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Educational Tax Credit Information (1098-T)

PLEASE NOTE: THE INFORMATION PROVIDED ON ACC’S WEB PAGE IS NOT TAX ADVICE. IT IS OFFERED ONLY AS GENERAL INFORMATION FOR ACC STUDENTS AND THEIR FAMILIES. PLEASE CONSULT A QUALIFIED TAX EXPERT FOR ADVICE ON COMPUTING, CLAIMING, OR DETERMINING QUALIFICATION FOR ANY TAX BENEFIT MENTIONED ON THIS WEB SITE.

Students or their parents may qualify for The American Opportunity Education Tax Credit or the Lifetime Learning tax credit.

The American Opportunity Education Tax Credit

The American Opportunity Education Tax Credit was created by The Economic Stimulus Plan for 2009 and 2010 as a temporary replacement for the Hope Credit (Scheduled to expire December 31, 2017). Available for qualified tuition and related expenses, including student activity fees and required books, for any family member enrolled at least half-time in post-secondary education. Many of those eligible qualify for the maximum annual credit of $2,500 per year per student for four years. Program must lead to degree, certificate, or other recognized educational credential. The full credit is available to individuals whose modified adjusted gross income is $80,000 or less, or $160,000 or less for married couples filing a joint return. The credit is phased out for taxpayers with incomes above these levels. These income limits are higher than under the prior Hope and existing lifetime learning credit.

Lifetime Learning Credit

  • Available for all types of post-secondary education, unlike the other credits.
  • Available for qualified tuition and related expenses for all students in taxpayer’s family enrolled in eligible educational institutions.
  • Credit equals 20% of first $10,000 ($2,000 maximum) qualified tuition and related expenses.
  • May not claim if claiming other education tax credits for same student.
  • Gradually reduced, similar to the American Opportunity Education Tax Credit.

ACC issues 1098-T forms for all students who have qualifying educational expenses if the student provides a social security number to the college. Since our students have assigned ID’s, the college may not have the social security number. If you wish to have a 1098-T issued and the student has an assigned ID, the Cashier and Student Accounts Office should be contacted to ensure that the social security number information is on file. If it is not yet on file, the student will need to complete a form W-9S and submit it to the Cashier office. This form is also available in the Cashier Office.

  • What fees are reported on 1098-T? Tuition charges are based on our billing, not student payments.
  • What semesters are included? All qualified charges in the calendar year from January 1st – December 31st, not academic year.
  • When will Form 1098-T be available for the current tax year?

a) If you have consented to receive your 1098-T electronically through WebAdvisor, you will be able to access your 1098-T online by January 31st. After retrieving your 1098-T online, you may print as many duplicate copies as desired. You may revoke your consent for electronic delivery at any time.

b) If you have not signed up to receive your form electronically, a hard copy will be mailed by January 31st to the student’s address on file.

To get a copy of a prior year 1098-T form:

1) Log in to your WebAdvisor account. On the left of the WebAdvisor for Students Menu, under Financial Information, click on 1098 Electronic Consent.

2) Click the first box on the left with the circle within to select the electronic option. Click SUBMIT.

3) This takes you back to the WebAdvisor for Students Menu. On the left side of the page, click on View My 1098-T Forms.

  • To determine whether you, or the person who may claim you as a dependent, are eligible to claim either The American Opportunity Education Tax Credit or the Lifetime Learning Credit, please contact a tax professional or refer to IRS Publication 970 (Tax Benefits for Higher Education). Also, you may contact the IRS through their taxpayer assistance number at (800) 829-1040 or the IRS website.
  • Please note: some items require the Adobe Acrobat PDF Reader, which can be downloaded from the Adobe web site.

Please contact your tax advisor or IRS http://www.irs.gov/publications/p970/ for information about your tax return.

PLEASE NOTE: THE INFORMATION PROVIDED ON ACC’S WEB PAGE IS NOT TAX ADVICE. IT IS OFFERED ONLY AS GENERAL INFORMATION FOR ACC STUDENTS AND THEIR FAMILIES. PLEASE CONSULT A QUALIFIED TAX EXPERT FOR ADVICE ON COMPUTING, CLAIMING, OR DETERMINING QUALIFICATION FOR ANY TAX BENEFIT MENTIONED ON THIS WEB SITE.