HOURSDec 21 - Dec 27, 2014
College Center, 1st Floor
PO Box 69
Greeley, CO 80632
phone: (970) 339-6349
fax: (970) 506-6952
The College cannot provide assistance regarding your eligibility or the calculation of the credit. The following web sites have additional information that may be useful.
- IRS Publication 970 - Tax Benefits for Higher Education
- IRS Form 8863 to claim education tax credits
- U.S. Department of Education
The Taxpayer should not refer to the institution for explanations relating to the eligibility requirements for, and/or calculation of, any allowable education tax credit or tuition and fees deduction. The final decision for determining eligible educational expenses is the taxpayer's responsibility.
As required by the Internal Revenue Service ("IRS"), Form 1098-T is produced by Jan. 31 to all students who had qualified tuition and other related educational expenses billed to them during the previous calendar year.
The information reported on Form 1098-T is intended to help students evaluate their eligibility for education tax credits as part of their Federal Income Tax Return. While it is a good starting point, the 1098-T, as designed and regulated by the IRS, does not contain all of the information needed to claim a tax credit. It is up to each taxpayer to determine eligibility for the credits and how to calculate them. IRS Publication 970 "Tax Benefits for Higher Education" as well as Chapter 35 of IRS Publication 17 provide additional information on these credits.
American Opportunity Tax Credit
Pursuant to the American Recovery and Reinvestment Act of 2009 (ARRA), the existing Hope scholarship credit has been modified as the American Opportunity Tax Credit for tax years 2009 and 2010. This new tax credit allows a maximum credit of up to $2,500 for qualified tuition and related expenses for the first four years of post-secondary education.
Taxpayer Relief Act of 1997 (TRA97)
The Taxpayer Relief Act (TRA97) was passed by Congress in 1997 to provide new tax benefits (effective from 1998) for higher education expenses. Included is the establishment of two new tax credits:
- The HOPE Scholarship Credit allows a maximum credit of up to $1,800 for eligible expenses for the first two years of post-secondary education.
The Lifetime Learning Credit allows a maximum credit of up to $2,000 for eligible expenses paid during the calendar year. The Lifetime Learning tax credit applies to students in undergraduate, graduate and professional degree programs and to students enrolled in coursework to acquire or improve job skills. Students who are not eligible to claim the Hope tax credit may be eligible to claim the Lifetime Learning tax credit.