1098-T Tax Form Information

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What is a 1098-T?

1098-T is an information form filed with the IRS. It is an annual statement that the federal government requires colleges and universities to issue to applicable students. 1098-T will disclose the total dollar amount paid by you, the student, for qualified tuition and related expenses in a single tax year.

You, or the person who can claim you as a dependent, may be able to claim an education credit on Form 1040 or Form 1040A, only for the qualified tuition and related expenses that were actually paid in the tax year. To see if you qualify for the credit, see Pub. 970, Tax Benefits for Education; Form 8863, Education Credits; and the Form 1040 or 1040A instructions.
There is no IRS requirement that you claim the tuition and fees deduction or an education credit; it is voluntary for those who qualify.

Where is my 1098-T?

1098-T's forms are mailed or made available to view electronically if you have given electronic consent no later than January 31st.

What is the American Opportunity Tax Credit?

The American Opportunity Credit is available to eligible taxpayers on a per-student basis if you have qualified expenses. The maximum amount that may be claimed is $2,500 of the cost of tuition, fees and course materials paid during the taxable year. Also, 40% of the credit (up to $1,000) is refundable. This means you can get it even if you owe no tax. This is general information only and should not be considered tax advice. For additional information, please visit this IRS document concerning the American Opportunity Tax Credit.

What is the Lifetime Learning Credit?

The lifetime learning credit (LLC) is for qualified tuition and related expenses paid for eligible students enrolled in an eligible educational institution. This credit can help pay for undergraduate, graduate and professional degree courses — including courses to acquire or improve job skills. There is no limit on the number of years you can claim the credit. It is worth up to $2,000 per tax return.

If you have any questions, contact [email protected]. We are unable to provide tax advice, however. For additional information on tax benefits for education you may consult IRS Publication 970.pdf or your personal tax advisor.