The 1098T form is available to all New York Medical College students who had qualifying tuition and fees charged during the prior calendar year to comply with the American Opportunity Credit, formerly the Hope Credit and Lifetime Learning Credit. Students must have a valid social security number or Tax ID number and valid mailing address on record with the College.
2018 1098T forms are now available online at http://www.tsc1098t.com. Paper 1098-T forms will be mailed out to all students by January 31, 2018.
For questions please email firstname.lastname@example.org.
2018 1098T FAQs for NYMC Students
1. What is a 1098-T Form?
The 1098-T Tax Form is a statement of qualified tuition and fees payments made during the calendar year of 2018 (January 1, 2018 through December 31, 2018) as required by the Internal Revenue Service. This is a change from last year as required by the IRS, when we reported Box 2- charges. The 1098-T is for your information and is not intended to determine your eligible tax credit. To determine your eligibility contact your tax advisor or visit the IRS website at www.irs.gov.
2. What are qualified expenses?
TUITION and FEES charged from January 1, 2018 through December 31, 2018 (if required for enrollment or attendance at the institution)
See example below from the IRS website:
Example: When Marci enrolled at College X for her freshman year, She had to pay a separate student activity fee in addition to her tuition. This activity fee is required of all students, and is used solely to fund on-campus organizations and activities run by the students, such as the student newspaper and the student government. No portion of the fee covers personal expenses. Although labeled as a student activity fee, the fee is required for Marci's enrollment and attendance at College X. Therefore, it is a qualified expense.
3. What are NON-qualified expenses?
Room and Board, Health Insurance, Medical Expenses, Travel, Clerical, Equipment, Books and other expenses that ARE NOT required for enrollment in or attendance at an eligible educational institution such as Late Fees, Late Registration Fees, and Payment Plan Fees.
4. When can I expect to receive my 1098T form?
The forms will be post marked and mailed out by January 31, 2019.
5. I did not receive my 1098-T. How do I get a copy?
Go to www.tsc1098t.com to either print your 1098-T or have a copy emailed to you.
Enter the 5 Site ID : 11540, your T student ID for your username and the last 4 digits of your SSN for your password.
6. How do I reset my password for www.tsc1098t.com?
Click on the forgot password tab. If you need additional assistance call 1-888-220-2540.
7. Information on my 1098-T is incorrect. How do I have it corrected?
Contact the Office of the Bursar to have your information updated at email@example.com or 844-868-7666.
8. What do the boxes mean on my 1098-T?
Box 1- Payments made for qualified tuition and related expenses for the calendar year of 2018, January 1, 2018 through December 31, 2018.
Box 2 – No longer used.
Box 3 - if checked, this indicates that the reporting method (Amounts Billed or Payments Received) has changed from the prior year.
Box 4 - indicates any reductions made to the prior year.
Box 5 - indicates the amount of scholarships and grants received for the calendar year of 2018 January 1, 2018 through December 31, 2018.
Box 6 - indicates any reductions to scholarships or grants received in the prior year.
Box 7 - if checked, this indicates amounts in either Box 1 or Box 2 applies to January 2019 thru March 2019.
Box 8 - if checked, this indicates the student is half-time for the calendar year of 2018.
Box 9 - if checked, this indicates the student is a graduate student for the calendar year of 2018.
9. Since I received a 1098-T does that mean I qualify for a tax credit?
The university is required to send all students a 1098-T, but that does not mean you are necessarily eligible. To determine your eligibility contact your tax advisor or visit the IRS website at www.irs.gov.
10. How can I obtain a list of all my payments made last year?
While it is up to the taxpayer to maintain their own record of payments, students may login to the TouroOne portal: https://touroone.touro.edu and review their payment history on TouchNet:
Step 1: Login to the TouroOne portal (follow the Account Management steps if necessary.)
Step 2: Select the “Financial Services” tab on the left side of the page.
Step 3: Select “TouchNet” in the Student Accounts box.
Step 4: Select “My Account”, then “Payment History”.
Step 5: Search by date range 1/1/18-12/31/18.
11. What is the Tax Identification Number for my school?
This number can be found on the 1098-T form in the middle left section.
New York Medical College- 13-1099420