Education Credit

An education credit may help with the cost of higher education by reducing the amount of tax owed on your tax return. There are two education credits available: the American Opportunity Tax Credit and the Lifetime Learning Credit.

What is IRS Form 1098-T?

An eligible educational institution that receives qualified tuition and related expenses on a student's behalf must furnish to that student a copy of Form 1098-T, the Tuition Statement. This statement helps you determine whether you, or the person who may claim you as a dependent, may be eligible for the new Hope Credit or Lifetime Learning Credit. Taxpayers are not required to include the form with their tax return. For a replacement copy of the 1098-T that was sent to you, go to the Tax Credit Reporting Service (TCRS) Student/Taxpayer website and follow the steps for student access.