Feb 27, 2014
Tax Credits and Deductions for College Education
2013 Calendar Year 1098-T Form Status: Forms Are Now on WebAdvisor and will be Mailed by January 31, 2014.
In accordance with federal regulations, Schoolcraft College will mail the required Internal Revenue Service Form 1098-T (Tuition Payments Statement) to every student enrolled in classes for academic credit during the 2013 calendar year, by January 31, 2014.
The forms may be used to assist in the preparation of your 2013 tax return.
During the past several years, the federal government has provided several tax benefits for pursuing a college education; including tax credits, tax deductions or exclusions from gross income, some of which are listed below:
American Opportunity Tax Credit – You may be able to claim a federal individual income tax credit of $2,500 per student for qualified tuition and related expenses.
Lifetime Learning Tax Credit – You may be able to claim a federal individual income tax credit of $2,000 of qualified and related expenses you pay per tax return.
Tuition and Fees Deduction – You may be able to deduct qualified tuition and related expenses even if you do not itemize deductions.
Student Loan Interest Deduction – You may be able to deduct up to $2,500 of the interest you paid on student loans on your federal individual tax return.
Schoolcraft College cannot provide tax advice or assistance in determining eligibility to claim a tax credit or deduction.
To determine whether you, or the person who may claim you as a dependent are eligible for these tax credits or deductions, please contact a tax professional or refer to the IRS or State of Michigan websites.