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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 as required by the Taxpayer Relief Act of 1997.  The 1098-T is informational only and is mailed to the student’s home address by January 31st.  The student must have a valid Social Security number on file.  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.

** Beginning with tax year 2018, FM will report amounts paid toward Qualified Tuition and Related Expenses (QTRE) in Box 1.  Prior to 2018, educational institutions were required to report either the payments received for QTRE in Box 1 or the amounts billed for QTRE in Box 2, but not both.  FM had chosen to report based on billed charges, so only box 2 was populated.  **

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 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 1 of the 1098-T reports the Qualified Tuition and Related Expenses (QTRE) paid during the calendar year.  For purposes of the 1098-T provided by FM, the following are QTRE charges:

 

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 are my payments for Spring 2018 not included in box 1?

A:  Due to the change in reporting method, payments made in 2018 for charges billed in 2017 are excluded from the 2018 1098-T.  Since these charges were already included in the 2017 1098-T, it would be double reporting if they were included again on the 2018 1098-T.  However, if the charges were billed and paid in 2018, the payment will be reflected in box 1.

Q:  How can I get a record of payments I made to FM?

A:  You can access the payment detail of your account using the MyFM portal (https://ss.fmcc.edu/SelfService/Home.aspx) or you can reference your own banking records for the most complete information regarding payments you made.

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 does an amount in Box 4 mean?

A:  Box 4 – Adjustments made for a prior year shows an amount if qualified tuition and related expenses that were reported on a 1098-T for a prior year were subsequently adjusted or reduced in the current tax year.

Q:  What does an amount in Box 5 mean?

A:  Box 5 – Scholarships or grants shows the net amount of certain forms of educational assistance that was received or applied to your student account during the tax year (January – December).

Q:  What does an amount in Box 6 mean?

A:  Box 6 – Adjustments to Scholarships or grants for a prior year shows an amount if scholarships or grants that were reported on a 1098-T for a prior year were subsequently adjusted or reduced in the current tax year.

Q:  What does the check mark in Box 7 mean?  Why are amounts for the January or Spring 2019 term included on the form?

A:  Included on your current year Form 1098-T may be 2019 Winter / Spring terms payments that were recorded on your account prior to December 31, 2018.

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.  If you are a resident alien, please see the next question.

Q:  I am a resident alien, should I receive Form 1098-T?

A:  Yes.  Resident aliens are taxed the same as U.S. citizens and qualify for the U.S. education credits.  Under the tax laws of the U.S., a resident alien can be defined as:

  1. A green card holder
  2. A person meeting the substantial presence test (https://www.irs.gov/individuals/international-taxpayers/substantial-presence-test)

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

A:  Additional Resources: