Tax relief and credits
Please consult with your tax preparer. Your tax preparer can tell you how to take advantage of education tax credits and deduction opportunities.
Information on this page is not tax advice. We can only inform students and families of possible educational tax credits.
Learn more about these possible educational tax credits.
What are the possible educational tax credits?
- Student Loan Interest Deduction
You may be able take a tax deduction for the interest you paid on your loans. This benefit applies to all loans you used to pay for postsecondary education school expenses.
- The American Opportunity Credit (AOC)
This is a new credit. It modifies the existing Hope Credit for tax years 2009 and 2010. It makes the credit available to a broader range of taxpayers. This includes higher incomes and those who owe no tax.
The credit also adds required course materials to the list of qualifying expenses. You can claim the credit for four postsecondary education years instead of two.
- The Lifetime Learning Tax Credit
This is for students who are beyond their second year of college. It is also for students taking classes part-time. It is for virtually any postsecondary education and training.
Can I claim an AOC or Lifetime Learning tax credit?
You cannot claim both the American Opportunity Credit and the Lifetime Learning Credit for the same student during the same year.
if you can claim the AOC or Lifetime Learning Tax
Credit, you must download the Form 1098-T. You can download this from your HACCWeb
account. We do not mail this form.
How do I download the 1098-T form?
To print your 1098-T:
- Log into your HACCWeb account.
- Select "Student Services &Financial Aid."
- Click on the "Student Services" folder.
- Click on "Tax Notification-1098 Information."
Does the 1098-T form include all the information I need to claim a tax credit?
The 1098-T form is informational only. It is a good starting point for determining if you can claim a tax credit.
The IRS designed and regulates this form. It does not contain all the information you need to claim a tax credit.
The IRS does not
require you to claim a tuition and fees deduction or an education credit. Claiming
education tax benefits is a voluntary decision.
How can I get more information?
For more information:
- Visit www.irs.gov.
- Contact the IRS at 1-800-829-1040.