1098T Form FAQs
What is a 1098T
The 1098-T form contains information to assist a student in filing the education tax benefits/tax credit deductions, such as the American Opportunity Credit (a modification of the Hope Credit) and Lifetime Learning Tax Credits. For more information on these tax credits please visit the IRS web site http://www.irs.gov/publications/p970/ar01.html.
When will my 1098T form be available?
1098T forms will be mailed no later than January 31st to students' "Permanent" address on file at CNM. It is the student's responsibility to ensure that the address on record is current and accurate. You may also access your 1098T forms through MyCNM, no later than January 31st.
Why did I receive a 1098T form?
CNM is required to file a form 1098T with the Internal Revenue Service for students who were billed qualified tuition and related fees during the last calendar year.
What do I do with my 1098T form?
Your 1098T form is used to determine your eligibility to claim the Hope or Lifetime Learning education tax credits. You should take this form with you when visiting your tax preparer or call the IRS and ask for instructions on how to enter your amounts on your tax forms. CNM staff members cannot give out tax advice; please contact your tax advisor or the IRS.
How can I get a copy of my 1098T form?
You can obtain a copy of your 1098T form for any tax year by logging into your MyCNM account. Click on Cashier tab, then click on "Tax Notifications." Since CNM has already sent IRS a copy of your 1098T form, this copy is for your records only. If you cannot access your 1098T form through your MyCNM account, please email your request to 1098T@cnm.edu and you will receive a response within 72 hours. If you do not have access to a computer, please call the 1098T line at (505) 224-3497, select option 2 and leave a voicemail with your name, I.D. number and year you are requesting the form for and CNM will re-mail it to you.
What charges are considered "qualified" expenses in Box 2 of my 1098T form?
Qualified expenses in Box 2 include:
- Technology Fees*
- Registration Fees*
- Course/Program Fees (UNIF)
- Challenge Exam Fees
- CLEP Fees
*If you receive a CNM Waiver, your tuition and fees are reduced by the amount of the waiver
Box 2 will not include:
- Spring term charges for classes that you registered for in November or December of the previous year
- Bookstore charges
- Health fees
- Parking fees
- Payment Plan fees
- Transcript fees
- GED Fees
- ID Fees
- ABE Registration fees
What is included in Box 5 "Scholarship or grants"?
Included in Box 5:
- Federal Financial Aid (Grants only) Ex: PELL, SEOG
- State Financial Aid (Grants & Scholarships) Ex: SSIG, CHLD, LGSH, LTRY, etc…
- All Scholarships including CNM and external agencies.
- All Third Party Payments
Not included in Box 5:
- Loans (Direct Subsidized/Unsubsidized & Perkins)
- Americorp Awards
Why aren't my Spring Term Charges included in my 1098T form?
CNM reports charges in the year they were incurred, not the year in which they were paid. This means, if you registered for your Spring term classes in November or December of the year prior to when those classes began, then the qualified expenses for those classes were already reported on your previous year 1098T form.
Why didn't I receive a 1098T form?
You might not have received a 1098T form for the following reasons:
- You did not register for classes during the last calendar year
- You registered for Spring term classes in November or December and those charges were already reported on a previous 1098T form
- You moved and did not change your address at CNM before the 1098T forms were processed
Who can I contact if I have more questions?
If you have questions that are not answered on this website, please email 1098T@cnm.edu and someone will respond to your question within 72 hours. If you do not have access to a computer, please call the 1098T Line at (505) 224-3497 and select an option for help.