1098-T Tax Information
***2016 1098-T tax forms will be available by January 31, 2017***
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 2016 tax year, a student’s 1098-T may include amounts from Spring 2016, Summer 2016, Fall 2016, and Spring 2017, 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 2016 time frame.
Students whose qualified tuition and related expenses are entirely waived or paid entirely with scholarships will not be issued a 1098-T.
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.
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.