IMPORTANT INFORMATION FOR OZARKS TECHNICAL COMMUNITY COLLEGE STUDENTS
FORM 1098-T TUITION STATEMENT
OTC students may be eligible to claim an education tax credit for the 2016 tax year. IRS Form 1098-T shows information reported to the IRS regarding billing information from OTC for education expenses during 2016. To obtain information concerning how to claim education tax credits, see IRS Publication 970, and Form 8863. You may also contact the IRS at 1-800-829-1040 or visit the website at http://www.irs.gov.
OTC students can receive their 1098-T Tuition statements online through MyOTC. The electronic 1098-T statement will be available on MyOTCfor at least three years.
Follow these steps to access your 2016 1098-T Tuition Statement online:
- Log in to MyOTC https://my.otc.edu/portal
- Select the Tax Information button on the main menu
- Click the 1098-T Information button
- Under “1098-T Statements,” select the document you wish to access
For computer access questions, please contact the OTC Helpdesk at 417-447-7548, or email email@example.com.
If you require a paper 1098-T statement, you must click the Change Preferences button in the 1098-T menu, then select to withhold your consent to receive the document electronically, by January 20, 2017. Your paper 1098-T form will be postmarked no later than January 31, 2017.
If you choose to receive your 1098-T Statement by mail, please ensure that your current address is on file with OTC. You may update your address by logging in to MyOTC and clicking on the User Options button in the sidebar, followed by the My Contact Information button. Under Addresses, click the Add New Address button. Enter your new address and click the Request Address Change button. Online address changes take up to 1 week for processing. Updating your address will enable timely delivery of your tax form, as the post office will not forward this document.
If you have additional questions regarding your 1098-T Tuition Statement, please contact:
Student Account Services at firstname.lastname@example.org
Explanation of Your IRS Form 1098-T Tuition Statement
- The IRS Form 1098-T is an information form filed with the Internal Revenue Service.
- The IRS Form 1098-T provided by OTC reports amounts billed to you for qualified tuition and related expenses as well as other related information.
Box 1: Payments Received for Qualified Tuition and Related Expenses
The IRS requires the college to provide information regarding payments received (Box 1) or amounts billed (Box 2). The reporting method for OTC is amounts billed (Box 2).
Box 2: Amounts Billed for Qualified Tuition and Related Expenses
Box 2 will show qualified tuition and related expenses billed during the 2016 calendar year (January 1, 2016 through December 31, 2016). Please note that if you registered for an academic period beginning January-March 2017 in the 2016 calendar year, these amounts will be included as amounts billed on your 2016 tax form and Box 7 of your tax form will also be checked.
Generally, qualified education expenses are amounts billed in 2016 for tuition and fees required for the student’s enrollment or attendance at an eligible educational institution.
Box 5 of Form 1098-T reports the total of scholarships and/or grants administered and processed by OTC during the calendar year. The amount reported in Box 5 does not include student loans or work study.
The amount of any scholarships or grants reported for the calendar year may reduce the amount of any allowable tuition and fee deduction or education credit that you are entitled to for the 2016 tax year.
Additional Information Reported
Box 8 shows whether you are considered to be carrying at least one-half the normal full-time workload for your course of study at OTC for at least one academic period during the calendar year.
You may access and print your 1098-T Tuition Statement from any college computer. For outside access, you must meet the following hardware/software requirements:
– 1.3Ghz or faster processor
– 512 MB RAM or higher
– Windows XP / 2000 or higher (Windows) or OSX 10.5 or higher (Mac)
– Adobe Reader 8.0 or higher
– Java 5.0 or higher
– Reliable Internet Connection
ALL campus computers (computer labs and other public access computers) meet or exceed these requirements.
*NOTE: that Ozarks Technical Community College cannot provide professional tax advice, please consult with a tax professional if you have tax related questions and/or require assistance with filing your taxes.