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1098-T

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1098-T

The 1098-T is a record of the financial information reported by FM to the Internal Revenue Service (IRS) on a student’s behalf.  This information includes the total amount billed for qualified tuition and fees in a tax year (Box 2) and the total amount of scholarships or grants disbursed in the same tax year (Box 5).  Please note that FM does not report payment information to the IRS, which means Box 1 on your form will not be populated.

A 1098-T form is mailed to the student’s home address by January 31st to all students with a valid Social Security number on file.  The student, or the person who may claim the student as a dependent, may be able to take a deduction or claim an education credit for the qualified tuition and related expenses report the 1098-T.  Please note, FM cannot provide tax advice.  Students and/or parents should seek the advice of a tax preparer for specific questions concerning the 1098-T and tax return preparation.

How to obtain your 1098-T Online

https://tra.vangent.com/traPortal/app/login

  • For questions or assistance regarding access to the 1098-T website, please contact the TRA Services Help Desk at 800-223-0043. They are available from 8:00 AM to 8:00 PM (EST) Monday – Friday.
  • Additional help information can be found here: https://tra.vangent.com/traPortal/faq/Student_Help.htm
  • For questions regarding the information listed on your 1098-T, please contact the FM Bursar Office at 518-736-3622 (ext 8601, 8602, 8604) or via email at bursar.office@fmcc.edu.

1098-T Frequently Asked Questions

Q:  What is the IRS Form 1098-T?

A:  The 1098-T form is used by colleges to report information about their students to the IRS as required by the Taxpayer Relief Act of 1997.  This form is informational only.  It also alerts students that they may be eligible for federal income tax education credits.  It should not be considered as a tax opinion or advice.  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.  Claiming education tax benefits is a voluntary decision for those who may qualify.

Note:  It is up to each taxpayer to determine eligibility for the credits and how to calculate them.

Q:  What fees are qualifying for tax purposes?

A:  Box 2 of 1098-T reports the qualified tuition and related expenses billed to you during the calendar year.  For purposes of the 1098-T provided by FM, the following categories of charges are included or not included in qualified tuition and related expenses:

Included: Not Included:
Tuition Late Charges
Course Fee(s) Insurance
OER Fee(s) Room and Board Charges
Technology Fee Course Related Books and Equipment
Student Activity Fees
Transportation and Automobile Fees

 Q:  Why is box 1, payments, blank on my 1098-T?

A:  Consistent with IRS regulations, the college has the option include information in Box 1 (Amount Paid) or Box 2 (Amount Charged) – not both – and never on a student-by-student basis.  FM has elected to report based on the Amount Charged and this is why box 1 is empty.  Your semester tuition statements reflect payments posted to your account in the calendar year and are the best and most accurate source of information when you are preparing your taxes.  You may wish to provide them to your accountant in addition to your 1098-T.

Q:  Why do my box 2 charges not match my tuition for last year?

A:  Box 2 Amounts Billed should match the amounts billed to you for qualified tuition and related expenses in the calendar year (not the academic year).

Q:  I attended FM during Spring 2016, but some or all amounts are missing from my 2016 1098-T.  Why?

A:  Form 1098-T reports only those transactions posted to your student account during calendar year 2016.  Spring semester began in January.  Most students registered for Spring Semester 2016 during the previous November or December (2015).  Any charges that were billed to your account prior to January 1, 2016, were reported on your 2015 1098-T.

Q:  Why is box 5 “Financial Aid” more than box 2 “Billed Charges”?

A:  Box 5 is a total of all financial aid, scholarships, grants, and third party payments per IRS instructions that are posted to the student’s account during the tax year.  A student’s financial aid is based on their total cost of attendance, which includes costs that may not be considered qualified by the IRS for the charges reported in box 2.

Q:  I made payments on my student loans.  Will you provide information on the amount of interest paid?

A:  This information will be provided by your loan servicer on Form 1098-E.

Q:  What expenses can I claim and for how much?

A:  FM cannot legally provide tax advice.  Please consult with a qualified tax preparer or the IRS if you have questions concerning how to use the 1098-T form for your taxes.

Q:  I am an international student; can I claim a credit?  Do I need a 1098-T?

A:  Students classified as nonresident aliens in the FM student records system will not be issued a 1098-T form as they do not qualify for the U.S. education tax credits.  Only students with a valid Social Security number on file will be issued a 1098-T.

Q:  Where can I get additional information about whether I’m eligible for any tax benefits?

A:  Additional Resources:

  • IRS Publication & Forms: https://www.irs.gov/forms-pubs
  • Form 8863 Instructions for Education Credits: https://www.irs.gov/uac/about-form-8863
  • Form 1040 Instructions: https://www.irs.gov/pub/irs-pdf/i1040gi.pdf
  • IRS Information on American Opportunity Credit: https://www.irs.gov/publications/p970/ch02.html#en_US_publink1000204381
  • IRS Information at Lifetime Learning Center: https://www.irs.gov/publications/p970/ch03.html