Tax Credits

The college cannot advise a student about eligibility requirements or calculate any allowable education tax credit or tuition and fee deductions. The final decision for determining eligible educational expenses is the student or taxpayer's responsibility.

The following websites 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

As required by the Internal Revenue Service ("IRS"), Form 1098-T is produced by educational institutions by Jan. 31 and sent to all students who had qualified tuition and other related educational expenses billed to them during the tax 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. 

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. 

Visit IRS website for additional information.

The Taxpayer Relief Act (TRA97) was passed by Congress in 1997 to provide new tax benefits (effective from 1998) for higher education expenses.

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.

Visit IRS website for additional information.

If you have attended Aims within the past year

1. Log in to your myAims account
2. Once logged in, click on "Paying for College" link then click the "View your1098-T"  link 
3. If prompted, choose a tax year then click the Submit button.
4. To print page, choose your print option from your web browser toolbar or use CRTL-P function.

If you are unable to log into our online system,  you can request a copy to be mailed to you or for pickup at the Greeley campus

Please call or email the Cashier’s Office to request a copy by mail. A staff member will ask you for information to confirm your identity. Tax forms will only be mailed to the last address on record with the college. If you have moved, proof of new residency will be required before the form will be mailed. 

You can use the following documents as proof of address:

• Governmental documents such as driver’s license, passport
• Utility bill
• Bank statement 

Only the actual student can request or pick up a copy of the tax form per FERPA privacy regulations. Tax forms cannot be faxed, scanned or emailed to students due to the nature of the document and the information indicated on the form.

Electronic 1098-T forms are available for viewing on the myAims website by January 31 each year for the previous tax year.

1. An email will be sent to your myAims email and to a personal email, if you have one on file, when the Form 1098-T is available for viewing and retrieval.
2. Electronic delivery of the IRS Form 1098-T remains in effect for the remainder of your time at Aims, until one of the following occurs:
3. You submit an Opt-out request form that will opt you out of electronic delivery of the 1098-T form for one year, or
4. The College ceases to provide the option for electronic delivery
5. If you wish to opt-out of electronic delivery, submit an Opt-out request form by December 31 of the tax year you are expecting a 1098-T. The Opt-out request for paper delivery does not apply if the form is submitted after the tax year ends.
6. By granting consent to electronic delivery of this form by not opting out, you confirm your ability to view documents in this format. No special hardware or software is necessary to view your Form 1098-T.

You may view copies of the most recent 1098-T tax form and the most recent previous tax years by logging into myAims. Contact the Cashier’s Office for copies from previous tax years.

All students, except for non-resident aliens and those registered for non credit courses, who attend Aims during a calendar year and were billed for qualified tuition and related expenses will receive a form.

Forms will be available online by the end of the month of January following the end of the tax year. This form will help to determine whether you, or the person who may claim you as a dependent, may claim an income tax credit for the American or Lifetime Learning credits.

Please read this page carefully as it explains the information reported on the form for each box. 

Box 1: Payments received , from all sources, up to qualified tuition and related expenses with reduction of all refunds issued to you. 

Box 2: Amounts billed for qualified tuition and related expenses
(used in calculation of box 1. Amount will not be displayed in this box, see supplemental section of online tax form)

Box 3: Reporting Method
This box will be checked if the educational institution has changed its reporting method for the tax year. Please note: reporting method did change for 2018 tax year.

Box 4: Adjustments made for a prior year
Shows any adjustment made for a prior year calculations that were reported on a prior year Form 1098-T. This amount may reduce any allowable education credit you may claim for the prior year. See Form 8863 or Pub. 970 for more information.

Box 5: Scholarships or grants
Shows the total of all scholarships or grants administered and processed by the eligible educational institution. The amount of scholarship or grant funding for the calendar year (including those not reported by the institution) may reduce the amount of any allowable tuition and fees deduction or the education credit you may claim for the year. (If you had loans, such as a Direct Federal Subsidized Loan, this is not included in this box. The loan servicer is responsible to send you a 1098-E tax statement.)

Box 6: Adjustments to scholarships or grants for a prior year
Shows adjustments to scholarships or grants for a prior year. This amount may affect the amount of any allowable tuition and fees deduction or education credit you may claim for the prior year. See Pub. 970 for how to report these amounts.

Box 7: The amount in box 1 includes amounts for an academic period beginning January-March following tax year. (if checked)
If this box is checked, the amount in box 1 includes amounts for an academic period beginning January-March. See Pub. 970 for how to report these amounts.

Box 8: Checked if at least half-time student
Shows whether you are considered to be carrying at least one-half the normal full-time workload for your course of study at the reporting institution. If you are at least a half-time student for at least one academic period that begins during the year, you meet one of the requirements for educational tax credits. You do not have to meet the workload requirement to qualify for the tuition and fees deduction or the lifetime learning credit.

Box 9: Checked if a graduate student
Shows whether you are considered to be enrolled in a program leading to a graduate degree, graduate-level certificate, or other recognized graduate-level educational credential. If you are enrolled in a graduate program, you are not eligible for the Hope credit, but you may qualify for the tuition and fees deduction or the lifetime learning credit.

Box 10: Reimbursements or refunds of qualified tuition and related expenses from an insurance contract. Not applicable to Aims, applies only to insurers.

For tax years prior to 2018, pursuant to Internal Revenue Service's tax regulation, the college is required to either report tuition amount in box 1 OR box 2 of Form 1098-T. The college elected for Box 2 only. For tax years beginning 2018 and future, Box 1 will be reported, box 2 will no longer display amounts on the tax form. 

Please consult with your tax advisor to claim the proper amount of tax credits.