Tax Forms - 1098T
****BMCC'S SCHOOL CODE FOR ECSI IS: PC
If you need assistance in any way contact ECSI's 1098-T Hotline number at 866-428-1098 or visit https://borrower.ecsi.net/.
NOTE: Neither BMCC nor ECSI can give tax advice! If you have questions about how to use your 1098-T on your taxes, contact your tax preparer or read IRS Pub 970-Tax Benefits for Education or Form 8863-Education Credits. Those publications can be obtained at www.irs.gov or any IRS or tax office.
Instructions for Opting In to receive your 1098-T electronically
NOTE: If you have already opted in for a previous year, you do not need to go through this process again. If you are not sure whether or not you have done it, please go ahead and do it.
If you would like to receive your 1098-T tax form* electronically (instead of a paper copy) please give your consent by following the instructions in the link below.
The benefits to receiving electronic notification are:
- Online delivery provides access to the form 1098-T earlier than the traditional mailing process.
- Online delivery eliminates the chance that the 1098-T will get lost, misdirected or delayed during delivery, or misplaced once the student receives it.
- Signing up for online delivery is easy and secure.
- Students can receive their 1098-T form even while traveling or on assignment away from their home address.
If you choose not to follow the Consent Instructions, you will receive a paper copy of your 1098-T tax form at the mailing address in your Student WolfWeb account. It will be mailed no later than January 31st.
To give consent to receive your notification electronically, sign up using the SECURE website below giving us your Name, student ID (to find your student ID, refer to your Student WolfWeb account) and email address (you can also include your parents’ email in the alternate email space):
Note: This is a secure website authorized by BMCC to gather 1098-T consent information. If you need assistance in any way contact ECSI's 1098-T Hotline number at 866-428-1098 or visit https://borrower.ecsi.net/.
*A 1098-T is a tax form needed to claim tax credits for qualified education expenses.
Revised reporting required
Until recently, the Internal Revenue Service (IRS) permitted colleges and universities to choose between two methods of reporting Qualified Tuition and Related Expenses (QTREs) to students on the Form 1098-T. Like most colleges, Blue Mountain Community College chose to report QTREs in Box 2 (charges billed for QTREs), rather than box 1 (payments received for QTREs). Legislation requires colleges and universities to convert, no later than tax year ending December 31, 2018, to reporting payments received for QTREs in Box 1 of the 1098-T, rather than reporting the amount billed in Box 2. Blue Mountain Community College has implemented this change for tax year ending December 31, 2018.
Impact of the reporting change
The impact of this change for the tax year ending December 31, 2018, is that the amount reported in Box 1 may not include your Winter 2017-18 payments if they were paid in the year that ended December 2017. For the tax year ending December 31, 2017, Blue Mountain Community College reported QTREs billed in Box 2. Due to the change in reporting method for 2018, there may be payments reported for 2018 calendar year that were previously reported in your 2017 1098T Box 2 charge amounts where Box 7 was marked.
Claiming the Education Credits on Your Individual Tax Return
You should use the information on the Form 1098-T in conjunction with your own payment records to complete your individual tax return. If you have questions about how to compute an education tax credit, consult your tax professional or refer to the IRS Publication 970.
What to do if you have not received your 1098-T from BMCC:
1. Wait until after January 31st
- All businesses, including schools, have until January 31st to send out their tax forms either electronically or in paper form, so they may not have been sent out yet.
2. Ensure you have the correct address on file
- If you have opted in to receive your form electronically, you must have given ECSI (our 1098-T contractor) your correct email address when you opted in. Use the contact information above to verify that address with them.
- If you did not opt in to receive your form electronically or your email address was not valid, your form would have been mailed to the address on file with BMCC. Log in to your Student WolfWeb account to see what that address is. If the address on file is not correct, contact ECSI to request a new copy.
3. Ensure you were eligible to receive at 1098-T at all
- By IRS regulations, we are only required to send out 1098-T forms to students who had “eligible educational expenses” that were greater than their financial assistance for the calendar year in question.
- What that means is that we take all transactions that occurred between January 1st and December 31st and add them up. If the financial assistance you accrued (any free money: scholarships, Pell grants, other grants, etc.) for the calendar year is greater than your “eligible educational expenses” (i.e. tuition, fees, lab fees, etc.), then you are NOT eligible to receive a 1098-T and one cannot be printed for you.
- The expenses and financial assistance that we include are not tied to any specific term – what gets included in the calculation is ANY transaction that happened between January 1st and December 31st, regardless of the associated term.
- If you are still unsure of your eligibility, contact ECSI customer service for more information.
Contact ECSI's 1098-T Hotline number at 866-428-1098 or visit https://borrower.ecsi.net/.