Colleges and universities are required by law to provide every student who is a US citizen with IRS Form 1098-T for tax purposes each year. This tuition statement is used to assist students and their families in computing any tax credit or deduction they may be able to claim based on amounts they have spent for education. Please consult with your tax advisor or seek information from www.irs.gov for information.
Students from outside the US should consult with a tax advisor or seek information from www.irs.gov for information.
Electronic Form 1098-T Consent
As allowed by federal regulation, Craven Community College offers those eligible to receive IRS Form 1098-T the option to receive the form in an electronic format instead of through the mail. In order to exercise this option, eligible recipients must provide consent to receive the form in an electronic format.
Eligible recipients will only include those students that have provided a valid social security number for their file and have had reportable financial transactions during the tax year. Reportable financial transactions include registration charges billed and not covered by a sponsor. The charges must have been billed during the tax year being reported.
Craven Community College students may elect to view and print their 1098-T via Self Service rather than receiving it by mail. If you consent to receive the form electronically, the 1098-T will be displayed each year so that you can complete your tax return without waiting for a mailed document. The form will generally be available to you earlier electronically than it will be if mailed to you.
View the IRS Form 1098-T – Publication 970 – Tax Benefits for Education for more information.
To receive your 1098-T electronically, go to Self Service and click on "1098-T Electronic Consent" under the "Financial Information" header. You must select the box signifying you have read and understand these disclosures and are electing to receive your 1098-T in an electronic format. Click "Submit" to consent to view and print your IRS Form 1098-T online. No further action is necessary.
If you choose not to consent to receive the statement electronically, a paper copy of the 1098-T will be mailed no later than January 31 to your address on file via US mail.
Once consent is provided, Craven Community College will not mail the Form 1098-T to your address on record. You will receive an email to your student email account notifying you when your form is available for viewing online. This consent will be implied for all 1098-T forms current and future.
General Form 1098-T Questions
Every student whose student account was billed financial transactions during the calendar year will receive a 1098-T. Receiving 1098-T does not necessarily indicate that you are entitled to claim any of the education-related tax credits or deductions.
Please consult with your tax advisor or seek information from www.irs.gov for information specific to you.
Note: If your social security number is not on file with Craven Community College, a 1098-T cannot be produced for you. Please contact Enrollment Services to update your account with your correct social security number.
You should immediately give your 1098-T to whomever is responsible for preparing your tax return. If you prepare your own tax return, you should keep your 1098-T in a file with your other tax documents. The 1098-T should remain in your file. You do not need to attach 1098-T to your return.
No. We will make the 1098-T available only to the student. The student is responsible for making his or her own 1098-T available to parents, tax advisors, or other persons.
The paper forms will be mailed no later than January 31 to your address on file via US mail. Allow at least one week following mailing to receive your 1098-T.
You may update your mailing address at any time by contacting Student Services. Any updates must be completed by December 31 to ensure that the system is updated by the January 15 deadline. Please make sure your information is always up to date to reduce any potential delays in receiving the 1098-T tuition statement.
Electronic Form 1098-T Questions
The benefits to receiving electronic notification include:
- Access to the 1098-T earlier than the traditional mailing process
- Eliminates the chance the 1098-T will get lost, misdirected, or delayed during delivery, or misplaced once the student receives it
- Students can reprint a copy of their 1098-T at their convenience
- Signing up for online delivery is easy and secure
- Students can receive their 1098-T even while traveling or on assignment away from their home address
It’s easy! Log into your Self Service account. Click the link for the 1098-T Electronic Consent. Select the option to agree to receive your 1098-T only in electronic form. Click "Submit" and that’s it!
Your electronic 1098-T will be available to you online earlier than the mailing date of the paper form. Although an exact date is not known, even if it isn’t available until January 31, that will likely be at least one week earlier than receipt of a paper form. Notices will be posted on the Craven Community College website when the forms will be available.
Electronic 1098-T tuition statements will be available (at a minimum) until December 31 of the following tax year. For example, the 2020 statement will be available until December 31, 2021.
Your 1098-T will appear as a PDF document. You can open the file and print it. You can also save it to your computer and then print or email as desired.
Yes. Access to Self Service is based on your login and password. As always, do not share login and password information with anyone.
No. Since access to Self Service is based on your login and password, no one else can access it. Federal privacy laws prohibit us for distributing your 1098-T to third parties.
You will only need a computer capable of accessing the internet and the free Adobe Acrobat Reader in order to open the file. You can download Adobe Acrobat Reader if needed.
No. However, with online 1098-T access, you can print your own form whenever you need.
No. Once you have signed up, your selection will remain in effect for the remainder of your time at Craven Community College.
You may withdraw consent to receive a 1098-T electronically at any time prior to January 15. There are several methods for withdrawing consent. If you decide to lose all the benefits of electronic tax forms, you can simply return to the same site where you originally consented and select the option to revoke consent. The revocation will take place for any tax forms issued within the year end after your consent is revoked. A withdrawal of consent does not apply to a statement that was furnished electronically prior to the receipt of the withdrawal or after the deadline for the consent for the tax year.
An advantage of the electronic 1098-T is that it is available for you to print at your convenience. However, if you consented to receive the 1098-T in an electronic format and you subsequently want to request a paper copy, please contact the Student Accounts Office at 252-638-7203. This request may take 7-10 business days to complete.
Account-Related Questions
Generally, scholarships that pay for qualified tuition and related expenses are not taxable to the student. However, if any portion of your scholarships paid for non-qualified expenses, then you may be responsible for reporting that portion as taxable income on your return. However, please consult with your tax advisor or seek information from www.irs.gov for information specific to you.
The 1098-T form is never issued in the name of the parent. Any activity for these loans will be shown on the student’s 1098-T.
The transactions being reported are your "billed financial transactions" for the tax period being reported. "Billed financial transactions" are registration charges billed and not covered by a sponsor. The charges must have been billed during the tax year being reported.