Mott Community College is required to provide students with an annual tuition statement called the 1098T tuition statement. Up until tax year 2017, it showed qualified tuition and related expenses (QTRE) which were billed in the calendar year (January through December). Beginning tax year 2018, it will show QTRE paid in the calendar year. A copy of this statement is also provided to the IRS.
The Privacy Act Notice, Section 6109 of the Internal Revenue Code, REQUIRES students to give their Social Security Number (SSN) to those who must file specific information with the IRS about them. It is the responsibility of the student to ensure their records are up to date and as accurate as possible. If there is an error on the 1098-T statement, contact the Cashier’s office. If there is an error in the student’s records, contact the Records office. Be sure to have all necessary documentation and proper identification when attempting to update information. A valid ID and Social Security card must be presented in order for a student’s SSN to be changed. It is important to note, failure to furnish a correct SSN subjects the student to a penalty of $50 by the IRS, if due to willful neglect.
Please note: MCC will use your SSN for the purpose of preparing the 1098-T tuition statement. All other documentation printed by the college will use your student ID number.
MCC will mail the 1098-T statements on January 31st of every year. Students can opt to access their 1098T statement online by visiting www.mcc.edu and signing into their My BackPack. The online consent can be found under Tax Information.
The 1098-T tax form is an annual statement provided by colleges and universities to all eligible students who pay qualified tuition and related expenses (QTRE), (including non-resident tuition fees) during the calendar year (January 1 to December 31). The 1098-T statement may be used by students or dependent students' parents to claim the American Opportunity Tax Credit (formerly "Hope Scholarship Credit") or Lifetime learning Credit on their federal taxes. More information about claiming an education tax credit can be found in IRS Publication 970 at www.irs.gov.
Receipt of a 1098-T form indicates you were enrolled at least half time at Mott Community College during the previous calendar year and paid qualified tuition and related expenses. It does not mean that you are eligible to claim an education credit. According to IRS regulations, determination of qualified charges and payments is the responsibility of the tax payer. For further information, go to: Tax Benefits for Education: Information Center
Please ensure our records have your correct name and Social Security Number (SSN). The IRS requires MCC to report your name and SSN on your 1098-T statement. MCC will use your SSN for the purpose of preparing the 1098-T form. All other documentation printed by the college uses your student ID number. Visit the Records & Registration department to make any necessary changes to your information.
Your 1098-T tax statement is mailed to you from the college on January 31st of each year. If you chose to receive your 1098-T electronically, it is available to view and print on January 31st through MyBackPack at www.mcc.edu.
Follow the steps below to give consent:
Beginning tax year 2018, colleges and universities are required by the IRS to report the amounts paid for qualified tuition and related expenses (QTRE)-Box 1. The amount in Box 1 will not be more than the total for qualified tuition charges and related expenses in the calendar year.
Therefore, Box 2 will be blank. Box 5 - Scholarships and Grants, includes any scholarships and grants applied to the student's account for the calendar year. Box 4 provides adjustments to the qualified tuition reported in the prior year. Box 6 provides adjustments to scholarships and grants reported in a prior year.
For a detailed explanation of each box on the 1098-T form, please see the "Instructions to Student" printed on the form or review this document on the IRS website.
It might or might not be. Please review IRS Publication 970 for more information on the topic.
Any qualified tuition and related expenses billed in calendar year 2017 (1/1/17 to 12/31/17) for the winter 2018 semester will be included on the 2017 1098-T statement in Box 2 form.
Any qualified tuition and related expenses paid in calendar year 2021 (1/1/21 to 12/31/21) for the winter 2022 semester will be included on the 2021 1098-T statement in Box 1. Since you made payment in 2022, the payment will show on your 2022 1098-T statement, not 2021.
While it is good starting point, the 1098-T statement form, as designed and regulated by the IRS, does not contain all of the information needed to claim an education tax credit. Most of the information needed must come from the student's personal financial records showing of what the student was billed for qualified tuition and related expenses (QTRE) and what was paid for QTRE during the calendar year (January 1 to December 31). Additionally, each taxpayer and his or her tax advisor must make the final determination of what constitutes qualifying tuition and related expenses, according to IRS Publication 970.
To access your MCC Student Account Statement:
The American opportunity tax credit (AOTC) is a credit for qualified education expenses paid for an eligible student for the first four years of higher education. You can get a maximum annual credit of $2,500 per eligible student. Eligibility for this credit is based on if your Modified Adjusted Gross Income (MAGI) is $80,000 or more ($160,000 or more if filing a join return).
For more information please visit the IRS American Opportunity Tax Credit article
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. The publication and form may be found on the IRS website.
Please also review IRS Publication 5197 Why Form 1098T is Important to You
Please consult your personal tax advisor for additional information to determine if you qualify. Mott Community College does not provide tax advice.
If you did not receive a 1098-T statement and believe you qualify:
You may also contact the Cashier’s Office and request a duplicate copy.
Yes, provided that a form was issued to you.
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 the information provided to you.