Tax Credits

The IRS Form 1098-T is provided, as required by the IRS, to provide information that may assist you in completing your individual tax return.  The information listed on IRS Form 1098-T may be different than the amount you actually paid towards Qualified Tuition and Related Expenses (hereafter known as QTRE).  We strongly recommend seeking professional assistance when claiming an education tax credit.  Regardless of the information provided on the 1098-T, if you choose to claim an education tax credit, you should always keep documentation such as invoices and receipt of payment that supports any claimed tax credit even if you report only what is on IRS Form 1098-T.

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 made available 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. 

An education credit helps with the cost of higher education by reducing the amount of tax owed on your tax return. If the credit reduces your tax to less than zero, you may get a refund. There are two education credits available: the American Opportunity Tax Credit and the Lifetime Learning Credit.

For further information regarding the 1098-T tax credits, please refer to Tax Benefits for Education: Information Center, or consult your tax advisor.   

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

If you have attended Aims within the past year

1. Log in to Workday
2. Once logged in, click on Finances app 
3. On far right side, click the "More" link in the My Account menu box
4. Choose the "Print My 1098-T" link
5. Choose the appropriate tax year 
6. Print the form

Note: If you are needing your 2022 or prior year(s) tax form, contact our office for assistance.  

If you are unable to log into Workday,  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 in Workday 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 Opt-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, log into Workday by December 31 of the tax year you are expecting a 1098-T and navigate to Manage Paperless 1098-T task . The Opt-out request for paper delivery may not apply if the paperless option is updated 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.

Contact the Cashier’s Office for copies from 2022 and 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: A total of all payments received , from all sources, up to qualified tuition and related expenses with reduction of all refunds issued to you. This includes all payments indicated in Box 5 plus other payments made to the student account. 

Please note, IRS Publication 970 states that "the amount on form 1098-T might be different from the amount you actually paid and are deemed to have paid."  Further IRS Form 8863 instructions state that "The amount of qualified Tuition and related expenses reported on Form 1098-T may not reflect the total amount of the qualified tuition and related expenses paid during the year for which you may claim the tax credit.  You may include qualified tuition and related expenses that are not reported on IRS Form 1098-T when claiming one of the related credits if you can substantiate payment of these expenses."

Please note that the timing of each charge and payment/scholarship are important regarding which year they are reported in.  Many students have charges from Nov-Dec of 2022.  Because in 2022 many students had payments larger than their QTRE, the BOX 1 amount for the Spring 2023 term may have been included in the 2022 1098-T.  Also in many of those same circumstances, the student also received scholarships and grants for Spring 2024 that did not post until January 2024.  This may cause the 2023 1098-T to have zero in BOX 1 but BOX would be populated.  Please consult a tax prepared regarding what this means to your individual tax situation.
 

Box 2:  
(used in calculation of box 1. Amount will not be displayed in this box) Qualified tuition and expenses are the course tuition, student fee, online course fee, lab fee, and administrative fee.  

Charges not considered Qualified Tuition and Related Expenses (QTRE) are bookstore purchases, First Day/Inclusive Access fees, service fees, testing fees, fines, library fines, and any other non course related fees. 

Box 3:  (not used at this time)

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
Reports the total of scholarships or grants administered or processed  by the Office of Student Accounts and/or the Office of Student Financial Aid during the calendar year. 

Please note that the timing of each charge and scholarship are important regarding which year they are reported in.  Many students have charges from Nov-Dec of 2022.  Because in 2022 many students had payments larger than their QTRE, the BOX 1 amount for the Spring 2023 term may have been included in the 2022 1098-T.  Also in many of those same circumstances, the student also received scholarships and grants for Spring 2022 that did not post until January 2023.  This may cause the 2023 1098-T to have zero in BOX 1 but BOX would be populated.  Please consult a tax prepared regarding what this means to your individual tax situation.

The amount reported in BOX 5 does not include:

• Student Loans
• Work Study
• Employment
• Sponsor billing to outside agencies
• Grants/scholarships derived from CARES ACT funding

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. 

All information that Aims Community College can provide you is either on the 1098-T form or is included on this webpage.  We are not allowed to discuss tax implications, how this form may relate to you, or give tax advice.  Please consult your tax preparer  with all questions related to this document.

If you believe the information on the 1098-T is incorrect, needs a correction, or you wish to dispute the amounts indicated on the tax form you can file a request for review with our office. 

All disputes or requests for review must be made in writing such as email or completing our online form.  

https://app.smartsheet.com/b/form/b383b775686e4a35a782a050a70bdc02

All requests are reviewed in the order received and responses to requests are sent out within 7 business days of the request.  

Any 1098-T that needs corrected, will be corrected and a new 1098-T can be issued to the student.  Tax forms can be picked up at the Greeley office or can be mailed to the address on record.