IMPORTANT! 2018 Tax Form 1098-T
Student 2018 1098-T forms are now available via the ECSI website. Search for “Maryville College”, then find your tax document based on your name, SSN, and zip code. Please note that if both Box 1 and Box 5 are zero, a 1098-T is not generated so you will not find a document for 2018.
In previous years, your 1098-T included a figure in Box 2 that represented the qualified tuition and related expenses (QTRE) we billed to your student account for the calendar (tax) year. Due to a change to institutional reporting requirements under federal law, beginning with tax year 2018, we will report in Box 1 the amount of QTRE you paid during the year (including personal payments, payment plan payments, loan disbursements, and scholarships/grants, less any refunds). We have captured the appropriate calendar year 2018 transactions against your account by term (which can include Spring 2018, Summer 2018, Fall 2018, and Spring 2019), calculated Box 1 and Box 5 by term, then the totals are shown on your 1098-T. The maximum value by term for Box 1 cannot exceed your total QTRE (tuition, activity and service fees, course fees) by term. There is no change to Box 5 for 2018. Statements for each of the above terms are available on Self-Service. Due to this transition year, your 1098-T may look incorrect, but the information reported is accurate according to the new federal guidelines.
Depending on your income (or your family’s income, if you are a dependent), whether you were considered full or half-time enrolled, and the amount of your qualified educational expenses for the year, you may be eligible for a federal education tax credit. (You can find detailed information about claiming education tax credits in IRS Publication 970, "Tax Benefits for Education", page 9.) The dollar amounts reported on your Form 1098-T may assist you in completing the IRS form used for calculating the education tax credits that a taxpayer may claim as part of your tax return (Form 8863).
NOTE: Maryville College is unable to provide you with individual tax advice, but should you have questions, you should seek the counsel of an informed tax preparer or adviser, or contact the College’s 1098-T administrator, ECSI, at (866)428-1098.
As a reference, below is a blank sample of the 2018 Form 1098-T, that is now available to you via the ECSI website. For more information about Form 1098-T, visit https://www.irs.gov/forms-pubs/about-form-1098-t.
Additional questions? Please contact Melissa Millsaps at firstname.lastname@example.org, (865)981-8147.
01. What is the 1098-T Form?
The 1098-T form is used by eligible educational institutions to report information about their students to the IRS as required by the Taxpayer Relief Act of 1997. Eligible educational institutions are required to submit the student’s name, address, and taxpayer identification number, enrollment and academic status. Beginning with 2003, educational institutions must also report amounts to the IRS pertaining to qualified tuition and related expenses, as well as scholarships and/or grants, taxable or not. A 1098-T form must also be provided to each applicable student. This form is informational only. It serves to alert students that they may be eligible for federal income tax credits. It should not be considered as tax opinion or advice. While it is a good starting point, the 1098-T does not contain all of the information needed to claim a tax credit. There is no IRS requirement that you must claim the tuition and fees deduction or an education credit. Claiming education tax benefits is a voluntary decision for those who may qualify.
02. Why did I receive a 1098-T and what should I do with it?
In January of each year, Maryville College teams with Educational Computer Systems, Inc (ECSI) to consolidate and distribute 1098-T forms either by mail or electronically. Additionally, 1098-Ts are always available on the ECSI website by going to https://heartland.ecsi.net/index.html, sign in or register then follow the prompts. The form is informational only and should not be considered as tax opinion or advice. It serves to alert students that they may be eligible for federal income tax credits. Receipt of Form 1098-T does not indicate eligibility for the tax credit. To determine the amount of qualified tuition and fees paid, and the amount of scholarships and grants received, a taxpayer should use their own financial records.
03. Is a copy of this form sent to the IRS?
Yes. Section 6050S of the Internal Revenue Code, as enacted by the Taxpayer Relief Act of 1997, requires institutions to file information returns to assist taxpayers and the Internal Revenue Service in determining eligibility for the American Opportunity Tax Credit and Lifetime Learning Tax Credit. An electronic copy of the data is submitted to the IRS each year by March 31 for the previous tax year.
04. Why is Box 7 checked?
The 1098-T form data is pulled from calendar year tuition, fees, payments, and financial aid. Thus, it does not conform to the true academic year information. Spring tuition is billed in November of the previous calendar year, but the financial aid pertaining to the Spring tuition is posted in January. Example: a student’s 2018 1098-T form will include scholarships and grants for the Spring 2018 semester, all Summer and Fall 2018 activity, and Tuition, Fees and payments for the Spring 2019 semester. This timing anomaly is why we urge you to use your personal financial records for tax purposes.
06. What other information do I need to claim the tax credit?
While it is a good starting point, the 1098-T, as designed and regulated by the IRS, does not contain all of the information needed to claim a tax credit. Most of the information needed must come from the student’s personal financial records of what the student paid during the calendar year. Additionally, each taxpayer and his or her tax advisor must make the final determination of qualifying expenses.
07. What are the American Opportunity Tax Credit and the Lifetime Learning Credit and what are allowable tuition and fee tax deductions for each?
For an overview of the American Opportunity Tax Credit, Lifetime Learning Credit, and allowable tuition and fee tax deductions visit the IRS website. Not all students who pay qualified expenses are eligible for a tax credit. Publication 970 explains tax benefits for education: http://www.irs.gov/pub/irs-pdf/p970.pdf.
08. What is the American Opportunity Credit?
The American opportunity tax credit (AOTC) is a credit for qualified education expenses paid for an eligible student for the first four years of higher education. For more information please visit https://www.irs.gov/credits-deductions/individuals/aotc.
10. My address listed on the 1098-T has changed. Will this be a problem?
No. The address shown on Form 1098-T is irrelevant for IRS income tax filing purposes. The single most important information on the form is your Social Security Number. Please call the Registrar’s Office at (865) 981-8028 if the SSN on your 1098-T is incorrect.
11. How do I get a reprint of my 1098-T form?
Please go to https://heartland.ecsi.net/index.html, sign in or register, and then follow the prompts.