As required by the Internal Revenue Service (IRS), Form 1098-T is provided 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.
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 my 1098-T be available?
A: As required by the Internal Revenue Service (IRS), Form 1098-T is available by Jan. 31 to all students who had reportable transactions during the previous calendar year.
Q: How do I get my 1098-T?
A: As agreed upon in your Financial Responsibility Agreement, the 1098-T is an electronic document that you access and print from your myMACC account.
Log on to my.macc.edu using your myMACC username and password. Click on the “Student” tab at the top, then the “Billing and Payment Information” link in the left margin. At the bottom of the page under Financial Document Center there will be a View PDF link under Tax Documents. Click on the ‘View PDF’ link (you must allow popups as it opens in a new window). You can view, print, or save the 1098-T document.
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.
If you choose to opt out of electronic 1098-t’s and want to receive your tax document via postal mail, you must submit the request in writing to the Business Office Director. This request can be sent to the email: email@example.com.
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: 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: When will payments post to my student account over the winter break.
A: Payments received in the mail during MACC’s winter break will be entered on the first business day following the break, but will be posted to December activity. Payments received on or after January 2 will be posted the day they are received regardless of the check date or envelope postmark.
Online payments via Nelnet will be posted on the day the payment was made.