Student Accounts Office

Form 1098-T (Domestic Students only)

The 1098-T Form, is required by the IRS to be provided to all U.S. taxpayers who paid eligible tuition expenses above and beyond any institutional scholarships, grants or other awards, except those that have to be repaid, greater than eligible tuition and fees charged by the University. Since the form is on a cash basis, all transactions posted during the calendar year are considered when generating the 1098-T form. Should a transaction be posted for a term that occurred prior the calendar year, those transactions will be displayed as an adjustment. The chart below illustrates the 1098-T cycle for a typical student beginning in a fall semester.

As illustrated, the initial form contains two terms of charges and only one term of payments and the final form contains no charges and the last term of payments. This cycle will result in lower eligible tuition expenses for the first year, often $0, and a higher eligible tuition expense in the final year. Keep in mind, this is a general view of the process. If for any reason, the student does not make payments as scheduled or participate in the ability to pre-register for courses, the terms included in form 1098-T could vary as a result.

What are you required to do with form 1098-T?
As a general rule, if you are issued a Form 1098-T, you may be eligible for a tax deduction when filling your federal tax return with the IRS (www.irs.gov). Form 1098-T is designed for tax deduction purposes only, and not for the calculation of any educational tax credits. Typically, documentation necessary for tax credits are available in the student’s MyConcordU account under Account Summary by Term. Should you have any questions about your legal requirements, you should contact either the IRS or a tax professional. The University can only guarantee the accuracy of Form 1098-T. The student’s requirements for the proper reporting of Form 1098-T is a legal tax matter and the University cannot provide tax advice.

How do you receive form 1098-T?
Concord University has partnered with ECSI/Heartland, offering you the opportunity to receive your 1098-T Tuition Statement electronically this year. If you would like to receive your Form 1098-T electronically, please give your consent by following the link provided below and following the step by step instructions. 1098-T’s will be provided by the end of January 2021. If electronic consent is not received by January 1, 2021, the 1098-T will be mailed to the current address on file.

1098-T Electronic Consent: https://heartland.ecsi.net/index.main.html#/access/eConsent

The benefits to receiving electronic notification are:

• Online delivery provides access to the form 1098-T earlier than the traditional mailing process.
• Online delivery eliminates the chance that the 1098-T will get lost, misdirected or delayed during delivery, or misplaced once the student receives it.
• Signing up for online delivery is easy and secure.
• Students can receive their 1098-T form while traveling or away from their home address.