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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
- Consult their tax advisor
- Publication 970
- Form 8863
- Publication 5197
- IRS Education Credits
- IRS FAQ link in regards to emergency funds received
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
- Consult their tax advisor
- Publication 970
- Form 8863
- Publication 5197
- IRS Education Credits
- IRS FAQ link in regards to emergency funds received
Please use our Services locator options below in order to find the service/resource you are looking for.