IRS Reporting & Compliance
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Tax Forms & Reporting
IRS Form 1098-T
The American Opportunity Credit and the Lifetime Learning Credit are reported on the form 1098-T. The form provides the amount of qualified tuition expenses and any qualified non-taxed credits (grants and scholarships) you received during the calendar year. The university is required to file the form with the Internal Revenue Service (IRS) for students who were billed for qualified tuition during the calendar year. The IRS requires that schools either report the tuition amount paid (Box1) or the tuition amount charged (Box2), but not both. The university elected to report the amount charged, so Box1 will always be blank.
Current Year Forms: The university mails hard copy 1098-T forms to students’ permanent addresses during the last week of January. Students who have signed up for the Paperless Option on SIO can access their 1098-T as early as January 5. To sign up for the Paperless Option, log into SIO, hover over the 'Finances' tab, select 'IRS Tuition Statement (1098-T)' and then click the 'Edit' button on the right side of the page. Finish by agreeing to the disclosures and clicking the 'Submit' button. January 20, 2013 is the last day for agreeing to the Paperless Option for the 2012 year. Students may withdraw consent at any time before December 31, 2012.
Archive Forms: 1098-T(s) forms are accessible through SIO.
Tax Credits
Two tax credits, the American Opportunity Credit and Lifetime Learning Credit, are available to help students offset the cost of higher education by reducing the amount of taxable income.
American Opportunity Credit
Students may be able to claim an American Opportunity Credit of up to $2,500 for qualified education expenses. Qualified education expenses for this purpose are tuition and certain related expenses required for enrollment or attendance at an eligible educational institution. Students must reduce the qualified education expense by the amounts of any tax-free educational assistance and refund(s) received. The tax credit is available only for the first 4 years of study.
Lifetime Learning Credit
Students may be able to claim a Lifetime Learning Credit of up to $2,000 for qualified education expenses. Qualified education expenses for this purpose are tuition and certain related expenses required for enrollment or attendance at an eligible educational institution. You must reduce the qualified education expense by the amounts of any tax-free educational assistance and refund(s) received. The tax credit is available for an unlimited number of years.