*
*
Rensselaer Polytechnic Institute
Rensselaer Polytechnic Institute
About RPIAcademicsResearchStudent LifeAdmissionsNewsTour
The Graduate School, Rensselaer Polytechnic Institute

Division of Finance

*
*
*

1098-T

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 educational institution.

Who qualifies for these credits and what are the income limitations?

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 if:

  • 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.
    AND
  • 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 return).

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 advisor.

What is the basis for determining the amount of tax credit?

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 credits.

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 records.

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 resource.