1098-T Tax Information
Beginning with tax year 2018, the IRS mandated all Higher Education Institutions report in Box 1 the amount of qualified tuition and related expense you paid during the year.
For further explanation, please click the GMC Student Change in Reporting Method Letter link.
The 1098-T form reports payments received for qualified tuition and related fees (QTRE) for the previous calendar year. The purpose of the 1098-T is to help students and/or tax professionals determine if a student is eligible for the Hope Scholarship Credit or the Lifetime Learning Credit.
1098-T forms will be available each year by January 31st. Once the forms are available for download, students will receive a GMC student email notification.
Customer service is our goal; however, GMC cannot give tax advice or assist students, parents, or guardians in calculating tax credits.
What are Qualified Tuition and Related Fees (QTRE)?
Tuition and fees a student must pay to be enrolled at / or attend an eligible education institution. Charges for Room, Board, Insurance, Medical Expenses (including student health fees) are not considered a Qualified Tuition / Related Expense.
*** Note: If a student pre-registered for academic period (beginning in January-March 2021) in Tax Year 2020, the QTRE is included in the Tax Year 2020’s 1098T calculation and Box 7 will be checked on the 1098T form.
Downloading/Printing the 1098-T Form
Click the Student Finance Self Service link.
- Enter your student username and password.
- Click Tax Information.
- Select the Tax Year 1098-T Statement to print.
- The 1098-T will display.
- In the upper right hand corner of the screen, students can choose to download or print the form.
Click here for detailed instructions on printing/viewing 1098-T.
Having Trouble Logging into Student Finance Self Service
Click the Getting Help Link
1098-T Boxes Defined
Box 1: Payments Received for Qualified Tuition and Related Expenses from any source less any reimbursements or refunds made.
- The receipt of a payment of past-due qualified tuition or related expenses from a previous calendar year are included in this box, but only if the educational institution previously billed the student for such amount(s).
Box 2: The box will be blank.
Box 3: The box will be blank
Box 4: Adjustments Made for a Prior Year
An adjustment in prior year charges for qualified tuition and related expenses made during this calendar year. The adjustment could impact a tax credit for a prior year.
Box 5: Scholarships or Grants
Total Scholarships or Grants awarded to Qualified Tuition and Fees. Per IRS Regulations, Loan funds are not recognized as a scholarship or grant.
Box 6: Adjustments to Scholarships or Grants for a Prior Year
An adjustment in prior year scholarships/grants made during this calendar year. The adjustment could impact a tax credit for a prior year.
Box 7: The box is checked, if a student pre-registered for academic period (beginning in January-March, 2021) in Tax Year 2020, the QTRE is included in the Tax Year 2020’s 1098T calculation.
FAQs: Higher Education Emergency Relief Fund and Emergency Financial Aid Grants under the CARES Act
Q1: I am a student who received an emergency financial aid grant under section 3504, 18004, or 18008 of the CARES Act for unexpected expenses, unmet financial need, or expenses related to the disruption of campus operations on account of the COVID-19 pandemic. Is this grant includible in my gross income?
A1: No. Emergency financial aid grants under the CARES Act for unexpected expenses, unmet financial need, or expenses related to the disruption of campus operations on account of the COVID-19 pandemic, such as unexpected expenses for food, housing, course materials, technology, health care, or childcare, are qualified disaster relief payments under section 139 of the Internal Revenue Code. This grant is not includible in your gross income.
Click here for additional information IRS CARES Act FAQs
Students should email studentAR@gmc.edu with questions concerning the 1098T calculation or to request a duplicate 1098T form. GMC cannot give tax advice or assist students, parents, or guardians in calculating tax credits; however, GMC can provide information on how the 1098-T was calculated. Please allow 7 to 10 business days for GMC to process your request.
To protect the privacy of our students, all 1098-T correspondence will be emailed to the student’s GMC email address or mailed to the student’s address of record.
Withdrawing Consent to Receive 1098-T Electronically
During the application process, all students are required to accept GMC’s terms and conditions of enrollment which includes consent to receive IRS form 1098T electronically. To withdraw consent, log on to the GMC Student Finance Self Service portal Student Finance Self Service and change their 1098-T Preferences. Changes must be made prior to yearly 1098T notification email.
Click here for detail instructions on Withdrawing Consent to Receive 1098-T Electronically.
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