1098-T Frequently Asked Questions

 

What is a 1098-T tax form?
The 1098-T tax form isan annual tuition statement provided by higher education institutions to all eligible students who pay enrollment fees (including non-resident tuition fees) during the calendar year. The 1098-T form may be used by students or parents to claim the American Opportunity Tax Credit (formerly "Hope Scholarship Credit") or Lifetime learning Credit on their federal income tax returns.

Why did I receive a 1098-T Form?
Receipt of a 1098T form indicates you were enrolled at least half time at Mott Community College during the previous calendar year. It does not mean that you are eligible for a tuition and fees deduction, American Opportunity Tax Credit (Hope Credit), or Lifetime Learning Credit. According to federal tax regulations, determination of qualified charges and payments is the responsibility of the tax payer. For further IRS tax details go to: http://www.irs.gov/uac/Tax-Benefits-for-Education:-Information-Center

What information is provided on the 1098-T Form?
Educational institutions are required by the IRS to report either the amounts received for tuition and qualified expenses (Box 1) or the amounts billed for qualified tuition and related expenses (Box 2) during the calendar year. Once an institution has selected one of these options, they cannot change reporting methods between calendar years without IRS permission.
Mott Community College has elected to report the amount billed during the calendar year for qualified tuition and related expenses (Box 2), therefore, Box 1 – Payments Received for Qualified Tuition and Related Expenses, will be blank.
Box 5, Scholarships and Grants, includes any scholarships and grants applied to the student's account for the calendar year (January through December). Adjustments to the qualified tuition reported in the prior year are provided in Box 4. Adjustments to scholarships and grants reported in a prior year are provided in Box 6.
For a detailed explanation of each box on the 1098-T Form, please see the "Instructions to Student" printed on the form.

What other information do I need to claim the tax credit?
While it is good starting point, the 1098- T form, as designed and regulated by the IRS, does not contain all of the information needed to claim a tax credit. Most of the information needed must come from the student's personal financial records of what the student was billed for tuition expenses during the calendar year. Additionally, each taxpayer and his or her tax advisor must make the final determination of qualifying expenses.

What is the American Opportunity Credit?
A new education tax credit that became available in the 2010 tax year. The maximum credit per student is $2,500 and it is available for the first 4 years of postsecondary education. Forty percent of the credit is refundable for most taxpayers. Students cannot claim this credit if their Modified Adjusted Gross Income (MAGI) is $80,000 or more ($160,000 or more if filing a join return).

For more information please visit:http://www.irs.gov/newsroom/article/0,,id=211309,00.html

Where can I obtain information on the educational tax credits?
For information about the tuition and fees deduction or the educational tax credits that are available, please review IRS Publication 970 Tax Benefits for Education and Form 8863 Education Credits at http://www.irs.gov/pub/irs-pdf/p970.pdf. The publication and form may be found on the IRS website at www.irs.gov.
Please consult your personal tax advisor for additional information to determine if you qualify. Mott Community College does not provide tax advice.

The 1098-T form covers calendar year 2013; why does it include amounts billed for the Winter 2014 semester?
Any qualified tuition and fees billed in calendar year 2013 for the winter 2014 semester will be included on the 2013 1098-T form.

How can I obtain a duplicate copy of my 1098-T form if I did not receive one?
If you did not receive a 1098-T form and believe you qualify, please log onto WebAdvisor and go to the Financial Information section to view and print your 1098-T form.

Can I get a copy of last year's 1098-T form?
Yes, provided that a form was issued to you. Follow the instructions for getting a copy of your 1098-T above, making sure to select the tax year of interest from the drop-down menu box. The current tax year appears in the window by default.

I signed up for "electronic" delivery of the 1098-T form, where do I go online to obtain my 1098-T form?
Go to www.mcc.edu and log into WebAdvisor. Go the Financial Information section and click on View my 1098-T form. You can then download your PDF statement for printing.

Where is my 1098-T form?
Your 1098-T tax form is mailed to you from the college on the last business day of January. If you chose to receive your 1098-T electronically it is available to you through your student WebAdvisor account at www.mcc.edu.

What if I still have questions?
If you have additional questions/concerns you can reach us
  • by E-mail: wcashier@mcc.edu
  • by Phone: 810-762-0200
  • IRS Tax Info: (800) 829-1040

Note: Please be advised that Mott Community College is prohibited from providing legal, tax, or accounting advice to students and we are not responsible for any use you make of this information.