Education Tax Credit

The American opportunity tax credit is a credit for qualified education expenses paid for an eligible student for the first four years of higher education.

Last Updated : 2020/04/20

The maximum credit per student is $2,500 (100 percent of the first $2,000 and 25 percent of the next $2,000 of qualified education expenses).

Last Updated : 2020/04/20

The credit is available only for the first four years of the postsecondary education. Find out more details in IRS Publication 17, Charter 35 at www.irs.gov.

Last Updated : 2020/04/20

Use IRS Form 8863. It is available on the IRS website.

Last Updated : 2020/04/20

Qualified education expenses include amounts spent on books, supplies, and equipment needed for a course of study, whether or not the materials are purchased from the educational institution as a condition of enrollment or attendance.

Last Updated : 2020/04/20

The lifetime learning credit is available to students in all years of postsecondary education and for courses to acquire or improve job skills.

Last Updated : 2020/04/20

Qualified education expenses include only amounts for books, supplies, and equipment required to be paid to the institution as a condition of enrollment or attendance.

Last Updated : 2020/04/20

Yes, student loans are considered your personal funds; they are not considered financial aid or scholarship money. You are still qualified to claim the tax credit if you meet the requirement.

Last Updated : 2020/04/20

The tuition and fees deduction is for taxpayers who cannot take the American opportunity or lifetime learning credits because their income is too high. To learn more about the tuition and fees deduction, please see IRS Form 8917.

Last Updated : 2020/04/20

Contact your loan servicer and request form 1098-E.

Last Updated : 2020/04/20

The forms are mailed out each year by the end of January to the address you provided us when you registered for classes. Prior to receiving the Form 1098-T, you may review your account information at:

Last Updated : 2020/04/20

If you need corrections to your Form 1098-T for the current year, please contact Seattle Colleges Business Office at taxcredit@seattlecolleges.edu or 206-934-6300. Include your contact information and details of what needs to be corrected. After we review your record, you may request that a corrected Form 1098-T be mailed to you.

Last Updated : 2020/04/20

Any financial aid or scholarship money not used to pay for tuition or education expenses is taxable income; you may have to report it as income when you file a tax return.

Last Updated : 2020/04/20

No. If you are a nonresident student and on visa status at Seattle Colleges, you will not receive a Form 1098-T; you do not qualify for tax credit. To learn more, please see IRS Publication 970.

Last Updated : 2020/04/20