Education

You are not required to file your 1098-T if you are not going to claim any education credits AND did not have taxable scholarship income (scholarships that exceeded the tuition paid).  However, keep a copy of your 1098-T with your tax records for at least three years.

You may want to reconsider filing your 1098-T.

Education tax credits can help you with higher education costs by reducing the amount of tax you owe. There are two credits available, the American Opportunity Tax Credit and the Lifetime Learning Credit. We check both of them for you.

American Opportunity Tax Credit (AOTC)

You can use this credit for the first four years of college when working towards a degree.

• The maximum credit is $2,500 per eligible student.
• Must be enrolled at least half time for at least one semester during the tax year.
• Up to $1,000 can be refunded to you.

Lifetime Learning Credit

There is no limit on the number of years you can use this credit for undergraduate, graduate, and professional degree courses, including ones to improve job skills.

• The maximum credit is $2,000 per tax return.
• Can be used when you're only taking one class.
• You don't need to be working towards a degree.
• None of the credit is refundable.