Form 1098-T: Tuition Statement for Tax Credits

To submit Form 1098-T, gather all necessary information and fill out the form accurately. Submit the completed form via the following methods: Email: studentfinancialservices@mdc.edu Fax: (305) 237-2442 Online Submission: https://student.mdc.edu/1098T Mail: Miami Dade College, Student Financial Services, 11011 SW 104th Street, Miami, FL 33176-3330 Ensure all information is correct and submit by the relevant deadlines for proper processing and reporting. My advice is to double-check all entries for accuracy and retain copies for your records.

The key dates for Form 1098-T submission in 2024 and 2025 are January 31, 2024, and January 31, 2025, respectively. Ensure all necessary information is accurate and submitted on time.

The purpose of Form 1098-T is to report qualified tuition and related expenses paid by students to eligible educational institutions. This form is used to determine eligibility for education credits, such as the American Opportunity Credit, Hope Credit, and Lifetime Learning Credit. By accurately reporting tuition payments, scholarships, and grants on Form 1098-T, students or their parents can claim valuable education credits on their tax returns. This form verifies enrollment and payment information required by the IRS to substantiate the tax credits. Students and families should use Form 1098-T in conjunction with other financial records to ensure accurate tax reporting and maximize their potential education credits. Reviewing the information provided on this form helps in maintaining proper documentation and compliance with IRS requirements.

• 1. FILER'S Name and Address: Includes the filer’s name, street address, city, state or province, country, and ZIP or postal code.
• 2. Student Financial Services Contact Information: Provides the contact number for Miami Dade College Student Financial Services.
• 3. FILER'S Federal Identification No.: Displays the federal identification number of the filer (Miami Dade College).
• 4. Qualified Tuition and Related Expenses: Shows the total payments received for qualified tuition and related expenses.
• 5. Student's Taxpayer Identification No.: Displays the student’s taxpayer identification number.
• 6. Student's Name and Address: Includes the student’s name, street address, city, state or province, country, and ZIP or postal code.
• 7. Service Provider Account No.: Shows the service provider account number as per the instructions.
• 8. Scholarships or Grants: Total amount of scholarships or grants administered and processed by the educational institution.
• 9. Tax Credits Eligibility Information: Indicates if the student was enrolled at least half-time or was enrolled in a program leading to a graduate degree.
• 10. Adjustments to Prior Years: Shows any adjustments made for prior years for qualified tuition and related expenses.
• 11. Reimbursements or Refunds: Total amount of reimbursements or refunds of qualified tuition and related expenses made by an insurer.
• 12. IRS and Tax Credit Information: Includes links and references to IRS publications and forms for claiming education credits.

Failure to submit Form 1098-T can result in missed opportunities to claim education credits on your tax return. Accurate reporting ensures compliance with IRS regulations and potential tax benefits.

• Missed Education Credits: Without submitting Form 1098-T, you may miss out on claiming valuable education credits.
• Non-Compliance with IRS Regulations: Failure to submit the form can result in non-compliance with IRS reporting requirements.
• Inaccurate Financial Records: Not submitting Form 1098-T can lead to discrepancies in your financial records.

• 1. Claiming Education Credits: Use this form to report tuition payments and claim education credits on your tax return.
• 2. Reporting Scholarships or Grants: Report any scholarships or grants received during the year.
• 3. Documenting Adjustments: Use the form to report any adjustments to prior years’ qualified tuition expenses.