Tax Benefits for Education: 1098-T

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Tax Benefits for Education: 1098-T
The 1098-T form is used by eligible educational institutions to report information about their students to the IRS as required by the Taxpayer Relief Act of 1997. They are posted to the MyMBC website by January 31st to all students who had qualified tuition and other related educational expenses billed to them during the previous calendar year. This form is informational only. It serves to alert students that they may be eligible for federal income tax education credits. It should NOT be considered as tax opinions or advice. While it is a good starting point, the 1098-T, as designed and regulated by the IRS, does not contain all the information needed to claim a tax credit. IRS Publication 970 “Tax Benefits for Higher Education” as well as Chapter 35 of the IRS Publication 17 provide additional information on these credits. 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.
The IRS instructs institutions to report either payments received (Box 1) or amounts billed for qualified tuition and related expenses (Box 2) on the 1098-T. Once an institution has selected one of these options, they cannot change reporting methods between calendar years without permission from the IRS. Mary Baldwin reports qualified tuition and related expenses that were billed during the tax year (Box 2); therefore, Box 1 – payments received for qualified tuition and related expenses will be blank.
The amount billed in Box 2 may not be the amount you can claim when filing your taxes. The College is required to provide the “amount billed” and “scholarship and grant” figures to help you determine the amount of qualified expenses you can claim on your IRS Form 8863. Per Internal Revenue Code Section 25A, taxpayers may claim an education tax credit only with respect to qualified tuition and related expenses PAID (not billed) during the calendar year. You will need to review your payment records to determine the actual qualified expenses paid. Remember that qualified amounts paid by student loans may count as payments eligible for these purposes.

You may view and print your 1098-T information on the student portal, Enter your user name and unique PIN you received for your MBC email account. Click on the “My Accounts” tab and “My 1098T Info”.

To get a detailed list of your student account transactions, click on the “My Accounts” tab, “My Account Balances”, and then click on the amount due.

If you have forgotten your PIN or need help signing onto the portal, please call CIS at (540) 887-7075.

For information concerning your 1098T, please contact Patty Davis at; or (540) 887-7361.

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