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Claiming Your Education Tax Benefits

Higher education costs may be eligible for tax benefits, and students are provided with the 1098-T form to assist in the preparation of annual tax returns. The 1098-T form is a “Tuition Payment Statement” that all higher educational institutions are required to provide to eligible students and to the IRS.

2021 1098T’s were mailed via USPS on January 21st.
Forms are now available on myCOMPASS for download!

Frequently Asked Questions

If your question regarding your 1098-T form is not answered here, please contact Student Accounts at [email protected] and you should have a response within 48 hours of receipt. Unfortunately, we are unable to provide instantaneous responses to 1098-T questions, so please ensure that you have your questions answered prior to your appointment with your tax preparer.

What is the 1098-T form?

Answer: The 1098-T is a form designed by the Internal Revenue Service (IRS) and used by colleges and universities to report tax-related information concerning educational expenses, pursuant to the Taxpayer Relief Act of 1997. NCMC is required to report information including the student’s name, address, taxpayer’s identification number (TIN), academic/enrollment status, and (since 2018) any payment made towards qualified tuition expenses or scholarships/grants (found in boxes 1 and 5, respectively). These forms are intended to be used by students as a guide while completing their individual federal tax returns, and should not be taken as any tax advice given by North Central Missouri College. It is a helpful step in applying for the federal income tax education credits; however, it does not contain all of the information necessary to apply, requiring additional information that must be researched and obtained by the student and/or their tax preparer.

Is my 1098-T available on the NCMC website?

Answer: Yes, you may access your 1098-T by logging into myCOMPASS and following the instructions found on  How to Access Your Electronic 1098T.

How can I get a new/duplicate copy of my 1098-T?

Answer: You may print as many duplicate/replacement forms as you need by logging into myCOMPASS and following the instructions in the previous question. If you for any reason you are unable to access your 1098-T electronically, please email Student Accounts at [email protected] with your contact information. Please note that 1098-T forms for prior years starting with 2010 are still available, if you need them for your records. If you need a 1098-T form for a year prior to 2010, please note that this information will take longer to obtain.

My name or social security number are incorrect on my 1098-T. How can I have this corrected?

Answer: Contact Student Accounts at (660) 359-3948 ext. 1411 and your information will be corrected and a new 1098-T mailed to you within 48 hours of your request.

Why is box 2 blank on my 1098-T form?

Answer: In previous years, your 1098-T 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.

What does an amount in box 4 mean?

Answer: Box 4, “Adjustments made for a prior year” shows an amount if qualified tuition and related expenses that were reported on a 1098-T form for a prior year were subsequently adjusted or reduced in the current tax year.

What does an amount in box 5 mean?

Answer: Box 5, “Scholarships or grants” shows the net amount of certain forms of educational assistance that was received or applied to your student account between January and December of the current tax year, regardless of the term for which the funds were originally intended.

What does an amount in box 6 mean?

Answer: Box 6, “Adjustments to Scholarships or Grants for a Prior Year” shows an amount if scholarships or grants that were reported on a 1098-T for a prior year were subsequently adjusted or reduced in the current tax year.

What charges are considered “qualified” or “eligible” for reporting in Box 2?

Answer: Eligible or qualified charges are any tuition charges plus the student development and facilities use fees, technology fees, nursing fees (if applicable), and course fees. All other charges to your student account, including room and board, are not considered eligible charges.

I am a parent. Can I receive a copy of my child’s 1098-T form?

Answer: Students must make all information requests. The student is responsible for providing information to other parties in accordance with the Family Education Right to Privacy Act (FERPA).

I would like an itemized statement to go along with my 1098-T form. Am I able to request one?

Answer: Yes, please contact Student Accounts at [email protected] or (660) 359-3948 ext. 1411 and one can be sent to you. Please note, students must make all information requests.

My tax preparer and I have questions regarding how to use the 1098-T form in preparing my tax return. Who can I contact for assistance with completing my tax return?

Answer: NCMC employees are not authorized to offer any personal tax advice. Please address all questions and concerns regarding personal tax matters to a tax preparer/consultant/advisor or the IRS directly at 1-800-829-1040. Alternatively, you may want to visit the following websites before calling the IRS:

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