The form 1098-T is a statement that eligible educational institutions are required to issue to students and report to the IRS. It provides the total dollar amount paid by the student for qualified education expenses in a single tax year (in Box 1). The information is required to be reported and is needed in order to claim education credits on a tax return. A tax professional can provide more information about who can claim credits or deductions using the 1098-T.
The Student Accounts office will send this form via USPS as well as make the information available in PAWS by January 31st. To view the information in PAWS, select the Student tab, then Student Account, then Tax Notification and enter the applicable tax year.
Hope Scholarship & Lifetime Learning Tax Credits
You or your parents may be eligible for up to a $1,500 tax credit through the Hope Scholarship Tax Credit or up to $1,000 through the Lifetime Learning Tax Credit. While these tax credits are not financial aid grants, they are intended to help you pay for your education expenses. If the modified adjusted gross income is equal to or less than $50,000 (single filer) or equal to or less than $100,000 (married and filing a joint return), you may qualify for these credits.
For more information:
Student Loan Interest Deduction
If you have taken loans to pay the cost of attending an eligible educational institution for yourself, your spouse, or your dependent children you may be able to deduct interest paid on these loans from your taxable income. The deduction is available only for interest payments made during the first 60 months in which interest payments are required on the loan. For more information, visit the IRS website.