Frequently Asked Questions
What is a 1098-T?
Form 1098-T is provided to help you determine if you or your parents are eligible to claim one Of the following education credits, Hope Scholarship, American Opportunity Tax credit or the Lifetime Learning Credit, on your income tax return. The 1098-T is just informational; you are not required to attach IRS Form 1098-T to your tax return. For more information on these tax credits please visit the IRS web site www.irs.gov/pub/irs-pdf/p970.pdf , or consult with your tax Professional
What are the Hope and Lifetime Learning tax credits?
In 1997, the Taxpayer Relief Act established two education tax credits and a deduction for student loan interest. These credits are explained in detail in Publication 970 from the IRS. Note: Just because you receive a 1098-T does not automatically mean you qualify for a credit. If you have questions about how to compute your education tax credit, you should consult your tax professional or refer to the IRS.
When Will I Receive My 1098-T?
1098-T forms will be mailed by January 31 to qualifying students’ permanent addresses.
1098-T form will also be available online as well! Instead of waiting for your form to arrive in the mail, you will be able to access access a PDF view of your 1098-T form online through MyENC.
How Do I Access my 1098-T Online?
1. Login to your MyENC with your NetID. Note: If you do not have your NetID, please contact ITS HelpDesk at 617 745-3727.
2. From the left menu, click on “Student Finance”
3. Click on the 1098T tab. Select a year and click on the “Print 1098T” link. This will open your 1098T in a PDF format.
Why Didn’t I Receive a 1098-T?
There are several possibilities:
1. We do not have a valid permanent address on file for you.
2. You are classified as a non-resident alien.
3. You opted for electronic delivery for your 1098-T form.
4. The IRS does not require ENC to send you one if your scholarship and aid exceeded the billed amount.
5. You attended ENC in Spring of last year but you had enrolled and been billed in the prior calendar year, meaning the information was included in last year’s 1098-T.
Please check MyENC under Student Accounts to reprint a 1098-T if none is received in the mail or contact Student Accounts at 617 745-3600.
Can I get another form mailed to me?
No, we are not able to re-mail the forms to you. You can access these forms via MyENC. Please contact ITS at 617 745-3727 if you are unable to access MyENC.
If I receive Form 1098-T, does it mean I qualify for the Hope Scholarship or Lifetime Learning Tax Credits?
Not necessarily, ENC is required to provide Form 1098-T to individuals who paid for qualified tuition and fees during the prior calendar year. Please consult with a qualified tax preparer or IRS to make an individual determination.
Will my parents receive a copy of Form 1098-T?
No. We make Form 1098-T available only to the student. The student is responsible for making his or her own Form 1098-T available to parents, tax preparers or other persons.
Should I expect other tax forms from ENC?
ENC employees will also receive Form W-2, Wage and Tax Statement, in the mail. This is not available through MyENC.
What if I still have questions?
Please contact the Bursar’s office at 617 745-3600
What is the American Opportunity Credit?
The American Opportunity Credit is not available on the 2008 returns taxpayers are filing during 2009. The new credit modifies the existing Hope Credit for tax years 2009 thru 2012, making the Hope Credit available to a broader range of taxpayers, including many with higher incomes and those who owe no tax. The American Opportunity Tax Credit, which was to expire at the end of 2010, was extended for an additional two years through December 2012 by the Tax Relief and Job Creation Act of 2010. It also adds required course materials to the list of qualifying expenses and allows the credit to be claimed for four post-secondary education years instead of two. Many of those eligible will qualify for the maximum annual credit of $2,500 per student. The full credit is available to individuals whose modified adjusted gross income is $80,000 or less, or $160,000 or less for married couples filing a joint return. The credit is phased out for taxpayers with incomes above these levels. These income limits are higher than under the existing Hope and Lifetime Learning Credits.
How to Read a 1098-T:
Box 1. Shows the total payments received from any source for qualified tuition and related expenses less any related reimbursements or refunds.
Box 2. Shows the total amounts billed for qualified tuition and related expenses less any related reductions in charges.
Box 3. Shows whether your institution changed its method of reporting for 2011. It has changed its method of reporting if the method (payments received or amounts billed) used for 2011 is different than the reporting method used for 2010. You should be aware of this change in figuring your education credits. The credits are allowable only for amounts actually paid during the year and not amounts reported as billed, but not paid, during the year.
Box 4. Shows any adjustment made for a prior year for qualified tuition and related expenses that were reported on a prior year Form 1098-T. This amount may reduce any allowable education credit that you claimed for the prior year. See "Recapture" in the Index to Pub. 970 to report a reduction in your education credit or tuition and fees deduction.
Box 5. Shows the total of all scholarships or grants administered and processed by the eligible educational institution. The amount of scholarships or grants for the calendar year (including those not reported by the institution) may reduce the amount of the education credit you claim for the year.
Box 6. Shows adjustments to scholarships or grants for a prior year. This amount may affect the amount of any allowable tuition and fees deduction or education credit that you claimed for the prior year. You may have to file an amended income tax return (Form 1040X) for the prior year.
Box 7. Shows whether the amount in box 1 or 2 includes amounts for an academic period beginning January-March 2012. See Pub. 970 for how to report these amounts.
Box 8. Shows whether you are considered to be carrying at least one-half the normal full-time workload for your course of study at the reporting institution. If you are at least a half-time student for at least one academic period that begins during the year, you meet one of the requirements for the American opportunity credit. You do not have to meet the workload requirement to qualify for the lifetime learning credit.
Box 9. Shows whether you are considered to be enrolled in a program leading to a graduate degree, graduate-level certificate, or other recognized graduate-level educational credential. If you are enrolled in a graduate program, you are not eligible for the American opportunity credit, but you may qualify for the lifetime learning credit.
Box 10. Shows the total amount of reimbursements or refunds of qualified tuition and related expenses made by an insurer. The amount of reimbursements or refunds for the calendar year may reduce the amount of any education credit you can claim for the year.