Education Tax Credits
Advisory Report 2014-1 Collecting Taxpayer Identification Numbers for Form 1098-T Reporting provides best practices, relevant regulations, and model substitute Forms W-9S.
Resources for Colleges and Universities
- Advisory Report 2013-2: Recommendations for Completing Form 1098-T (November 8, 2013)
- Advisory Report 2013-1: IRS Form 1098-T: Responding to Penalty Notices for Missing or Incorrect Taxpayer Information Numbers (October 2, 2013)
- FAQs on Form 1098-T Reporting (December 21, 2011)
- General Instructions for Forms 1099, 1098, 5498, and W-26. Guidance Related to Filing, Deadlines, and Furnishing Statements to Students.
- IRS Publication 970, Tax Benefits for Education. This publication details the various tax benefits related to education and assists taxpayers seeking to claim federal education tax benefits.
- IRS Notice 2006-72, Guidance Responding to Frequently Asked Questions about 1098-T Reporting (September, 2006)
- IRS Revenue Procedure 2005-50 Sets Forth Rules for Changing 1098-T Reporting Methods (August, 2005)
- IRS Issues Guidance on Obtaining E-Filing Waivers (November, 2005)
- Final Rules on 1098-T Reporting. The final regulations governing information reporting of amounts of qualified tuition and related expenses paid to or billed by higher education institutions (December 2002).
- Final Rules on Education Tax Credits. The final rules related to taxpayer eligibility for the Hope and Lifetime Learning tax credits. (December 2002).
- Process Guide to 1098-T Reporting, Third Edition eBook. NACUBO's bestselling guidebook, which incorporates changes brought about by the final regulations issued in December 2002, provides a detailed explanation of the reporting requirements as well as a list of references relating to the Hope and Lifetime Learning tax credits, a process for complying with the reporting requirements, answers to frequently asked questions, and sample documents that you can modify for your institution's use.
Forms and Filing Instructions
- IRS Revenue Procedure 2005-50, IRS Guidance on Obtaining Consent for Change in 1098-T Reporting Method
- Form 8863, Education Credits (PDF)
- Form 1098-T, Tuition Payments Statement (PDF)
- Form 1098-T and 1098-E Instructions, Tuition Payments Statement and Interest Payment Instructions (PDF)
- Form W-9S, Request for Student’s or Borrower’s Social Security Number and Certification (PDF)
Resources For Students
Students and families interested in finding out more about the American Opportunity Tax Credit (AOTC) and Lifetime Learning tax credits, and other education-related tax provisions of the Taxpayer Relief Act of 1997 may find the following consumer information pieces useful.
- Publication 970, Tax Benefits for Education (2013). For an explanation of all the federal tax benefits that help pay for college.
For use in preparing student/family tax returns (Form 1040).
- IRS Form 8863, Education Credits (PDF)This is the form you need to file with your 1040. Instructions are included.
- Final Rules on Education Tax Credits (December 26, 2002) These are the regulations that spell out eligibility rules, definitions, and mechanics of claiming the Hope and Lifetime Learning credits
If you have additional questions about your eligibility for the education tax credits, you can call the IRS at 800-829-1040 or consult your tax advisor. Colleges and universities are generally not able to provide students and families with tax advice.
- Financial Responsibility Scores Released for FY13
- IRS Publishes Guidance on "Cadillac" Health Coverage
- 2014 NACUBO-Commonfund Study of Endowments Now Available Online
- ON-DEMAND: How to Build, Develop, and Support a Compliance Program at Your Institution
- ON-DEMAND: Strategic Tuition Assessment and Tuition Restructuring
- ON-DEMAND: Are Shared Services Right for Your Organization – The KU Journey
- ON-DEMAND: VIRTUAL: 2014 Annual Meeting
- ON-DEMAND: VIRTUAL: Student Financial Services Conference
- ON-DEMAND: VIRTUAL: Higher Education Accounting Forum
- A Guide to College and University Budgeting: Foundations for Institutional Effectiveness, 4th ed. - by Larry Goldstein
- NACUBO's Guide to Unitizing Investment Pools - by Mary S. Wheeler
- Managing and Collecting Student Accounts and Loans - by David R. Glezerman and Dennis DeSantis