The Tax Reform Act of 1997 created two tax credits, the Hope Scholarship Tax Credit and the Lifetime Learning Tax Credit. In addition, Internal Revenue Code 222 allows for a deduction for qualified tuition and fees as an adjustment to gross income. As a result of this legislation, Macomb Community College has mailed the required Internal Revenue Service Form 1098-T (Tuition Payments Statement) to every student enrolled in classes for academic credit during 2007.
Macomb Community College cannot provide you with tax advice or assistance in determining whether you are eligible to claim a tax credit or how to claim a tax credit. To determine whether you, or the person who may claim you as a dependent, are eligible to claim either tax credit or the deduction, please contact a tax professional or refer to IRS Publication 970 (Tax Benefits for Higher Education).
What is Form 1098-T (Tuition Payments Statement)?
We are required by IRS Section 1.65050S-1 to send Form 1098-T to students for whom payments for qualified billed tuition and fees were received in calendar year 2007.
When will the 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. (Example: 2006 Form 1098-T was mailed by January 31, 2007.)
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 Hope Scholarship or Lifetime Learning Credit or the Tuition and Fees Deduction on the 2007 income tax return.
Who prepared Form 1098-T?
Macomb Community College has prepared the 1098-T forms based on the information provided by the Enrollment Office and Financial Services.
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.
If I receive Form 1098-T, does it mean I qualify for the Hope Scholarship or Lifetime Learning Tax Credits 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 2007. 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 Spring 2007 but you had enrolled and been billed in calendar year 2006.
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?
The IRS requires Macomb Community College to choose one reporting method and the College's Integrated Information System reports on the amount billed. Please refer to your canceled checks and credit card statements to determine the amount paid in 2007.
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. If not, 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, you may receive a 1098-T Form that shows no activity.
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 2007 State of Michigan College Tuition and Fees Credit?
Yes, Macomb Community College qualifies for the 2007 State of Michigan College Tuition and Fees credit. The college code to be used on your 2007 State of Michigan individual tax return is 0556.
What if I have further questions?
Macomb Community 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 (http://www.irs.gov/pub/irs-pdf/p970.pdf)IRS Form 8863 – Education Credits (http://www.irs.gov/pub/irs-pdf/f8863.pdf)