What is a 1098-T?
The 1098-T is an informational form that outlines qualifying payments made to the college on a students' account for a specific calendar year. It is important to note that 1098T forms issued by DMACC are for informational purposes only; students receiving a 1098T form should consult a tax professional regarding education related tax benefits or implications when filing their taxes. The 1098T form is also used to report qualifying 3rd party payments or scholarships. As defined by the IRS a qualifying payment includes balances paid towards the cost of tuition, fees, and course material required for enrollment. For more details regarding the 1098-T please contact at tax professional or refer to the IRS Website.
Where can I find my 1098-T?
A copy of the form 1098-T is available to students online in the Web Info System. Simply login to your myDMACC portal, click on WEB INFO SYSTEM, and then click the 'Student Accounts' link from the main page to find a list for all your account options. A link to your 1098-T information will be available. Next simply enter the tax year you would like to review and your 1098-T will show onscreen. From there you can review the information and print a copy for your records.
When will my 1098-T be available?
If a student has agreed to receive their 2020 1098-T form electronically, it will be available in the Web Info System beginning Jan. 19th, 2021. For students not receiving a 1098-T electronically, physical copies will be mailed via USPS by Jan. 31st, 2020.
Reporting method for qualified expenses
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 the QTRE you paid during the year.
Depending on your income (or your family’s income if you are a dependent), whether you were considered full or half-time enrolled, and the amount of your qualified educational expenses for the year, you may be eligible for a federal education tax credit. (You can find detailed information about claiming education tax credits in IRS Publication 970, page 9.)
If students would like a total account summary that shows all charges billed and payments made on their account they can request one in person at the Student Accounts Office located in building 1 at the Ankeny campus.
What information is included in the 1098-T?
1098T forms issued by DMACC are for informational purposes only. Please consult a tax professional regarding education related tax implications.
**NOTE - the required reporting method has changed for the 2018 tax year. DMACC will now be reporting qualified payments in box 1.
Box 1 - Qualified Payments
The amount reported in box 1 is the total amount of payments received less any reimbursements or refunds made during the calendar year. The amount reported is not reduced by scholarships and grants reported in box 5.
Box 4 - Adjustments made for a Prior Year
Reporting of reimbursements of payment or reductions in qualifying expenses from previous tax years.
Box 5 - Scholarships or Grants
The amount reported in box 5 generally include all payments received from a third party; including scholarships, grants, governmental, and private entities. Box 5 does not include payments made from family members or loan disbursements.
Box 6 - Adjustments to 3rd party payments
All adjustments to scholarships, grants, and 3rd party payments from previous years will be reported in box 6.
For 1098Ts issued after 2017 Box 2 and 3 will always be blank by design.