Tax Form 1098-T
Each January Monroe Community College mails IRS Tax Form 1098-T to qualified students. Please keep in mind that MCC cannot give tax advice, and any information obtained on our website or from our office must not be construed as tax advice.
What is Form 1098-T?
In accordance with the Tax Relief Act of 1997 and IRS regulations, MCC provides eligible students with Form 1098-T. This statement shows qualified tuition and fees that were billed between January 1 and December 31 of a given tax year as well as financial aid paid between those dates. Using this information, you can determine if you qualify to receive a tax deduction based on what was paid out-of-pocket.
Who qualifies to receive it?
Students who paid their tuition bills out-of-pocket and were not covered by financial aid will receive a 1098-T. Receiving the form does not guarantee you a tax deduction. It is solely meant to provide you with information so that you can determine if you qualify for the credit.
Why didn't I receive Form 1098-T?
Students whose charges were covered entirely by financial aid or scholarships do not qualify to receive Form 1098-T. If you made payment towards your account but your aid came in afterwards and covered the entire bill, you still do not qualify to receive this tax form. You also do not receive Form 1098-T if you only took non-credit courses.
What is MCC's EIN or Federal ID number?
The EIN is the same as the Federal ID number: 16-0849590.
Explanation of boxes
- Box 2: how much you were billed for qualified tuition and fees between January 1 and December 31 of a given tax year. Note that this does not includes expenses such as parking permits, books, housing, etc.
- Box 4: a change has been made to the amount in Box 2 for a previous year's taxes. Usually (but not always) this is for a class that was reported in 1 tax year that was later dropped in the following tax year. Consult the IRS or your tax advisor to see if you will need to do an amendment to your taxes.
- Box 5: how much financial aid and scholarships paid between January 1 and December 31 of a given tax year. This does not include loans. Loans are considered out-of-pocket payments.
- Box 6: a change has been made to the amount in Box 5 for a previous year's taxes. Usually (but not always) this means that financial aid that paid in during 1 tax year was removed in the following tax year. Consult the IRS or your tax advisor to see if you need to do an amendment to your taxes.
- Box 7: if checked, Box 2 includes tuition and fees charged in a given tax year for courses that do not start until January-March of the following year.
- Box 8: if checked, the student was registered for at least 6 credits during at least 1 semester between January 1 and December 31 of the tax year.
Why is Box 1 empty?
MCC can only report in either Box 1 or Box 2 - not both. The College has chosen to report the qualified tuition and fees that were billed between January 1 and December 31 of a given tax year. The fact that Box 1 is empty does NOT mean you did not pay anything. You will need to refer to your receipts or your student account online for this information.
Can I view my 1098-T online?
Yes! Log in to myMCC. Click on the "MyAccount" tab. Under Student Accounts click on "View My Tax Notification". Enter the tax year and click Submit.
How do I get a duplicate 1098-T?
You can print out another copy of your 1098-T online (see "Can I view my 1098-T online?" for directions). You do not have to submit a copy of the 1098-T to the IRS, therefore the online version is valid for your records. Click here to log in.
Why did I only receive 1 copy of Form 1098-T? Don't I have to send one to the IRS?
You do not have to mail a copy of your 1098-T with your taxes. It is for your information only. MCC submits the information on it to the IRS.
What do I do if the student's social security number is incorrect?
Contact the Registration and Records Office if the student's social security number is incorrect. After they have updated it, then contact the Student Accounts Office and we will mail a corrected 1098-T. Keep in mind that the social security number on the tax form will always be the student's - even if the student is claimed on someone else's taxes.
I have never taken classes at MCC. Why did I receive Form 1098-T?
Many training and refresher courses for jobs in EMS, police, and fire protection are offered through MCC. You may not actually come to one of MCC's campuses to take these courses - most are offered at your place of employment and are required for your job. If you have taken any courses like these and were sponsored by your employer, you can disregard the 1098-T. The tax credit can only be claimed if you paid out-of-pocket for your classes.
If you received Form 1098-T and have NOT taken courses as mentioned above, please contact the Student Accounts Office at 585-292-2015 for more information. You can also email us at 1098Tinfo@monroecc.edu.
Why does Box 2 seem lower (or higher) than I expected?
Keep in mind that Box 2 only contains amounts that were billed between January 1 and December 31 of a given tax year. Many students register for their spring courses the previous October when registration begins. So, for example, if a student registered in October 2012 for spring 2013 courses, the spring charges will be on the 2012 1098-T and not the 2013 1098-T, therefore making Box 2 on the 2012 tax form look too high. Likewise, when this student gets the 2013 tax form, Box 2 will look too low since spring 2013 was on the previous year's tax form.
How much did I pay towards tuition and eligible fees for the tax year?
Please refer to your receipts, canceled checks, and credit card statements. Better yet, you can also view this information online! Log in. Click on the "MyAccount" tab. Under Student Accounts click on "View My Tax Notification". Enter the tax year and click Submit. If you would like copies of billings statements mailed to you, please contact the Student Accounts Office at 585-292-2015, or email us at 1098Tinfo@monroecc.edu.
If I received Form 1098-T, does that mean I qualify for the Hope Scholarship and Lifetime Learning Credits?
Not necessarily. While MCC cannot offer tax advice, we do provide you with this form because you were billed for qualified tuition and fees during the tax year. Please consult your tax preparer or the IRS to determine if you qualify for any credits.
Where can I get more information regarding Form 1098-T?
Visit the IRS website at www.irs.gov. Search for Publication 8863. You can also contact your tax preparer.