What is Form 1098-T (Tuition Payments Statement)?
Eligible educational institutions are required by the federal government to send Form 1098-T to students for whom payments for qualified billed tuition and fees were received in calendar year 2012.
When will the paper forms be sent?
IRS Form 1098-T is mailed each year by January 31 to all students who were registered for credit courses during the previous calendar year and did not choose to receive their form electronically. (Example: 2012 Form 1098-T will be mailed by January 31, 2013.)
How can I get a reprint of my 1098-T form?
You can reprint the current and previous year form 1098-T from WebAdvisor under the Students main menu / Financial Information Heading.
Why did I receive Form 1098-T?
Form 1098-T has been provided to you to assist in determining if you, or the individual who may claim you as a dependent, are eligible to claim a Lifetime Learning Credit, American Opportunity Credit or the Tuition and Fees Deduction on the 2012 income tax return.
What if I think the information on the 1098-T is incorrect?
If you believe the information provided is incorrect, please call 734-462-4586 and provide your name, student ID, and phone number. We find most confusion relates how the "tuition billed" on the statement is calculated. The tax statements are calculated on a calendar year basis, while students attend by terms that may cross calendar years. For example, a student who registered in the Winter 2012 term might expect their tuition amount billed on the 2012 form, but if they registered in November or December 2011 it would have been included on the 2011 year form.
If I receive Form 1098-T, does it mean I qualify for the Lifetime Learning Tax Credit, American Opportunity Credit or the Tuition and Fees Deduction?
No, the College is required to provide Form 1098-T to individuals who were billed for qualified tuition and fees during calendar year 2012. Please consult with a qualified tax preparer or CPA to make an individual determination. Schoolcraft College cannot offer tax advice.
Why did I not receive a 1098-T when I attended Schoolcraft College?
There are several possibilities:
- The IRS does not require us to send you one if your scholarship and / or financial aid (including formal billing arrangements with employers or governmental agencies) exceeded the billed amount.
- You attended Schoolcraft in Winter 2012 but you had enrolled and been billed in calendar year 2011.
- We do not have a valid United States mailing address on file for you.
- You are classified as a non-resident alien.
- Your billed amounts consisted of only non-credit courses.
Why does the 1098-T form show billed amounts instead of payments?
Educational institutions may choose to report either payments received or amounts billed for qualified tuition and related expenses, but not both. Since Schoolcraft College has chosen to report amounts billed, only Box 2 will contain a dollar amount. Box 1 will be blank on all forms. Please refer to your cancelled checks and credit card statements to determine the amount paid in 2012. Schoolcraft will not recalculate 1098-T forms by the other payment method.
What if I didn't get a 1098-T form?
If you should have received a form but did not, please verify that the form was not mailed to another address such as your permanent (parent's) address. You can reprint the current and previous year form 1098-T from WebAdvisor or you can request a duplicate copy by calling 734-462-4586 and leaving your name, student ID and mailing address.
What if I received a 1098-T form with no dollar amounts on it?
If you enrolled in classes at Schoolcraft College and dropped those classes in 2011, you may receive a 1098-T Form that shows no activity. Additionally, 2012 students that enrolled in their classes in 2011 will receive a 1098-T form with no financial activity. The financial activity is reflected on the 2011 1098-T form in the year you were billed for the classes and can be reprinted via WebAdvisor.
I am an international student; can I claim a credit?
Generally, international students cannot claim the credit, although some students are eligible. Please review the IRS documents or contact your tax consultant for advice.
What if I have further questions?
Schoolcraft College has sent the forms in compliance with the IRS guidelines. However, we cannot offer any tax advice on this issue. Please contact the IRS or your tax consultant for further information. IRS Publication 970 on Tax Benefits for Higher Education provides additional information on the potential education credits and deductions.
- IRS Publication 970 – (Tax Benefits for Education)
- IRS Form 8863 – (Education Credits) (IRS Form 8863 Instructions)