1098T Tax Information

What is a 1098-T?

The 1098-T is an IRS form that outlines all qualifying charges billed by the college to a student account for a specific calendar year. It is also used to report any qualifying 3rd party payments or scholarships. As defined by the IRS a qualifying charge includes the cost of tuition, fees, and course material required for enrollment. For more details regarding the 1098-T please refer to the IRS Website.

Where can I find my 1098-T?

A copy of the form 1098-T is available to students online in the Web Info System. Simply login to your myDMACC portal, click on WEB INFO SYSTEM, and then click the 'Student Accounts' link from the main page to find a list for all your account options. A link to your 1098-T information will be available. Next simply enter the tax year you would like to review and your 1098-T will show onscreen. From there you can review the information and print a copy for your records.

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When will my 1098-T be available?

If a student has agreed to receive their 2017 1098-T form electronically, it will be available in the Web Info System beginning Jan. 19th, 2018. For students not receiving a 1098-T electronically, physical copies will be mailed via USPS by Jan. 31st, 2018.

Reporting method for qualified expenses

The IRS gives schools the option to report qualified expenses in one of two ways: Payments made by a student (reported in Box 1) or by charges billed to a students' account (reported in Box 2). All schools are required by the IRS to select only one of these reporting methods. DMACC has selected to report all qualified charges billed (Box 2) therefore, Box 1 will always be empty.

**NOTE - the required reporting method will change to payment only (reporting box 1) beginning for the 2018 tax year.

Why is Box 2 empty?

If Box 2 is empty on your 1098-T it means there were no qualifying charges billed to the student for that tax year. DMACC reports charges based on when they were billed rather than when the class was paid for/attended. For example: If a student enrolls in spring term 2016 classes during the fall term 2015, those charges will be reported on the 1098-T for 2015 even though the class was actually attended in 2016. If any adjustments need to be made due to a student dropping a class after the charges have been reported, the adjustment will be made in Box 4 of the following years 1098-T.

Reporting Scholarships

The total amount of all scholarships and grants a student receives for the calendar year will be reported in Box 5. Scholarships and grants generally include any payment made by a 3rd party including the Department of Veterans Affairs, private entities, nonprofits, etc. Payments made by family members or through student loans are not included in Box 5. Adjustments (if any) to amounts reported in prior years are located in Box 6.