Students and families may be eligible to claim a tax credit or tuition and fees deduction on their federal income tax return for the amount of qualified tuition and related expenses paid during a calendar year. The American Opportunity Credit (Hope Credit), Lifetime Learning Tax Credit, or Higher Education Tuition and Fees Deduction are three tax benefit options designed to help students or their parents finance their post secondary education.
The tax laws authorizing these tax benefits require colleges and universities to report information on enrolled students to the Internal Revenue Service. The information is reported on a 1098-T form, a copy of which is mailed to the home billing address for all students in January. Students may obtain copies of the 1098-T form and additional information here.
Please note that the amounts reported on a student's 1098-T form represent the amount billed for qualified tuition and related expenses, and the amount of grants and scholarships awarded to the student that were administered by the university. If families and students need information regarding cash payment amounts made during the year, please request a detailed statement of financial transactions via email to firstname.lastname@example.org.
For more information on these tax credits and guidance on reporting scholarships, please refer to the IRS Publication 970 - Tax Benefits for Higher Education.