The 1098-T form is an annual statement that reports the amount of qualified education expenses paid during the calendar year. The purpose of the form is to assist in determining eligibility for certain education-related tax credits under the US Treasury Taxpayer Relief Act of 1997.
• You do not need your 1098-T unless you are filing for these credits.
• Forms will be mailed on January 31 from the Accounting Office to the address on file. If you have not received your 2019 form by February 15, 2020, contact the Office of Accounting for a duplicate form.
• Current students may consent to electronic delivery through Self Service (https://mcis.meredith.edu ). A notice will be posted to the Student Portal when the electronic forms are available.
• Students must have a valid social security number and address on file in the Registrar’s Office by December 15, 2020 in order for a 1098-T to be issued.
Understanding your 1098-T: Important reporting changes beginning with tax year 2018
In 2017 and prior years, your 1098-T from Meredith College 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 law, beginning with tax year 2018, we will report in Box 1 the amount of QTRE you paid during the year.
Depending on your income (or your family’s income, if you are a dependent), whether you were considered full or half-time enrolled, and the amount of your qualified educational expenses for the year, you may be eligible for a federal education tax credit. (You can find detailed information about claiming education tax credits in IRS Publication 970, page 9.)
The dollar amounts reported on your Form 1098-T may assist you in completing IRS Form 8863 – the form used for calculating the education tax credits that a taxpayer may claim as part of your tax return.
Meredith College is unable to provide you with individual tax advice, but should you have questions, you should seek the counsel of an informed tax preparer or adviser.
Form 1099-MISC is a reporting of miscellaneous income or contract services paid to individuals and organizations receiving non-employee compensation. This form is available each year after January 31 from the Accounting Office. In order to verify the TIN (taxpayer identification number), a completed W-9 must be filed with the Accounting Office for all individuals and organizations receiving non-employee compensation or payments for goods and services. Additionally, we may request a new W-9 each year, or as needed or required by federal regulations.
For more information about W-9 requirements, please visit the IRS website at www.irs.gov.
Form W-2 is a statement of wages and earnings, issued by the Office of Human Resources for employees, including student workers. For questions regarding this form, please contact the Office of Human Resources.