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The Tax Reform Act of 1997 provides our students with Hope Scholarship and Lifetime Learning tax credit opportunities. In participation with this program, each January the college sends the students and the IRS Form 1098-T.
The IRS allows colleges to report either Payments Received (Box 1 on the 1098-T) or Amounts Billed (Box 2 on the 1098-T). Like many schools, Middlesex County College has elected to report the amounts billed (qualified tuition and related expenses) to the student for the tax year. No amounts will be reported in Box 1 of the 1098-T form.
Box 2 of the 1098-T includes all qualified items that were actually billed during the current tax year
If a student had registered for the spring semester in either November or December of the prior year, those amounts would not be reflected in the current 1098-T form. The 1098-T form reflects only qualified expenses charged during the 12 calendar months of the tax year being reported.
All questions relating to these programs should be directed to your tax professional. The college is prohibited from offering any tax advice. The student should not refer to the college for explanations relating to eligibility requirements, calculation of qualified expenses, or tuition and fees deductions.
Below are several links that may assist you in your tax preparations:
Tax Incentives for Higher Education Expenses
Tax Information for Students
Publication 970: Tax Benefits for Higher Education
Form 8863: Education Credits (Hope and Lifetime Learning Credits)
Contacting the IRS