As required by the Internal Revenue Service (IRS), Form 1098-T is mailed by Jan. 31 to all students who had qualified tuition and other related educational expenses billed to them during the previous calendar year, January 1 – December 31.
The 1098-T form is informational only and should not be considered as tax advice. It serves to alert students that they may be eligible for federal income tax education credits such as the Lifetime Learning Credit and the Hope Credit as part of their Federal Income Tax Return. IRS Publication 970, "Tax Benefits for Higher Education," as well as Chapter 35 of IRS Publication 17, provide additional information on these credits. While it is a good starting point, the 1098-T, as designed and regulated by the IRS, does not contain all of the information needed to claim a tax credit. To determine the amount of qualified tuition and fees paid, and the amount of scholarships and grants received, a taxpayer should use their own financial records. There is no IRS requirement that you must claim the tuition and fees deduction or an education credit. Claiming education tax benefits is a voluntary decision for those who may qualify.
FREQUENTLY ASKED QUESTIONS:
Q: What is a 1098-T?
A: The 1098-T form is used by eligible educational institutions to report information about their students to the IRS as required by the Taxpayer Relief Act of 1997. Eligible educational institutions are required to submit the student's name, address, taxpayer's identification number (TIN), enrollment status, amounts paid for qualified expenses, and scholarships and/or grants.
Q: When will I receive a 1098-T?
A: As required by the Internal Revenue Service (IRS), Form 1098-T is mailed by Jan. 31 to all students who had reportable transactions during the previous calendar year.
Q: What do I do with the 1098-T?
A: The 1098-T form is informational only and should not be considered tax advice. It serves to alert students that they may be eligible for federal income tax education credits such as the Lifetime Learning Credit and the Hope Credit as part of their Federal Income Tax Return. IRS Publication 970, "Tax Benefits for Higher Education," as well as Chapter 35 of IRS Publication 17, provide additional information on these credits. For additional information go to www.irs.gov or consult your tax advisor.
Q: Can I view my 1098-T information online?
A: Yes. Log on to my.macc.edu using your myMACC username and password. Click on the “Student” tab at the top, then the “Billing Information” link in the left margin. At the bottom of the page is a link “Go to My 1098-T Info”. Click to view your 1098T info. Multiple years are available for viewing using the drop down box.
If you cannot remember your username and/or password, contact the Computer Services Coordinator at your nearest campus or call 660-263-4100 ext.11555.
Q: What if I did not receive a 1098-T or I have lost mine, how do I get a copy?
A: You may access the information online as described above; or you may contact MACC at 1-800-622-2070, extension 11280 to request a copy.
Q: How do I know if I am eligible for a tax credit?
A: MACC cannot determine if you qualify for a tax credit and is not allowed to give you tax advice. Please read the instructions of the 1098-T statement and obtain IRS publication 970 and Form 8863 or contact a tax professional about your personal income tax situation. The IRS website is www.irs.gov.
Q: Did you send a copy of this form to the IRS?
A: Yes. Section 6050S of the Internal Revenue Code, as enacted by the Taxpayer Relief Act of 1997, requires institutions to file the 1098-T information returns with the IRS.
Q: How did MACC figure out what amounts to include in Form 1098T Box 5 - Scholarships or Grants?
A: The figure in Box 5 - Scholarships or Grants, includes scholarships, grants and, if applicable, payments made by a third party under a formal billing arrangement (i.e., outside scholarships, employer provided educational assistance [regardless of taxability], military, etc.) which have been administered by MACC. If you received other forms of outside scholarships and grants not administered by MACC, it is your responsibility to adjust the figure accordingly. Third party payments do not include payments made by your parent or other individuals.
Q: What if I am an international student?
A: MACC will produce 1098-T forms for international students as requested. Presentation of a valid social security card or tax identification card is required for this purpose. Please contact the IRS for more information.
Q: What if I received CARES Act funding during 2020?
A: The amounts for emergency grants (CARES) will not be listed in Box 5 on IRS Form 1098-T. For further guidance please refer to the IRS FAQs.