1098T Tax Form
1098Ts list the payments received during a specific tax year for tuition and fees charged (including payments made via Scholarships and Grants). The difference between the tuition/fee payments and the scholarships/grants received is called “Adjusted Qualified Education Expenses.” This represents the amount paid for education expenses during that tax year.
IRS form 8863 is used to calculate the Education Tax Credit, based on the data listed on the 1098T: http://www.irs.gov/Individuals/Education-Credits.
The 1098T is prepared in January by the MIU Office of Financial Aid. They are mailed to the permanent address on file with the Registrar. Duplicates can be requested to the Office of Financial Aid, via email to Financial Aid
If you (or your spouse) were a non-resident alien at any time during a tax year (and didn’t elect to be treated as a resident alien for tax purposes), you are not eligible for Education Tax Credits. If have Permanent Resident status for an entire tax year, contact:
Computer Professionals email Computer Placement for documentation
MBA Accounting Professionals email kslowick for documentation
American Opportunity Credit
The American Opportunity Credit could provide you (if you are over 24) or your parents (if you are under 24) with a partially-refundable income tax credit of up to $2,500 per eligible student, even if you have no other income. This credit is only for undergraduates.
Lifetime Learning Credit
Your parents (if you are under 24), may be able to claim a non-refundable Lifetime Learning Credit of up to $2,000 for qualified education expenses paid for all eligible students. There is no limit on the number of years the Lifetime Learning Credit can be claimed with respect to any student.
Tuition and Fees Deduction
Your parents (if you are under 24) can reduce income subject to tax by up to $4,000 for tuition and related expenses. Qualifying expenses are the tuition and fees required for enrollment or attendance at an eligible college, university, or vocational school.
Student Interest Loan Deduction
After college, you may be able to deduct up to $2,500 in interest paid yearly. The statement of interest comes from your lender. To claim this deduction, taxpayers must file federal tax Form 1040 or 1040A; you do not need to itemize deductions.