ILLINOIS EASTERN COMMUNITY COLLEGES (IECC)

EXPLANATION OF YOUR
IRS FORM 1098-T TUITION STATEMENT

• The IRS Form 1098-T is an information form filed with the Internal Revenue Service.

• The IRS Form 1098-T that you received reports amounts billed to you for qualified tuition and related expenses, as well as other related information.

• You, or the person who may claim you as a dependent, may be able to take either the tuition and fees deduction or claim an education credit on Form 1040 or 1040A for the qualified tuition and related expenses that were actually paid during the calendar year.

• There is no need to attach Form 1098-T to your tax return.

• All information and assistance that IECC can provide to you is contained in this notice.

• There is no IRS requirement that you must claim the tuition and fees deduction or an education credit.  Claiming education tax benefits is a voluntary decision for those who may qualify.

Amounts Billed for Qualified Tuition and Related Expenses
of Form 1098-T, reports the qualified tuition and related expenses billed to you during the calendar year, less any reduction in charges made during the calendar year that relates to amounts billed.  IECC has reported qualified tuition and related expenses that were billed during the calendar year, rather than the amount that was paid.   The amount shown in box 2 for qualified tuition and related expenses billed during the calendar year may represent an amount that is different from the amount actually paid during the calendar year, although for many students the amounts will be the same.  Under section 25A of the Internal Revenue Code and the associated regulations, a taxpayer may take a tuition and fee deduction or claim an education tax credit only with respect to qualified tuition and related expenses actually paid during the calendar year.  You may not be able to take a tuition and fee deduction or claim an education credit with respect to the entire amount billed and reported in box 2.  Please consult your tax preparer or tax advisor.


Adjustments Made for a Prior Year
of Form 1098T, reports any reductions in charges for qualified tuition and related expenses made during the calendar year that relate to amounts billed that were reported for a prior year. 


Scholarships or Grants
of Form 1098-T, reports the total of scholarships, grants or waivers processed during the calendar year. The amount of any scholarships, grants, or waivers reported for the calendar year may reduce the amount of any allowable tuition and fee deduction or education credit that you are entitled to.  Please consult your tax preparer or tax advisor.


Adjustments to Scholarships or Grants for a Prior Year
reports any reduction to the amount of scholarships or grants that were reported for a prior year.



Additional Information Reported
There are additional information boxes that may have a check mark in them,
indicates, if checked, that Box 2 includes amounts for an academic period beginning in the next calendar year.  For example, if you registered for the upcoming Spring semester during November or December, this box will be marked. 
shows whether you are considered to be carrying at least one-half the normal full-time workload for your course of study at IECC for at least one academic period. 
shows whether you are considered to be enrolled in a program leading to a graduate degree.


Attaching Form 1098-T to Your Tax Return
You are not required to attach IRS Form 1098-T to your tax return.


Please refer to IRS Publication 970, Tax Benefits for Education and Form 8863, Education Credits for more information.  These forms are available on the IRS web site at:  http://www.irs.ustreas.gov/index.html.


IECC can not provide you with any further information other than what is provided in this notice.  Please consult your tax preparer or tax advisor for further information.