1098-T Information
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.
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.
Which boxes
should be completed and what do they mean?
Why isn't there an
amount in box 1?
What charges are included in "qualified tuition and related expenses" of box
2?
I only have amounts in box 4 adjustments and/or box 6 adjustments, what does
that mean?
What are the criteria set by the Internal Revenue Service for receiving a
1098-T form?
Why isn't my spring registration included in the amounts billed for this
year's 1098-T?
When will I
receive my 1098-T form?
Why didn't I
receive a 1098-T form?
Where are the
1098-T forms mailed from?
How can I get
a duplicate of my 1098-T?
Am I eligible for a
tax credit?
Who do I contact if I have a question about amounts posted in boxes 2
through 10?
A: A sample of the
1098-T is shown on the IRS web site.
A: Box 1: not used by MPTC
Box 2: amounts billed for qualified
tuition and related expenses
Box 3: not checked, reporting method has not changed
Box 4: adjustments made to a prior year's billed qualified tuition and
related expenses
Box 5: scholarships or grants, third party payments, and exemptions
Box 6: adjustments made to a prior year's scholarships or grants
Box 7: this box will be checked if the amounts in box 2 include billed
amounts for an academic period beginning January - March of the following
calendar year
Box 8: this box will be checked if you are enrolled half-time or greater
Q: Why isn't there an amount in box 1?
A: When the forms became a requirement in 2003, MPTC decided to provide
amounts billed on 1098-T forms. This is a MPTC institution policy and is not
determined on a case-by-case basis.
Please note that when the Hope Scholarship or Lifetime Learning Credit is
taken on the federal income tax return, the calculation of the credit is
based on the amount of qualified educational expenses actually paid
by the taxpayer during the calendar year. The College reports amounts
billed to a student's account. Therefore, the amount you use to
calculate your education credit will not necessarily be the same as the
amount that appears in Box 2.
Q: What charges are included in
box 2, "qualified tuition and related expenses"?
A: Qualified tuition and related expenses are tuition and fees a student
must pay to be enrolled at or attend an eligible educational institution.
Q: I only have amounts in box 4
adjustments and/or box 6 adjustments, what does that mean?
A: Adjustment amounts reported in box 4 and box 6, may change any allowable
education credit you may have claimed for a prior year. We strongly advise
you to seek the advice of a tax consultant for specific information
concerning the handling of prior year adjustments.
Q: What are the criteria set by
the Internal Revenue Service for receiving a 1098-T form?
A: Institutions are not required
to furnish a 1098-T when:
-
Student's scholarship or grants amount (box 5) is greater than their qualified tuition and related fees (box 2)
-
Student's qualified tuition and related expenses are covered by a formal billing arrangement between MPTC and the student's employer or government entity.
-
A student took courses for which no academic credit is offered, even if the student is otherwise enrolled in a degree program.
-
Student is not a resident of the United States. Forms can be provided upon request.
Q: Why is my spring registration included in the amounts billed for my
1098-T?
A: The 1098-T reflects amounts billed on your account within a calendar
year. Many students register for spring terms in November or December of the
previous year. Registration charges are reported on the 1098-T of the year
the charges were billed.
Q: When will I
receive my 1098-T form?
A: The 1098-T Tuition Statement is mailed late January to all eligible
students with a valid Social Security number on file and an address in the
United States. The information is also reported to the Internal Revenue
Service.
Q: Why didn't I
receive a 1098-T form?
A: You will not receive a form if you do not have a valid social security
number on your student record. You may request a 1098-T after filing your
social security number at the college. You will need to come to Student
Services and complete a Student Records Change form to update your
information. You will provide your name, ID, SSN card and sign the form.
Student Services will not accept this information over the phone.
A: If your 1098-T was sent to an old or incorrect address. Check your account online to verify we have your correct address.
A: Student's scholarship or grants amount (box 5) is greater than their qualified tuition and related fees (box 2).
A: Student's qualified tuition and
related expenses are covered by a formal billing arrangement between MPTC
and the student's employer or government entity.
A: Student took courses for which no
academic credit is offered, even if the student is otherwise enrolled in a
degree program.
A: Student is not a resident of the
United States.
Q: Where are the 1098-T forms
mailed from?
A: A service provider sends the MPTC 1098-Ts from a central location rather
than from individual campuses.
Q: How can I get a duplicate of my
1098-T?
A: Students
who require an additional copy of their 1098-T can find it at myMPTC,
Student Tab, Student Tools, and My 1098T Information. Students are
encouraged to use this to re-print the 1098-T form and to view the
supporting detail for boxes 2, 4, 5, and 6.
Students who no longer attend MPTC
do still have access to student account information on myMPTC. Go to
https://mymptc.morainepark.edu for more information.
All other requests
for information will need to be in writing, with a signature, and a copy of
a government issued picture ID. This request can be e-mailed with a scanned
copy of the ID to
afsinfo@morainepark.edu.
Q: Am I eligible for a tax credit?
A: To determine the correct amount, if any, to enter on your tax return,
please consult your tax advisor, your personal expense records, and your
Student Account Summary on MyMPTC. Employees of Moraine Park Technical
College cannot offer assistance with tax form preparation. Please do not
contact the college for that purpose.
The responsibility for your individual tax circumstances rests with the
taxpayer alone, and Moraine Park Technical College cannot take any
responsibility for your interpretation of this information. You are urged to
refer to the federal
Publication 970
from the
IRS.
Q: Who do I contact if I have a question about amounts posted in boxes 2
through 10?
A: You may send an email from your MPTC assigned email address to
afsinfo@morainepark.edu.
Students who no longer attend MPTC do
still have access to student account information on myMPTC.
Go to
https://mymptc.morainepark.edu
for more information.
All other requests for information will need to be in writing, with a signature, and a copy of a government issued picture ID. This request can be e-mailed with a scanned copy of the ID to afsinfo@morainepark.edu.