Student Tuition Statement | 1098-T
- What's a 1098-T?
In 1997, the Taxpayer Relief Act established two education tax credits and a deduction for student loan interest. These credits are explained in detail in Publication 970 from the IRS.
The 1098-T form is a Tuition Payment Statement that includes information that colleges and universities are required to issue for the purpose of determining a student's eligibility for education tax credits.
- How do I use the 1098T for tax purposes?
MCC urges you to contact a tax professional regarding the application of this form to your taxes. Employees of MCC cannot provide tax advice.
- What's reported on a 1098-T statement?
In previous years, your 1098-T included a figure in Box 2 that represented the qualified tuition and related expenses (QTRE) we 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 2018, we will report in Box 1 the amount of QTRE you paid during the year.
Depending on your income (or your family's income, if you are a dependent), whether you were considered full or half-time enrolled, and the amount of your qualified educational expenses for the year, you may be eligible for a federal education tax credit. (You can find detailed information about claiming education tax credits in IRS Publication 970, page 9.)
The dollar amounts reported on your Form 1098-T may assist you in completing IRS Form 8863 - the form used for calculating the education tax credits that a taxpayer may claim as part of your tax return.
McHenry County College is unable to provide you with individual tax advice, but should you have questions, you should seek the counsel of an informed tax preparer or adviser.
- What's the deadline for the 1098-T tax forms to be mailed to students?
By federal law, all forms must be postmarked by January 31.
- I attended McHenry County College, why isn't box 8 checked?
You are required to be at least half-time for one term within the calendar year in order to be eligible for the tax credits provided by the IRS.
IMPORTANT NOTE: a 1098-T statement in no way suggests that you are eligible for a tax credit. 1098-T statements are for informational purposes only. Please speak with a tax professional or consult the IRS website for more information about whether or not you qualify for a credit.
Find additional information about this form on the IRS web site (www.irs.gov)
Get Your 1098-T Form Electronically
Go green and retrieve your 1098-T form faster online!
IRS regulations state that each student who wishes to receive their 1098-T electronically must also provide consent electronically. Therefore, if you wish to take advantage of this, you must visit tsc1099.com before January 15. The instructions are outlined below:
How To Sign Up for Electronic Consent
- Visit tsc1099.com
- Enter Site ID: 11461
- User Name: Student ID (7 digits)
- Password: Last four digits of your SSN for first-time users only
- Don't have an SSN? - Enter 0000 for the temporary password and select Login. An automated email will be sent to your email address on file and allow you to reset your password.
- For security reasons, you'll be prompted to change your password. Enter your old password (last four digits of your SSN) and then enter a new password. The new password must be seven characters and contain at least one numeric character. Once you've entered your new password, you'll see the consent form.
- Read the Online Consent Form for the requirements and specifications. If you agree, select Consent.
Once you consent, you will not be mailed a 1098-T and you must return to the site after January 31 to view/print a copy of your Form 1098-T. Your consent will apply to current and subsequent years.