1098T Tax Credit FAQ
This page provides answers to common questions students, parents and third parties might have about the 1098T tax credit. Click on any of the other links below to view common questions and answers related to those payment topics.
The 1098-T is an IRS form entitled “Tuition Statement” that assists the student in determining if they qualify for certain education-related tax credits under the Taxpayer Relief Act of 1997(TRA97). The IRS requires eligible educational institutions such as Aims Community college, that charge for qualified tuition and related expenses during the calendar year to provide this statement to the students and to the IRS.
Information from Form 1098-T is needed to determine eligibility for the Lifetime Learning Credit or the American Opportunity Credit provided in Internal Revenue Code Section 25A. For more information, visit the IRS website and type in “Lifetime Learning Credit” or “American Opportunity Credit” in the search bar.
On the 1098-T form, Aims Community College reports the student’s name, social security number and address and indicates if the student was at least half-time during the calendar year. Starting with the 2018 tax year, the college reports the amount paid for qualified tuition and related expenses during the calendar year. Textbooks, background checks, uniforms, etc are not included.
Students should use their personal records and college fee receipts to determine the actual amount to be reported for the educational credits.
The American opportunity tax credit (AOTC) is a credit for qualified education expenses paid for an eligible student for the first four years of higher education. You can get a maximum annual credit of $2,500 per eligible student. If the credit brings the amount of tax you owe to zero, you can have 40 percent of any remaining amount of the credit (up to $1,000) refunded to you.
The amount of the credit is 100 percent of the first $2,000 of qualified education expenses you paid for each eligible student and 25 percent of the next $2,000 of qualified education expenses you paid for that student. But, if the credit pays your tax down to zero, you can have 40 percent of the remaining amount of the credit (up to $1,000) refunded to you.
The Lifetime Learning Credit (LLC) is for qualified tuition and related expenses paid for eligible students enrolled in an eligible educational institution. This credit can help pay for undergraduate, graduate and professional degree courses, including courses to acquire or improve job skills. There is no limit on the number of years you can claim the credit. It is worth up to $2,000 per tax return.
To claim an LLC, you must meet all three of the following:
- You, your dependent or a third party pay qualified education expenses for higher education.
- You, your dependent or a third party pay the education expenses for an eligible student enrolled at an eligible educational institution.
- The eligible student is yourself, your spouse or a dependent you listed on your tax return.
Per IRS federal regulations, the 1098-T tax form is to be available to students by January 31st each year. The 1098-T is issued to each student who has qualified payments and scholarships and grant activity for the tax year. Students can view and print their 1098-T form online by logging into myAims and clicking on the 'My Financials' tab then clicking on “View My 1098-T.” Students will not be mailed a 1098-T form unless they have completed a 1098-T Opt-out form and submitted it to the Cashier's office.
- When trying to access one's 1098-T form on myAims via Internet Explorer 9, there are instances where clicking submit on the 1098-T form appears to do nothing. The issue in IE9 is a compatibility mode issue.
- When logging in to myAims, you should see a blue icon in the address bar that looks like a torn piece of paper.
- If it appears gray, click the icon to enter compatibility mode. You will have to log back into myAims.
- If you cannot see this icon, you can select compatibility mode through “Tools” and press “Compatibility Mode.”
- You should also be able to access your 1098-T form on myAims via Chrome and Firefox.
If you are having trouble logging into MyAims or forgot your username/password, please click on the username/password web link located under the password box.
You may also contact the help desk at 970-339-6380 for additional assistance.
No, according to FERPA laws, only the student can pick up official documents or school records.
Yes, the 1098-T is available online. Log into myAims then click on the 'My Financials' tab and locate the link called “View my 1098-T”. Tax forms will only be available on the website. You will not be mailed a 1098-T form unless you have completed a 1098-T Opt-out form and submitted it to the Cashier’s office.
No, because the form contains confidential information and per FERPA laws, we are unable to fax the 1098-T information to the student or an alternate party. The information can be retrieved from our website 24/7 by the student or be requested if the student calls the Greeley Cashier’s Office and requests it to be mailed to the student using the current address on file with the college. The student can then transfer the information to the alternate party requesting the information.
No, unless you have completed and submitted the Release of Confidential Information form to the Admissions and Records office and indicated the parent(s) named on the form. This form cannot be faxed per FERPA laws. You must also indicate on the form that Aims can release Financial/Tuition account information to the party indicated on the form. If the Release of Confidential Information form is not on file, then the parent or alternate party will be asked to contact you to receive the requested information.
All students who receive funding thru a third party will receive a 1098-T. This is due to the fact that the college cannot determine the source of the funds coming from the third party. This is an informational form only. Consult IRS Publication 970 for further tax advice on this matter.
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