1098-T Information

» Instructions on Obtaining Your 1098T Electronically

The Mount Mercy Student Accounts Office will issue a 1098-T to students that were enrolled at least ½ time during the calendar year.  This form will be sent to the student’s permanent address in mid to late January.  Below is an explanation of the 1098-T form and frequently asked questions.

In the following questions, “you” or “your” refers to the student. 

Please note if you (or your spouse) were a nonresident alien for any part of 2016 and the nonresident alien did not elect to be treated as a resident alien, you are not eligible for the education credits. 

What is the 1098-T?  The 1098-T will assist with determining what tax credit, if any, you or your parent(s) may claim on your tax return for the Hope Scholarship Credit or the Lifetime Learning Credit. 

What should I do with the 1098-T?  If you will be listed as a dependent on your parent(s) tax return, you should give the 1098-T to your parent(s).  If you will claim yourself as a tax exemption, you should use it when you complete your own tax return. 

What are eligible qualified tuition and related expenses? Eligible qualified tuition and related expenses include full-time tuition, part-time tuition, overload credit hour charges, nursing fees and other educational fees. 

What are eligible scholarships or grants? Eligible scholarships or grants include financial aid processed by Mount Mercy University, not including loans and work-study. 

How can I get a copy of the transactions on my student account? Access your statement of account by going to CASHNet and reviewing past statements. 

What if I lose my 1098T? You may obtain your 1098T electronically, or contact Katie Stevens, Student Accounts Manager at kstevens@mtmercy.edu with any questions.

Can my parent request a copy of my 1098-T? Your 1098-T form is issued to you and you are the only one that may request a copy of your 1098-T. 

Where can I get additional information? Ask for assistance from your tax preparer; he or she is best qualified to properly respond to your tax questions. You may also refer to IRS Publication 970, Tax Benefits for Higher Education, and Publication 520, Scholarships and Fellowships, which are available from the IRS Web site at www.irs.gov or by calling 1.800.TAX.FORM.