FORM 1098-T TUITION STATEMENT

OTC students may be eligible to claim an education tax credit for the 2023 tax year. IRS Form 1098-T shows information reported to the IRS regarding billing information from OTC for education expenses during 2023. 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 myOTC for at least three years.

Follow these steps to access your 2023 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 helpdesk@otc.edu.

If you require a paper 1098-T statement, your paper 1098-T form will be postmarked no later than January 31, 2024.

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 1098-T@otc.edu or by calling 417-447-7429.

 

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

This box will show payments for qualified tuition and related expenses billed during the 2023 calendar year (January 1, 2023 through December 31, 2023). Please note that if you registered for an academic period beginning January-March 2023 in the 2022 calendar year, these amounts may be included as amounts paid on your 2023 tax form and Box 7 of your tax form will also be checked.

Box 2: Amounts Billed for Qualified Tuition and Related Expenses

The IRS requires that the college provide information regarding payments for qualified tuition and related expenses beginning with the 2023 tax year. As OTC is complying with the IRS reporting requirement, Box 2 will be blank.

Box 5: Scholarships or Grants

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 2023 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)
– IE 7.0 or higher, Safari 3.0 or higher, Mozilla Firefox 5.0 or higher with JavaScript and cookies enabled.
– 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.