Dear Students and Authorized Users,
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 tax law, beginning with the 2018 reporting tax year, MCAD will now report the amount of QTRE you paid during the year in Box 1 .
Depending on you or your family's income if you are a dependent, whether you were considered enrolled full or half-time, and the amount of your qualified tuition and related educational expenses for the year, you may be eligible for a federal education tax credit.
The dollar amounts reported on your Form 1098-T may assist you in completing IRS Form 8863, the form used for calculating the education credits for taxpayers. You will find detailed information about claiming education tax credits in IRS Publication 970, page 9. We recommend that you seek the guidance of a professional tax preparer or accountant as MCAD is unable to provide you with individual tax advice.
For your reference, you will find a sample of the 2018 1098-T form that will be available for download on or before January 31, 2019, below. Students will receive an email notification in January when their 2018 1098-T tax documents are available to download.
For more information about tax Form 1098-T, visit https://www.irs.gov/pub/irs-pdf/f1098t.pdf.
Student Accounts, Director