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

  • What's 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's 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's the deadline for the 1098-T tax forms to be mailed to students?

    By federal law, all forms must be postmarked by January 31, 2018.

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

    You are eligible to receive a 1098-T if you incurred charges during the 2017 calendar year that were not reported on the previous year's 1098-T statement.

    If your last semester of enrollment was Spring 2017, you may have been billed for those charges in December 2016, therefore the Spring 2017 charges were included in box 2 on the 2016 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 2017, you may have been billed for those charges in December 2016, therefore the Spring 2017 charges were included in box 2 on the 2016 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.

Find additional information about this form on the IRS web site (www.irs.gov)

Get Your 1098-T Form Electronically

Go green and retrieve your 2017 1098-T form faster online!

IRS regulations state that each student who wishes to receive their 1098-T electronically must also provide consent electronically. Therefore, if you wish to take advantage of this, you must visit www.tsc1098t.com before January 15. The instructions are outlined below:

How To Sign Up for Electronic Consent

  1. Visit www.tsc1098t.com.
  2. Enter Site ID: 11461
  3. User Name: Student ID
  4. Password: Last four digits of your SSN
  5. For security reasons, you will then be prompted to change your password. Enter your old password (last four digits of your SSN) and then enter a new password. The new password must be seven characters and contain at least one numeric character.

    Once you've entered your new password, you will see the online consent form. Read the Online Consent Form for the requirements and specifications. If you agree, select “Consent.” Once you consent, you will not be mailed a 1098-T and must return to the site after January 30, 2018 to view/print a copy of your 2017 Form 1098-T. Your consent will apply to 2018 and subsequent years.