1098-T Tax Information
***2017 1098-T tax forms will be available by January 31, 2018***
Frequently Asked Questions
1. How does Midlands Technical College report? Midlands Technical College (MTC) reports amounts of qualified tuition and related expenses billed to students during the tax year and scholarships/grants posted to the student’s MTC account during the tax year.
For the 2017 tax year, a student’s 1098-T may include amounts from Spring 2017, Summer 2017, Fall 2017, and Spring 2018, depending on when the student registered for courses. In most cases, a student will take advantage of early registration for the spring semester and a bill will be generated in the October/November/December 2017 time frame.
The college does not prepare a 1098-T form for registration of Corporate and Continuing Education classes. A printout can be provided if needed from the cashier’s offices.
2. Why isn’t there an amount in Box 1? The IRS instructs eligible educational institutions to report either payments received (Box 1) or amounts billed for qualified tuition and related expenses (Box 2) on the 1098-T. MTC 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.
3. What educational expenses are considered as qualified tuition and related expenses in Box 2? Qualified tuition and related expenses refer to tuition and required fees, such as segregated fees and lab fees, a student must pay to be enrolled at or attend an eligible education institution. Tuition waivers are considered reductions to qualified tuition and expenses.
Each recipient should refer to relevant IRS forms and publications for explanations relating to the eligibility requirements for, and calculation of, any allowable education tax credit. To see if you qualify for the credit, and for help in calculating the amount of your credit, see IRS Publication 970, Tax Benefits for Education at www.irs.gov
. Midlands Technical College Finance and Accounting Office can only answer questions related to how the form is prepared and cannot provide individual taxpayer advice. Please consult your tax preparer.
The 1098-T can be reviewed online via your MyMTC
account. If you have any further questions, please contact the Finance and Accounting office at 803.822.3284.
Form SC 1040 Information
To help ease the financial burden for South Carolina college students and their families, the South Carolina General Assembly has created an income tax credit for tuition paid to South Carolina colleges and universities. To claim the credit, a Form SC 1040 must be filed. When preparing the South Carolina income tax return, Form I-319 Tuition Tax Credit must be completed. This form is included with all state individual income tax booklets. For more information about the tax credit, please visit the South Carolina Tuition Tax Credit website.
What does it cost to attend MTC?
Tuition differs based on the student’s legal residency. For more specific tuition information, please visit Tuition and Fees.