1098-T Information Security: Frequently Asked Questions
- Q. I received a letter about a data incident which may have exposed my Social Security Number. Does that mean someone sole my identity?
- A. No. Because there was the potential that someone with malicious intent may have viewed the data, Ivy Tech has taken the precautionary measure of distributing an advisory to the individual whose information was in the file, so that they can take appropriate steps.
- Q. What is a 1098-T?
- A. The Hope and Life Time Learning Tax Credit are tax credits, not scholarships. Tax credits are subtracted directly from the tax a family owes, instead of being subtracted from taxable income like a tax deduction. A family must file a federal tax return and owe taxes to get these tax credits. The exact amount of credit depends on a family’s income amount of qualified tuition and fees paid, and the amount of certain scholarships and allowances subtracted from tuition.
- For the Hope Tax Credit an eligible student must be enrolled at least half time for at least one academic period at an eligible program leading to a degree or certificate at an eligible school and cannot have completed the first two years of undergraduate study.
- For the Life Time Learning Tax Credit an eligible student may be enrolled in an eligible program leading to an undergraduate or graduate degree at an eligible school during the calendar year OR may be enrolled in any course of instruction at an eligible school to acquire/improve the student’s job skills during the calendar year.
- Ivy Tech Community College does not send 1098-Ts to the following students:
- Noncredit students
- Students who’s scholarship, grant, contract pays, are greater than or equal to tuition and fees
- Students without addresses
- Q. Can you explain what personal information was involved?
- A. The 1098-T contains name, address, social security number and the billed amount of tuition for 2007.
- Q. Has anyone reported any identity theft due to this incident?
- A. Thus far, Ivy Tech has not received any reports of fraud related to this incident.
- Q. Exactly what did your investigation reveal?
- A. No more than 504, of the more than 65,000 1098-Ts issued, were compromised. We have physically recovered 459 affected 1098-Ts.
- Q. What steps can I take to protect myself?
- A. Every consumer, whether or not their data has been involved in a security breach, can receive one free report every twelve months from each of the three national credit bureaus. In fact, it is a good practice for all consumers to order a free credit report from one of the three credit bureaus every four months, in order to continually monitor your accounts every year. For more information on free credit reports, see http://www.ftc.gov/bcp/edu/microsites/idtheft/ . You may order your free credit reports online at http://www.annualcreditreport.com/ or by phone at 1-877-332-8228.
- Q. Should I contact the Social Security Administration and change my Social Security number?
- A. The Social Security Administration very rarely changes a person’s Social Security number. The possibility that someone may have had access to your Social Security number would probably not be viewed as justification for such a change. For more information, the Social Security Administration web site is available at: http://www.ssa.gov/
- Q. Should I request a fraud alert with the national credit bureaus?
- A. Individuals who Social Security number was involved in this incident may consider requesting a fraud alert on their credit bureau records. A fraud alert is a message that credit issuers receive when someone applies for new credit in your name. The message tells creditors that there is possible fraud associated with the account and gives them a phone number to call (yours) before issuing new credit. You can contact the fraud department at any one of the three major credit bureaus. Or review step-by-step instructions on monitoring your credit.
- As soon as one credit bureau confirms your fraud alert, the other two credit bureaus will be automatically notified to place fraud alerts. You should be aware that a fraud alert may make it more difficult for you to obtain credit or process financial transactions. While it will not affect your credit, it will slow down the credit application process.
