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Understanding Your Form 1098T

The information stated below is for generalized assistance in understanding Gwynedd-Mercy College's processing of 1098T forms. Please read all of the information below to better understand the 1098T process. Please contact your tax professional with specific questions concerning your personal tax filing and the 1098T. Gwynedd Mercy College mails your 1098T form but if you need it sooner or a replacement copy you can access the web site www.1098-t.com/.

Gwynedd-Mercy College generates 1098T forms based on the amounts billed for qualified tuition and related expenses that occurred between January 1 and December 31. For example: If you registered for the spring semester between these dates, the amounts billed for tuition and qualified expenses will appear on this year's 1098T. Grants and Scholarships applied to your account after December 31 will appear on next yea'rs 1098T. Again, only those charges that are 1098T eligible as well as grants and scholarships that were posted to your account between January 1 and December 31 will appear on this year's 1098T. Please consult your tax professional for further clarification.

Qualified Expenses

Qualified tuition and related expenses are defined as tuition and fees required for the enrollment or attendance of a student. Personal expenses such as room and board, student health insurance, medical expenses, and transportation are not considered qualified expenses even if the payment of such fees is required for enrollment purposes. Please contact your tax consultant for further clarification of qualified expenses.

Student loans do not appear on your 1098T. Please consult your tax advisor with questions regarding your student loans and tax reporting. 

Per IRS instructions for form 1098T, educational institutions do not have to file form 1098T if qualified tuition and expenses (box 2) are entirely waived or paid entirely with scholarships and grants (box 5). Remember, calculations are based on the entry date of the charges for your qualified tuition and expenses as well as the entry date of the posting of your scholarship or grant. These can easily occur in two separate tax years. Please consult your tax advisor.

Tax FAQ

What is Form 1098-T?
A: Form 1098-T is a tax form the College is required to file with the IRS and each student. The form provides information that helps the taxpayer to determine their eligibility for a tax benefit from either the Hope Scholarship Credit or the Lifetime Learning Credit.

Will I get a form 1098-T from Gwynedd-Mercy College?
A: You should receive a Form 1098-T if you were a student taking any course(s) for credit during the semesters of Spring 2011, Summer 2011 or Fall 2011. You will not receive a 1098T Form if tuition and expenses are paid entirely with scholarships and grants (see * above). You will also receive a Form 1098-T if you were charged for any course(s) for Spring Semester 2012 prior to December 31, 2011.

When will I receive my Form 1098-T?
A: The College’s 1098T processing company will mail Form 1098-T's by January 31.

To what address will my Form 1098-T be mailed?
A: The College will mail Form 1098-T to the student at the student's home address as listed in the College’s records as of the January date the forms are prepared.

Why is there no amount in box for “Payments received?&
A: Educational institutions have the option of reporting either an amount in Box 1 “Payments received” or Box 2 “Amounts billed for qualified tuition and related expenses.” Gwynedd-Mercy College has chosen the option to report an amount in Box 2. Information about your payments can be found at the same web site indicated in the following question.

Why aren't amounts for Spring Semester 2011 included? Why are amounts for Spring Semester 2012 included?
A: The amounts in the various boxes on your Form 1098-T include only those transactions that were posted to your student account during the calendar year January 1, 2011 to December 31, 2011.

Where can I get additional information about whether I'm eligible for any tax benefits?
A: Gwynedd-Mercy College cannot determine if you are eligible for either of the credits or the amount of credit for which you may qualify. Please consult your tax advisor or IRS Publication 970, Tax Benefits for Higher Education, for more information. This publication may be downloaded and printed from the IRS website. The IRS offers free forms, publications and other information at each local IRS office and by calling 1-800-TAX-FORM or downloading the PDF document.