Answered By: Jamie Holmes Last Updated: Jan 30, 2020 Views: 1838
The Internal Revenue Service requires that institutions furnish a Form 1098-T statement to qualified students for whom a reportable transaction has been made.
TCC contracts with an outside firm, CashNet, to provide these documents to you. CashNet will provide this information to students if they opted to sign up for it. Students would have been sent an email to their student email about the steps to opt in.
Form 1098-T reports:
- scholarships and grants.
NOTE: If your scholarships and grants exceed your tuition and fees, you will not receive a Form 1098-T. Please note Form 1098-T reports this information on a calendar basis not on a semester basis.
CashNet offers you the opportunity to receive your 1098-T form electronically. If you would like to receive your 1098T form electronically, you must give your consent via a link sent to your student email and by going to the 1098-T section to make your choice. If you choose to receive a paper copy of your 1098T form, simply do nothing. The benefits to receiving electronic notification are:
- Online delivery provides access to the form 1098T earlier than traditional mail.
- Online delivery eliminates the chance of the 1098T getting lost or misplaced.
- Signing up for online delivery is easy and secure.
- Students can receive their 1098T form from any location.