With tax season fast approaching, please remember to select electronic delivery for receipt of your 1098-T tax information on My Vol State. Some of the benefits of electronic delivery are:
- Faster delivery, no more waiting on a paper copy in the mail.
- The ability to print as many copies as you need of your 1098-T any time you need them.
- Provides a more secure method to receive your tax information.
- Go green - save resources.
The Taxpayer Relief Act of 1997 allows a tax credit to be claimed for out-of-pocket payments made to eligible higher education institutions during the tax year for tuition and certain fees. The Internal Revenue Service (IRS) requires that we provide a 1098-T statement to you for your use in completing IRS Form 8863.
The IRS changed the reporting requirements for Form 1098-T in 2003. Due to this change, all Tennessee Board of Regents (TBR) higher education institutions, including Volunteer State Community College, elected to report amounts billed for qualified tuition and related expenses in box 2 of the 1098-T form. The amounts reported to the student and IRS for the tax year will be the amount of qualified tuition and related expenses incurred (not paid) from January 1, 2017 until December 31, 2017. This amount may not include Spring 2017 and it may include Spring 2018 depending on when you registered and when the tuition was charged on your student account.
The student, parent or guardian is responsible for reporting to the IRS amounts actually paid out-of-pocket or with borrowed funds during the 2016 tax year for qualified tuition and related expenses. The amounts reflected on the 1098-T form are only the qualified tuition and related expenses billed to your student account during the 2016 tax year. This is not necessarily the amount which was paid in the tax year. You must calculate what was actually paid in the 2016 tax year towards the amounts billed. Please do not use the amounts on the 1098-T form when calculating what was paid in the tax year. You may view your amounts billed, grants, scholarships, and payments by logging into your My VolState account, selecting the Pride Online tab, clicking the “1098-T Tax Notification” link, and entering the tax year.
Online 1098-T Tax Notification for Tax Year 2017
The Business Office will be providing students with the option to receive their 1098-T forms online through their My VolState account via Touchnet’s ePayment Gateway instead of by postal mail. To receive your 1098-T electronically, you must provide your consent electronically as per IRS Regulations by accessing your My VolState account, clicking the ePayment Gateway link on the Academics tab, and then clicking “Accept Consent.”
Should you choose to consent to receive your 1098-T form electronically, Volunteer State Community College is required to inform you of the following:
You will no longer receive form 1098-T via postal mail.
Your consent will be in effect from this point until your graduation from Volunteer State Community College.
Although you can print a copy of your 1098-T from the ePayment Gateway, you may request a paper copy of your current 1098-T form at any time after January 31 of each tax year.
Your request for a paper copy does not rescind your consent to have it furnished by Vol State in electronic format.
You have the option to withdraw your consent to have your 1098-T form furnished to you through the ePayment Gateway.
You can update your contact information for receiving your 1098-T form through the ePayment Gateway.
Your 1098-T form will be available to you through October 15, 2017.
Should you choose “I Do Not Consent,” a paper copy of your 1098-T form will be sent to you via postal mail if your charges billed exceed your scholarships/grants, as required by the IRS.
How to Consent to Receive an Electronic Copy of the 1098-T Form
- Log onto the My VolState portal.
- Click on the Academics tab. Then click on the link to ePayment Gateway on the left side.
- Click Continue.
- Once directed to the ePayment website, if no election has been made, a box should pop up with detailed information for each option. Read the entire paragraph before making your selection!
- If the box does not pop up automatically, click on My Account, then click on Consents and Agreements.
- If you consent and would like to receive your 1098-T form electronically, choose "Accept Consent".
- If you would like to continue receiving a paper copy via US postal mail, please choose "I Do Not Consent".
If you are not prompted to make a selection when you log in, OR if you would like to change your selection before December 31, 2017:
- Log onto the My VolState portal.
- Click the Academics tab.
- Click "ePayment Gateway" on the left side. Click Continue.
- In the ePayment Gateway system, click on My Account, then choose Consents and Agreements.
- Click Change to update your selection.
Changes made after December 31, 2017 may not be reflected in our system at the time 1098-T forms are printed and mailed.
You may print a copy of your 1098T form at any time after January 31, 2018 in the My VolState portal or ePayment Gateway system.
Volunteer State Community College outsourced to ECSI to print and mail the 1098-Ts for the 2007, 2008, and 2009 tax years. You can go to ECSI's website to view your 1098-T from 2007, 2008, and 2009. You will need your personal identification number (PIN) and password for access that was provided when ECSI mailed your 1098-T to view an electronic copy of your 1098-T. If you have any questions about your ECSI account, go to their website or call (866) 428 - 1098.
We recommend that you refer to this information to assist you in determining the amount of credit which may be claimed on your behalf. This information must not be construed as tax advice. The amounts and calculations used to determine the credit are the decision of the taxpayer after consideration of relevant IRS regulations, Form 8863, and, perhaps, the advice of a tax consultant. For more information about higher education tax credits or the tuition and fees deduction, you may read IRS Publication 970 or instructions for Form 8863.