As required by the Internal Revenue Service (IRS), Form 1098-T will be available online by January 31, to all students who had qualified tuition and other related educational expenses billed to and paid during the previous calendar year.
WHAT IS FORM 1098-T?
WILL I GET A FORM 1098-T FROM MORAINE PARK?
WHEN WILL I RECEIVE MY FORM 1098-T?
WHAT HAPPENS IF AMOUNTS REPORTED ON A PRIOR YEAR’S FORM 1098-T WERE ADJUSTED THIS YEAR?
WHY IS BOX 2 BLANK?
WHERE CAN I GET ADDITIONAL INFORMATION ABOUT THE AMOUNTS LISTED ON MY FORM 1098-T ?
WHY IS MY PAYMENT AMOUNT IN BOX 1 LESS THAN THE TOTAL PAYMENTS I MADE DURING 2020?
WHAT IS INCLUDED AS PAYMENTS IN BOX 1?
WHAT PAYMENT AMOUNTS ARE NOT REPORTED ON THE 1098-T
ARE PAYMENTS FOR SPRING SEMESTER 2021 INCLUDED ON THE 2020 1098-T?
MY PAYMENT FOR SPRING 2020 DOES NOT APPEAR TO BE INCLUDED IN BOX 1 EVEN THOUGH MY SPRING SEMESTER PAYMENT WAS MADE IN JANUARY 2020.
WHERE CAN I GET ADDITIONAL INFORMATION ABOUT WHETHER I’M ELIGIBLE FOR ANY TAX BENEFITS?
MY ACCOUNTANT SAYS THAT THE COLLEGE MUST PROVIDE ME WITH A FORM 1098-T.
WHO DO I CONTACT IF I HAVE A QUESTION ABOUT AMOUNTS REPORTED?
WHAT FORM DO I USE TO SUBMIT MY SSN(TIN) TO Moraine Park Technical College?
Q: WHAT IS FORM 1098-T?
A: 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: WILL I GET A FORM 1098-T FROM MORAINE PARK?
A: You should receive a form 1098-T if you enrolled and paid for degree seeking course(s) for academic credit at Moraine Park during the semesters of Spring 2020, Summer 2020, Fall 2020, and you are a citizen or permanent resident of the United States of America.
Students can easily access the statement following the steps below:
- Access myMPTC
- Click on My Finances located at the top of the homepage
- Select “Finances”, My 1098-T
- Enter 2020 Tax Year and Submit
Q: WHAT HAPPENS IF AMOUNTS REPORTED ON A PRIOR YEAR’S FORM 1098-T WERE ADJUSTED THIS YEAR?
A: In general, Form 1098-T will include amounts in Box 4 (prior year adjustments to amounts billed or payments received for qualified tuition and related expenses) and Box 6 (prior year adjustments to scholarships and grants) if you had a change for any prior year 1098-T reported amounts. For 2020, Box 3 (Change in reporting method) will be checked and Box 4 will be blank as a result of the IRS mandate that all educational institutions must report Payments Received.
Q: WHY IS BOX 2 BLANK?
A: In previous years, your 1098-T included a figure in Box 2 that represented the qualified tuition and related expenses (QTRE) Moraine Park billed to your student account for the calendar (tax) year. Due to a change to institutional reporting requirements under federal law, beginning with tax year 2019, Moraine Park will report in Box 1 the amount of QTRE you paid during the year.
Q: WHERE CAN I GET ADDITIONAL INFORMATION ABOUT THE AMOUNTS LISTED ON MY FORM 1098-T ?
A: Additional details about the amounts on your 1098-T can be found by logging into My MPTC, My Finances, MaxPay, and Payments.
Q: WHY IS MY PAYMENT AMOUNT IN BOX 1 LESS THAN THE TOTAL PAYMENTS I MADE DURING 2020?
A: The amount of your payment reported in Box 1 is limited by the total amount of Qualified Tuition and Related Expenses billed during the 2020 calendar year.
Q: WHAT IS INCLUDED AS PAYMENTS IN BOX 1?
A: Payments in Box 1 include all your personal payments and educational loans, as well as most scholarships, grants, and third party funding limited by the total amount of Qualified Tuition and Related Expenses billed during the 2020 calendar year.
Q: WHAT PAYMENT AMOUNTS ARE NOT REPORTED ON THE 1098T?
A: Nonqualified Tuition and Related Expenses will not be reported on the 1098-T Tuition Statement. First, the tuition or fees must be “required for the enrollment or attendance at an eligible educational institution for courses of instruction.” (26 U.S.C. § 25A(f)(1)(A)). Second, even if required for enrollment, certain fees are excluded. These include education involving sports, unless the course or education involved is part of the student’s degree program (26 U.S.C. § 25A(f)(1)(B)); and non-academic fees, including “Student activity fees, athletic fees, insurance expenses, or other expenses unrelated to an individual’s academic course of instruction” (26 U.S.C. § 25A(f)(1)(C)). The text of 26 U.S.C. § 25A can be accessed at: https://uscode.house.gov/ . On the Search page, enter 26 as the Title and 25A as the Section.
Q: ARE PAYMENTS FOR SPRING SEMESTER 2021 INCLUDED ON THE 2020 1098-T?
A: 2020 1098-T Tuition Statement reporting includes all reportable payments for qualified tuition and related expenses received by Moraine Park Technical College in 2020 on behalf of the student from any source. However, payments made for Spring 2021 are reportable only if the student was enrolled in an academic term beginning in 2020 or earlier. Please see Discussion Q-1 in IRS Notice 2006-72 Information Reporting for Qualified Tuition and Related Expenses found in Internal Revenue Bulletin 2006-36 dated September 5, 2006 at https://www.irs.gov/irb/2006-36_IRB#NOT-2006-72 for details.
Note: For information on whether such payments qualify for a 2020 tax benefit, please refer to IRS Publication 970 Tax Benefits for Education and/or your tax professional.
Q: MY PAYMENT FOR SPRING 2020 DOES NOT APPEAR TO BE INCLUDED IN BOX 1 EVEN THOUGH MY SPRING SEMESTER PAYMENT WAS MADE IN JANUARY 2020. WHY?
A: Your Box 1 payments are limited by the amount of Qualified Tuition and Related Expenses (QTRE) billed during 2020. If your Spring Semester 2020 expenses were charged in December 2019, your payment made in January 2020 may not increase the amount reported in Box 1 by the full amount of your payment because of the QTRE limitation. However even though your January 2020 payment may not be included in Box 1, that payment may still be eligible toward your 2020 educational tax benefit calculation if the taxpayer is able to use their own financial records and/or detail from their student account statements to substantiate their claim. Please see IRS Publication 970 for additional information.
Q: WHERE CAN I GET ADDITIONAL INFORMATION ABOUT WHETHER I’M ELIGIBLE FOR ANY TAX BENEFITS?
A: As in all matters related to the tax implications of education expenses, Moraine Park Technical College will be unable to advise parents and students. Moraine Park cannot determine if you are eligible for either of the credits or the amount of credit for which you may qualify. We strongly encourage you to speak with a qualified tax advisor or the IRS. The IRS offers free forms, publications and other information at each local IRS office and through the following sources:
- Payments for courses for which no academic credit is offered, even if the student is otherwise enrolled in a degree program.
- Enrolled student is a nonresident alien, unless requested by the student.
- Students whose qualified tuition and related expenses are entirely waived or paid entirely with grants/scholarships.
- Students for whom you do not maintain a separate financial account and whose qualified tuition and related expenses are covered by a formal billing arrangement between an institution and the student’s employer or a governmental entity, such as the Department of Veterans Affairs or the Department of Defense.
Q: WHO DO I CONTACT IF I HAVE A QUESTION ABOUT AMOUNTS REPORTED?
A: You may send an email from your MPTC assigned email address to email@example.com. 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 firstname.lastname@example.org.
Q: WHAT FORM DO I USE TO SUBMIT MY SSN(TIN) TO Moraine Park Technical College?
A: You can use the W-9S form to submit your SSN.