Tax Information: 1098T
Pellissippi State Community College releases 1098-T forms each year before January 31. Once the 1098-T data has been processed, the form information is available on the student's myPellissippi account. For those students who have not consented to an electronic 1098-T form the 1098-T is mailed to the student's permanent home address.
Per IRS regulations and Tennessee Board of Regents policies, Pellissippi State provides the total amount of charges posted to the student account for the tax year and the total assistance received (financial aid, third party, etc.) for the tax year. Pellissippi State does not provide the total amount paid by the student. Students can access their student account on myPellissippi or their personal receipts/documents for information regarding the total amount paid to the institution.
How do I access the 1098-T form on myPellissippi?
- Log into you myPellissippi account
- Locate the Your Account box
- Select Your Tax Information
- Enter Tax Year and Submit
Why did I not receive a 1098-T form?
The IRS instructions state that educational institutions are not required to furnish 1098-T forms for:
- Courses for which no academic credit is offered, even if the student is otherwise enrolled in a degree program
- Nonresident alien students, unless requested by the student
- Students whose qualified educational expenses are entirely waived or paid with financial aid, scholarships or third party assistance
You may have not received a 1098-T form from Pellissippi State if:
- You consented to receive the form electronically only
- We have an incorrect permanent address on file
- We do not have a Social Security Number on file
You would not receive a 1098-T form from Pellissippi State for the current year if you were only registered in the spring term of the current tax year and you registered for the course/s in a previous tax year.
1098-T forms may also be picked up at the Cashier's Office with a photo id.
Overview of Taxpayer Relief Act of 1997
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.