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What is a 1098-T, who gets it and why does the college ask for my Social Security Number?
Why does the College ask for my Social Security Number?
With respect to admission, registration and financial aid, Owens Community College collects social security numbers from its students for the following reasons;
What is the purpose of the 1098-T and how do I use it when filing my taxes?
Who gets a 1098-T?
You will receive a 1098-T only if you had out-of-pocket payments, whether paid by you or with a loan, for “qualified educational expenses.” IRS Publication 970 defines "qualified educational expenses" as tuition, fees, and books.
You will not receive a 1098-T on the portion of tuition paid with tax-free educational assistance. Per IRS guidelines: If you pay qualified education expenses with certain tax-free funds, you cannot claim a credit for those amounts. You must reduce the qualified education expenses by the amount of any tax-free educational assistance and refund(s) you received. A 1098-T is, therefore, not issued for the portion of tuition paid with tax-free educational assistance including:
What is a W-9s form?
Form W-9s, Request for Taxpayer Identification Number (TIN) and Certification. Use this form to provide your correct TIN to the person who is required to file an information return with the IRS to report.
How does the college request corrected Social Security Numbers or name changes?
The College will send out an email along with a copy of the W9s form in October of each year requesting correct social security numbers, along with corrections to name changes.