Frequently Asked Questions Concerning Form 1098-T
The following provides general information related to the 1098-T tax form and is not tax advice.
South Carolina Act 40 of 2017 increased the amount of income tax credit for tuition at both two- and four-year institutions for tax years beginning after 2017. South Carolina Code Section 12-6-3385 provides that students attending public or independent institutions of higher education in South Carolina are allowed a refundable individual income tax credit equal to fifty percent tuition paid, not to exceed $1,500.
What is a Form 1098-T?
The form 1098-T is the information that Horry-Georgetown Technical College is required to issue for the purpose of determining a student’s eligibility for certain education tax credits. The information is reported to the student and the IRS. Learn more about education tax credits or view the memorandum from the Commission on Higher Education.
Why did I receive a Form 1098-T?
A Form 1098-T is provided by Horry-Georgetown Technical College to each eligible student. Depending on your individual tax situation, you or your parents may be eligible for federal income tax education credits when filing a Federal Income Tax Return.
When will the Forms 1098-T be mailed?
Forms 1098-T will be mailed by January 31st. Any student billed for qualified tuition and fees or grants and scholarships during the specified tax year may access Form 1098-T through their WaveNet account; however, only students whose qualified tuition and fees are greater than the grants and scholarships received during the specified tax year will be mailed a hard-copy.
Where will the Forms 1098-T be mailed?
A Form 1098-T will be mailed to your permanent address on file with the college, unless that address is not a valid address. A mailing address will be used, if available, when the permanent address is not valid.
NOTE: ALL ELIGIBLE STUDENTS WILL RECEIVE THE 1098T FORMS VIA THEIR WAVENET ACCOUNT. Log into your WaveNet account. Click “my Student”. Click “Tax Notification” and enter the tax year.
What should I do if I haven’t received my Form 1098-T?
Forms 1098-T will be mailed by January 31st. If you have not received a Form 1098-T by February 15th, please call the Student Accounts Office at 843-349-5310.
Why isn’t there an amount in Box 1, “Payments received for qualified tuition and related expenses?”
The IRS instructs institutions to report either payments received (Box 1) or amounts billed for qualified tuition and related expenses (Box 2) on the form 1098-T. Horry-Georgetown Technical College reports qualified tuition and related expenses that were billed during the tax year (Box 2); therefore, Box 1 will be blank.
What amounts are included in Box 2, "Amounts billed for qualified tuition and related expenses?"
Only qualified tuition and related expenses are reported in Box 2. This includes tuition, college fees, and required lab fees. Charges and fees for late registration, housing, meal plans, books, and/or fines are not considered qualified tuition and related fees and are not reported on Form 1098-T. Please note that your 1098-T reports the amounts billed January 1st through December 31st of the specified tax year.
What amounts are included in Box 4, “Adjustments made for a prior year?”
Box 4 reports decreases to amounts reported as qualified tuition and related expenses in Box 2 of a previously issued Form 1098-T.
What amounts are included in Box 5, "Scholarships or grants?"
Scholarships and grants administered and processed by Horry-Georgetown Technical College are included in Box 5. Please note that you may receive additional scholarships that the College does not administer and process. These should also be taken into consideration when determining your eligibility for the credits.
What amounts are included in Box 6, “Adjustments to scholarships or grants for a prior year?”
Box 6 reports decreases to amounts reported as scholarships and grants in Box 5 of a previously issued Form 1098-T.
Why isn’t there a check mark in Box 8, “Checked if at least half-time student?”
Box 8 will not be checked if the student was not enrolled at a half-time status during an academic period during the specified tax year. Horry-Georgetown Technical College checks this box if you were enrolled half-time or more for at least one academic period that began during the specified tax year.
How can I get help in determining if I am eligible to take one of the credits?
Horry-Georgetown Technical College cannot offer tax advice or assistance in determining if you are eligible to claim a credit or the amount of the credit. Additional information concerning the American Opportunity Credit, the Lifetime Learning Credit, and the Tuition and Fees Deduction is available on the IRS website at http://www.irs.gov. Questions concerning eligibility should be directed to the IRS or your tax advisor.