Your Student Tuition Statement
Everything you need to know about your 1098-T

  • What is 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 is reported on a 1098-T statement?

    The information reported in box 2 on the 1098-T statement includes tuition and eligible charges (as defined by the IRS) that were posted to your student account between the dates of January 1 and December 31.

    Box 4 includes adjustments to charges on a prior year's 1098-T statement that occurred in this tax year.

    The information reported in box 5 on the 1098-T statement includes any financial aid (excluding loans) that was posted to your student account between the dates of January 1 and December 31, regardless of the semester for which it was awarded.

    Box 5 includes adjustments to financial aid on a prior year's 1098-T statement that occurred in this tax year.

  • Why is box 1 blank?

    Box 1 is blank because we do not report payments on the 1098-T rather, we report tuition and eligible charges as mentioned above.

  • What is the deadline for the 1098-T tax forms to be mailed to students?

    By federal law, all forms must be postmarked by January 31, 2017.

  • What makes me eligible to receive a 1098-T?

    You are eligible to receive a 1098-T if you incurred charges during the 2016 calendar year that were not reported on the previous year's 1098-T statement.

    If your last semester of enrollment was Spring 2016, you may have been billed for those charges in December 2015, therefore the Spring 2016 charges were included in box 2 on the 2015 1098-T statement.

  • 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.

    If your last semester of enrollment was Spring 2016, you may have been billed for those charges in December 2015, therefore the Spring 2016 charges were included in box 2 on the 2015 1098-T statement.

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.

Additional information about this form can be found on the IRS web site (www.irs.gov)

Get Your 1098-T Form Electronically

Go green and receive your 2016 1098-T form faster online. Through the use of our 1098-T service provider, you can consent to receive e-mail notification when the 2016 1098-T form is available.

How To Sign Up for Electronic Consent

  1. Visit www.1098-t.com.
  2. From the 1098-t.com home page, select the option to "Access My Record." You'll be prompted through a series of steps validating personal information.
  3. Once securely logged into your personal account, a link is provided to receive forms electronically. A pop up window will also remind you to take advantage of this option. Please read the information thoroughly and provide a current and valid e-mail address when prompted.
  4. Upon creation of the 2015 1098-T form, you will receive an e-mail notifying you that the form is available on www.1098-t.com. You can print a copy for yourself, your parents, and your tax advisor.