Walters State Community College mails 1098-T forms each year before January 31st in compliance with IRS regulations. The 1098-T is mailed to the students' permanent home address on file in Admissions. Once the 1098-T data has been processed and forms mailed, the information is available via StarNET.
In compliance with IRS regulations and Tennessee Board of Regents policies, WSCC provides the total amount of charges posted to the student account for the tax year along with the total assistance received (financial aid, third party, etc.) for the tax year. This includes only transactions posted to the student account dated January 1 - December 31 (tax year). WSCC does not provide the total amount paid by the student. For the total amount paid for the tax year, the student must refer to their student account via StarNET or their personnel receipts/documents.
There are several reasons why a student may not receive a 1098-T form. The IRS regulations state that educational institutions are not required to furnish 1098-T forms for:
Note: The Cashier Office is only allowed to discuss the student information with the student unless the student has signed a release of information with the Cashier Office.
Questions concerning how to complete your tax return, please consult the IRS, an accountant, or tax preparer.
The Taxpayer Relief Act of 1997 (TRA97) introduced several tax incentives pertaining to educational expenses and student loans. The Hope and Lifetime Learning credits offer the ability to reduce your taxes based on qualified educational expenses. The 1098- T form provides a student with the total amount of qualified educational expenses billed (dated) in the current tax year (Box 2). Also, TRA97 provides a deduction for the interest paid on qualifying student loans. The IRS Form 1098-E reports the qualifying student loan interest for the student loan deduction.