Students can access the IRS 1098-T form at http://www.1098t.com. Anyone
wishing to access this form will first be required to log in
with their social security number, create a PIN, and follow the
instructions. The phone number to call is located on the form.
It is 1-877-467-3821.
Two tax credits, the Hope Scholarship Credit and the
Lifetime Learning Credit, took effect in 1998 to help families
reduce out-of-pocket expenses for tutition and certain expenses
paid to a postsecondary institution that participates in
federal student aid programs.
- The Hope Credit provides a credit of up
to $1,500 for a student who is enrolled at least half time in
one of the first two years of postsecondary education. This
credit can be claimed for only two taxable years.
- The Lifetime Learning Credit provides a
credit of up to $2,000 per year for a student taking courses,
including graduate-level degree work. This credit can be
claimed for as long as the student is enrolled in an eligible
Who qualifies for these credits and what are the
Only taxpayers qualify for these credits. If you do not pay
taxes and are claimed as a dependent on someone else's tax
return, they may qualify for a credit. A taxpayer may qualify
- The taxpayer (you or your parents or guardian who claim
you as a dependent) is paying for higher education costs for
the taxpayer or their dependents.
- The taxpayer's Modified Adjusted Gross Income (see
IRS Form 1040 or 1040A as applicable) is within IRS
defined limits (under $52,000 or $105,000 if you file a joint
There are certain limitations specific to each of these
credits. The college you attend cannot determine if you qualify
for one of these tax credits or the amount of the credit due
you. If you believe you might qualify, you should obtain
IRS Publication 970, Tax Benefits for Higher Education
and IRS Form 8863 and review all the criteria
carefully. To obtain copies call 1-800-TAX-FORM or go to
http://www.irs.gov/ on the Internet, or consult your tax
What is the basis for determining the amount of tax
The tax credit amounts are determined by the amount you paid
for eligible tuition and related expenses and your income:
- The amount of the Hope Scholarship
Credit is 100% of the first $1,000 plus 50% of the
next $1,000 you paid for each eligible student's qualified
tuition and related expenses from January to December. The
maximum credit is $1,500 per eligible student.
- The amount of the Lifetime Learning
Credit is 20% of the first $10,000 you paid for
qualified tuition and related expenses for any eligible
students in the family from January to December. The maximum
credit is $2,000 per family.
IRS Publication 970 explains which tuition and fee
expenses qualify and which payments qualify for the tax
To receive either tax credit, you must account for and
document the amount you have paid for tuition and expenses on
IRS Form 8863 and file it with your federal income tax
return. You do not file Form 1098-T with your tax
We provide Form 1098-T to document your enrollment,
whether or not you are a graduate student and summary financial
information. To calculate your tax credit, refer to your own
records (tuition bills, receipts etc.) and consult IRS
Publication 970 or your tax professional. Keep Form
1098-T with your tax records.
Where can I get more Information?
See IRS Publication 970 and IRS Form 8863 for more
information. To obtain copies, call 800/TAX-FORM or go to http://www.irs.ustreas.gov/.
You may also want to consult a professional tax advisor or