1098-T Tax Information
Frequently Asked Questions
How does Midlands Technical College report?
In previous years, MTC included a figure in Box 2 that represented the qualified tuition and related expenses (QTRE) that was billed to your student account for the calendar year. Due to a change to institutional reporting requirements under federal law, beginning with the 2018 tax year, MTC will report in Box 1 the amount of QTRE you paid during the calendar year. Box 2 will be blank. For the 2018 tax year, a student’s 1098-T may include amounts from Spring 2018, Summer 2018, Fall 2018, and Spring 2019, depending on when the student registered and paid for courses. 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.
What educational expenses are considered as qualified tuition and related expenses in Box 1?
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 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 803.732.5200.
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.