Frequently Asked Questions about 1098-T Tax Forms

How does a student receive a 1098-T form from Montgomery College? Montgomery College contracts with a service provider to prepare, mail and answer questions pertaining to the 1098-T tax form. Our service provider this year is TCRS (Tax Credit Reporting Service by ACS). Their phone number is 1-877-467-3821 and their web site is www.1098-T.com. The general information on the TCRS web site does not require login information. To login to the secure portion of the website the student must supply personal information. If a student has not received their 1098-T in the mail, they will need to contact TCRS at 1-877-467-3821. TCRS will assist the student with their login information and/or re-mail the 1098-T. Who receives a 2010 1098-T form? Any student with "qualified" tuition and fee charges for the calendar year January 1, 2010 to December 31, 2010 will receive a 1098-T form. Qualified charges are tuition and fees for credit courses only. Continuing Education tuition and fees do not qualify. This is an IRS rule, not a decision made by Montgomery College. Also, a student who registered for spring 2010 courses in December 2009 and had no other charges for 2010 will not receive a form. The tuition and fees charges were listed on the 1098-T for 2009. They will not receive a form for 2010. It is up to the student and their tax specialist to decide in which year to claim the credit. When does a student receive a 1098-T form from Montgomery College? Montgomery College submits a file to TCRS and TCRS mails our forms. These forms are mailed by January 31, 2011 (the IRS deadline). If the form has not been received by the end of the first week in February, please contact TCRS at 1-877-467-3821. Where is the 1098-T form mailed? The 1098-T form is mailed to the last address (address of record) known to Montgomery College as of early January. If the student has changed their address and did not inform the school of the new address, please contact TCRS at 1-877-467-3821. TCRS will assist the student with their login information and/or re-mail the 1098-T. All students need to remember that they must update their address with Montgomery College Admissions and Records Office so important mailings are not missed. Why did I get a 1098-T form? Montgomery College is required to mail all students with qualifying charges a 1098-T form. Qualified charges are tuition and fees for credit courses only. Continuing Education tuition and fees do not qualify. This is NOTa bill or an income statement. For some students this form MAY be used to claim a tax credit on 2010 taxes. Please consult the IRS or a tax specialist to determine eligibility. Montgomery College cannot answer your tax questions or advise you concerning tax related issues. What information is on a 1098-T? Besides the usual demographic information, schools are required to supply financial information. The IRS requires totals of qualified tuition/fees and scholarships/grants. They also require any adjustments to the previous years reported amounts. All detail covers only the time period of January 1, 2010 to December 31, 2010. Only transactions processed during this time are on the form. There are many boxes that may have information completed including: Box 2 - Amount billed for qualified tuition and fee expenses Box 4 - Adjustments made for a prior year Box 5 - Scholarships and/or grants Box 6 - Adjustments to scholarships and grants for a prior year Box 7 - Indicates that the amount in Box 2 includes amounts for a term beginning Jan-Mar 2011 Box 8 - Indicates the student was at least a half time student Not all of my Winter or Spring 2010 tuition and fee charges are not listed. Where are they? If the student registered for classes in November or December of 2009, the charges are listed on the 2009 1098-T. It is very possible (and very common) that some charges are on the 2009 form and some are on the 2010 form. It is up to the student and their tax specialist how to claim the tax credit and which tax year should be used. To read more Frequently Asked Questions about 1098-T Tax Forms, click this link: https://www.montgomerycollege.edu/news/hottopics/form_1098t.html.