Attending college is an intimidating task, no matter the student’s goals. Figuring out finances, meeting deadlines, and becoming educated are just some of the important things that must be done. One of the most important tasks to keep in mind throughout the entire process is getting taxes in order come time of year. On the 1098-T form from Grand Canyon University, or GCU, those attending the school will have the information they need to accurately file their taxes. Understanding how to get the form and options for payment can help to avoid any surprises during the process.
Summary Close
1. Options for Payment
2. Tax Credit
3. Paying Taxes
4. 1098-T Impact
5. Benefits to Taxpayers
6. Cost Savings
7. Benefits for Student Loans
8. Remaining Support
2019 saw increases to tuition, as well as fees and charges applicable to any student attending GCU. With overall costs ranging from $650 to over $1000 per semester there is a legal requirement for the college to mail the official documents known as a 1098-T form in the mail. On this form, tuition and fees to help students directly with their taxes will be listed.
The 1098-T tax form is a crucial part in being able to accurately declare any education-related deductions when tax season comes around. The purpose of the form is to report dollar amounts, such as tuition and fees, that are associated with the student’s degree program. There are five simple steps for students to take when it comes time to get their respective 1098-T forms in the mail.
The first step is for the student to log onto the Grand Canyon University portal and update their mailing address, inspection, and filing status. After this information is updated the student needs to select the “Student/Student Balance” option on the account dashboard. It will be indicated if the form is available, and the student should download the tax document for their records.
For further assistance, the student can contact the department of Accounting Services. This department oversees financial services and payments for students that include refunds, dispute resolution, and of course, the 1098-T form. They can provide aid in both printing and mailing without delay, and help in filing for taxes.
Furthermore, direct mail is still an available option. The entire tax form package can be requested to be delivered directly and housing information should also be entered by the student.
It is also important to note that those students attending GCU who are not American citizens cannot file for the 1098-T form. Tax-payers are not eligible to receive 1098-T forms until the credit exceeds $100. Amounts for tuition and fees are reported for information as of Dec. 31.
Options for Payment
Once a student has successfully located and downloaded their 1098-T form, there are key points to remember when it comes time to make payments. When students register for classes they can also make payments online through the university’s website. GCU also partners with tuition payment programs that allow students to make payments directly with their bank account.
They can also set up an agreement with GCU to divide the payments up both monthly, bi-weekly, and even certain plans for in-term and semester splits. With all of these payment options, it is recommended to double-check and make sure that any payments are credited towards the correct semester on the student’s account so that there will be no issues when the 1098-T form is released.
Tax Credit
After receiving the form, the student must remember that the 1098-T form is not a filing document. It is to help students fill out the appropriate deductions on their tax return. GCU provides tuition tax credits which go towards those classes that relate to the major the students are studying.
Tax credits are helpful for the student because they result in a decrease to the taxes that are owed, as opposed to deductions which lower the person’s taxable income. Before any deductions are taken, it is important to double-check the amount of funds the student has received from GCU along with the courses the student is taking to meet the degree requirements.
Paying Taxes
Depending on the student’s filing status, taxable income, and the amount of tuition and fees paid, the student may owe an estimated payment of taxes to the Internal Revenue Service. It is important to remember that the 1098-T form does not guarantee refund back from the IRS, or any tax forms or specialized attention. But filing taxes can still benefit the student by helping prevent certain penalties.
For any questions related to tax filing and the 1098-T form itself, GCU alongside their department of Accounting Services can provide assets and information for the student thank are specific to the university and to that student. It is highly recommended to take part in GCU’s Tax Workshop, that can help answer any questions so that filing and receiving tax deductions can be done right.
1098-T Impact
Although paperwork can be tedious, the sooner the forms are filled out, the better. Not only can the process of filing become simpler for the student, they can also gain a better perspective on certain aspects of taxes. Filing the 1098-T can help the student in a variety of ways such as helping understand how money is being spent and where it is being allocated.
Importantly, receiving the 1098-T from GCU is easy to obtain as long as the student is registered for a degree-seeking program and has completed the appropriate steps. The 1098-T is a great educational tool to understand more about taxes and learn how to get the best deductions.
Benefits to Taxpayers
When the student deducts tuition and related expenses, they are actually getting taxed on a smaller amount of income. This lowered income translates into a decrease in their total taxable amount. Therefore, the student is paying fewer taxes overall.
Receiving a 1098-T tax form from Grand Canyon University will open up a number of deductions, advice, and resources. It is important to realize that the 1098-T form has benefits far beyond filing a tax return. With all of the deductions, credits, and payments- options students have when they file their taxes, the 1098-T form from GCU is the key to unlocking the best deductions and other benefits.
Cost Savings
Grand Canyon University actively looks for ways to help their students save money. Making sure the student knows they are becoming eligible for various deductions they are unaware of is one of the school’s main objectives. Ensuring the student is able to get the most out of their tuition tax deductions is another important part of the school’s effort.
Savings can range anywhere between hundreds or even thousands of dollars a year by simply being aware of the options available. 1098-T forms are effective in reducing taxes and affording extra funds to their tuition. These extra funds can be used pay down debt quicker or used to pay more in tuition.
Benefits for Student Loans
When it comes to student loans, it is easy to become overwhelmed after balancing all the costs and loan payments. One of the most important steps implies knowing what properties of the loan are applicable and can be used. Knowing the particular types of deductions that can be applied is the key to helping the loan process become easier.
For instance, some of the most common loan repayment plans such as the Income Based Payment option generally bases the amount of the monthly payment on one’s income or the Adjusted Gross Income. Therefore, providing the 1098-T can be used to use a lower Adjusted Gross Income, and this lower number would then, in turn, result in lower monthly payments.
Remaining Support
The support offered by Grand Canyon University does not end with general information and guidance with the 1098-T and the filing process. In addition to this support, the accounting services department provides assistance with any other pertinent information such as accurate recording of payments or other procedures regarding form. This can help immensely when dealing with payments and filing.
Furthermore, the school operates a tax resource page and blog with advice and other guidance. They understand that filing for taxes can be an arduous task and want to help make the journey easier. For any further inquiries, students can contact Grand Canyon University’s Accounting Services staff for more detailed information regarding the 1098-T form.
