1098-T Tax Information

Our office will issue a 1098-T to students that were enrolled at least ½ time during the calendar year. The forms will be available by January 31.

1098-T Frequently Asked Questions

Mount Mercy University cannot provide tax advice. Please refer to relevant IRS forms and publications, or consult a tax advisor for explanations regarding eligibility for and calculations of any allowable tax credits or deductions.  

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

View instructions on electronic 1098-T (PDF) 

What should I do with the 1098-T? 

The purpose of the 1098-T is to help you and/or your tax professional determine if you are eligible for the American Opportunity Credit or the Lifetime Learning Credit. 

Remember, the 1098-T is purely informational. It should NOT be attached to your federal income tax return (like a W-2 is), however, you must have received this form to claim the American Opportunity Credit or the Lifetime Learning Credit on your federal tax return.

PLEASE NOTE: The amounts on your 1098-T form are for your information and may or may not be what you report on your federal tax return.  Please consult your payment records and your tax professional.

The 1098-T Form is only informational; none of the amounts reported are expected to be used as part of a “plug and play” entry. 

How can I get a copy of the transactions on my student account?

Student account summaries are provided, by mail, to students receiving a 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 Publication 970, Tax Benefits for Education.