Income Tax Credits for College Costs

Tax Benefits for Education

There are a number of different “tax credits” available to students and parents to help offset the amounts paid in tuition at accredited colleges and schools. These include the American Opportunity Credit (formerly known as the “Hope Credit”) and the Lifetime Learning Credit, along with deductions for student loan interest paid (even long after graduation). There are (of course) qualification rules which vary for each program. There is a link below to an Internal Revenue Service (IRS) web page will provides detailed information on each of the available programs.

What Documentation is Required by the IRS When I Fill Out My Income Tax Return?

Quest College will provide a 1098-T form to each student annually showing the net amount of tuition paid by the student (under the government formula) during the income tax year. The form will be mailed to the student’s permanent address in January each year (and corresponding data will be sent to the IRS). Student’s must have a valid social security number on file with the College in order to receive a 1098-T form.

The 1098-T, along with your copy of your Quest College billing statements, should be used by your tax preparer to determine your eligibility for a tax credit. Because each taxpayer’s circumstances vary, we cannot provide tax advice or assistance related to the credit or how to claim the credit but we can assist you in locating helpful resources, especially if you file your tax return on your own. Please see the links below for more information.