2011 FORM STATUS: Available via WebAdvisor. Students not providing electronic consent are expected to receive form via mail by 2/8/12.
Tax Credits and Deductions for College Education
In accordance with federal regulations, Macomb Community College will mail the required Internal Revenue Service Form 1098-T (Tuition Payments Statement) to every student enrolled in classes for academic credit during 2011 by January 31, 2012. The forms may be used to assist in the preparation your 2011 tax return.
During the past several years, the federal government has provided several tax benefits for pursuing a college education; including tax credits, tax deductions or exclusions from gross income, some of which are listed below:
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American Opportunity Tax Credit (Replaces the Hope Credit for most tax payers) – You may be able to claim a federal individual income tax credit of $2,500 per student for qualified tuition and related expenses.
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Lifetime Learning Tax Credit – You may be able to claim a federal individual income tax credit of 20% of the first $10,000 of qualified and related expenses you pay for your family.
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Tuition and Fees Deduction – You may be able to deduct qualified tuition and related expenses even if you do not itemize deductions.
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Student Loan Interest Deduction – You may be able to deduct up to $2,500 of the interest you paid on student loans on your federal individual tax return.
Macomb Community College cannot provide tax advice or assistance in determining eligibility to claim a tax credit or deduction. To determine whether you, or the person who may claim you as a dependent are eligible for these tax credits or deductions, please contact a tax professional or refer to the IRS / State of Michigan websites (see links at the bottom of this page).
FREQUENTLY ASKED QUESTIONS:
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 2011.
How can I receive my form as early as possible?
If you provide your consent by December 31 on
WebAdvisor to receive your tax form electronically, you'll be notified by e-mail once the form is available. To provide this consent, under the Financial Information section, click on "1098T Electronic Consent" and select the top option.
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: 2011 Form 1098-T will be mailed by January 31, 2011.)
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 Current and Former Students / Financial Information menu.
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 2011 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 586-445-7336 option #6 and provide your name, student ID, phone number and the correct information.
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 2011 term might expect their tuition amount billed on the 2011 form, but if they registered in November or December 2010 it would have been included on the 2010 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 2011. Please consult with a qualified tax preparer or CPA to make an individual determination. Macomb Community College cannot offer tax advice.
Why did I not receive a 1098-T when I attended Macomb Community 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 Macomb in Winter 2011 but you had enrolled and been billed in calendar year 2010.
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 Macomb Community 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 2011. Macomb 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 586.445.7336, option #6 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 Macomb Community College and dropped those classes in 2010, you may receive a 1098-T Form that shows no activity.
Additionally, 2011 students that enrolled in their classes in 2010 will receive a 1098-T form with no financial activity. The financial activity is reflected on the 2010 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.
Is Macomb Community College eligible for the 2011 State of Michigan College Tuition and Fees Credit?
No, Macomb Community College does not qualify for the 2011 State of Michigan College Tuition and Fees credit.
What if I have further questions?