Glen Oaks Community College

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Other Pertinent Tax Information

I. Overview of the tax credit

  • A student (or the taxpayer who claims him/her as a dependent) may claim a tax credit for the amount paid for qualified educational expenses during a year
  • American Opportunity Credit or the Lifetime Learning Credit provided in the Taxpayer Relief Act of 1997 (TRA 97) and the American Recovery and Reinvestment Act of 2009 (ARRA)
  • Income limitations apply
  • Students must be US citizen or resident alien

II. Overview of IRS regulations

  • Have to report if at least a half-time student at any time during the year
  • Have to report if a graduate student at any time during the year
  • Have to report dollar amounts for:
    • All payments applied toward Qualified Tuition and Related Expense (Box 1)
    • Amounts of scholarships and grants (Box 5)
    • Adjustments to amounts reported in prior years (Box 4 and Box 6)
    • Have to indicate whether the amounts reported include amounts for terms beginning in three months of next calendar year (Box 7)
    • Students must be supplied 1098T by January 31, 2022
      o We must report above information to IRS by March 31st
    • Don’t have to report if:
      • Student not enrolled for the calendar year being reported
      • No reportable transactions occurred in the year being reported
      • Student is not a citizen or permanent resident, unless the form is requested
      • No academic credit received during reporting period
      • Taking only non-credit courses
      • Student Qualified Tuition and Related Fees are covered entirely by grants, scholarships, or waivers

III. Resources for the taxpayer

Other Pertinent Tax Information

I. Overview of the tax credit

  • A student (or the taxpayer who claims him/her as a dependent) may claim a tax credit for the amount paid for qualified educational expenses during a year
  • American Opportunity Credit or the Lifetime Learning Credit provided in the Taxpayer Relief Act of 1997 (TRA 97) and the American Recovery and Reinvestment Act of 2009 (ARRA)
  • Income limitations apply
  • Students must be US citizen or resident alien

II. Overview of IRS regulations

  • Have to report if at least a half-time student at any time during the year
  • Have to report if a graduate student at any time during the year
  • Have to report dollar amounts for:
    • All payments applied toward Qualified Tuition and Related Expense (Box 1)
    • Amounts of scholarships and grants (Box 5)
    • Adjustments to amounts reported in prior years (Box 4 and Box 6)
    • Have to indicate whether the amounts reported include amounts for terms beginning in three months of next calendar year (Box 7)
    • Students must be supplied 1098T by January 31, 2022
      o We must report above information to IRS by March 31st
    • Don’t have to report if:
      • Student not enrolled for the calendar year being reported
      • No reportable transactions occurred in the year being reported
      • Student is not a citizen or permanent resident, unless the form is requested
      • No academic credit received during reporting period
      • Taking only non-credit courses
      • Student Qualified Tuition and Related Fees are covered entirely by grants, scholarships, or waivers

III. Resources for the taxpayer

Please use our Services locator options below in order to find the service/resource you are looking for.

Alumni/Faculty/Staff

Calculators

Campus Services

Instructional Videos

Online Services

Transfer Options

Useful Information

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