply go to https://heartland.ecsi.net/. Once on the website, select Access your 1098-T Tax Documents and follow the instructions.

If I make a payment in 2023 for Spring 2024, will that payment show on my 2023 1098-T tax form?

The IRS reporting regulations stipulate only payments received and posted in tax year 2023 are to be reported in Box #1 of the 2023 1098-T form. Payments made in 2024 for qualified charges (tuition and fees) for the Spring 2024 semester, will NOT be captured on the 1098-T form in tax year 2023. Only payments made in the tax year for which the 1098-T form is generated will be reported in Box #1 for that tax year.

Does Lycoming College offer tax advice?

Lycoming College is unable to provide you with individual tax advice. You can find detailed information about claiming education tax credits in IRS PUBLICATION 970. If you have further questions about these changes or other specific tax-related questions, please contact your tax professional.