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Tax Information
TO BETTER UNDERSTAND THE FIGURES REPORTED ON TAX FORM 1098T, please read the following:
Due to IRS rules, Coastal Carolina University is required to report either qualified expenses billed to you during the tax year, or payments received from you during the tax year for qualified expenses. We have chosen to report to you, the former qualified expenses billed.
Because of these rules, there are certain scenarios which could be confusing to the taxpayer.
For students who pre-register in November and December for the upcoming Spring term, the billing dates will fall in a different tax year than the actual dates of attendance. Therefore, if you pre-registered for Spring 2009 in November or December of 2008, the charges will be reported for tax year 2008.
In addition, the amount of scholarships reported to you will typically be related to, and reported in, the tax year of the term of attendance. Due to federal financial aid regulations, federal scholarships cannot be credited to your account prior to the beginning of a term or session. For this reason, qualified expenses will often not be reduced by the related scholarships awarded until the following tax year.
Please share this information with your tax preparer, or use it in conjunction with guidelines from the Internal Revenue Service.
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