Every year in late January, The Student Financial Services Office prepares 1098-T forms for tax reporting purposes. Students (both current and non-current) can access their 1098-T form on Banner Self Service after logging in by clicking "Student," followed by "Student Account," and followed by "View 1098-T Information." A paper copy is also mailed out to the address on file for each individual receiving a form.
MCLA 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. You may also visit
the IRS website for more information.
Please see below for the two most common items reported on the 1098-T form:
Box 1: The amount in Box 1 of the 1098-T form shows the amount the student paid toward qualifying tuition and fees during the reporting year. The qualifying fees include:
Other charges, such as room charges, meal plans, health insurance, and fines, are not considered qualifying educational expenses and are not reported in Box 1 of the 1098-T.
Box 5: The amount in Box 5 of the 1098-T form shows the amount of scholarships and grants received during the reporting year.