IRS Reporting & Compliance
Education Credit
If a student pays qualified expenses to enroll in or attend an eligible educational institution during a tax year, and can be claimed as a dependent, the taxpayer may be able to take an education credit. This credit is limited by the qualifying expenses and taxable income.
American Opportunity Credit
The American Opportunity credit was available only for 2009 and 2010. It is a modification of the Hope credit. The maximum credit per student is $2,500. It is available only for the first four years of postsecondary education.
Hope Scholarship Credit
This education credit is only available for the first two years of a student's postsecondary education. The maximum credit per student is $1,800, and the amount a student can claim is entirely dependent on income.
Lifetime Learning Credit
This education credit is available for eligible students who are typically not traditional undergraduates. More information.
IRS Form 1098-T
A 1098-T tuition statement is an IRS form, which provides the amount of qualified tuition expenses a student was charged and the grants and scholarships a student received during a specific calendar year. Students can access their 1098-T form on Student Information Online. Go to "Finances" and click on "IRS Tuition Statement (1098-T)."
Other tax credit-related forms include:
IRS Form 8300
We are required by the Internal Revenue Service to report all transactions totaling more than $10,000 in cash made within a 12-month period. The purpose of this form is to assist law enforcement in its anti-money laundering efforts. At the time of filing, we will also provide a written statement to the student named on the form. The statement will list the reported transactions and will be mailed to the student's permanent address.
IRS Publication 1544 Reporting Cash Payments of Over $10,000
Questions? See Education Credit FAQs.
International students with questions regarding tax credits should visit the Office of International Education.