Education Tax Credit
You or your parents may be able to claim tax credits toward the tuition paid for your post secondary education. Tax credits reduce the amount of tax you or your parents owe.
For any questions you may have pertaining to 1098Ts, please contact the college tax hotline at 703.323.2402.
- Hope Credit
Under the Hope Credit, you or your parents may claim a tax credit of up to $1,800 for up to two years. Qualified applicants must have a high school diploma or equivalent and be enrolled half time or more in a degree or certificate program for at least one academic period during the tax year. The Hope Credit can only be claimed for the first two years of post-secondary education.
- Lifetime Learning Credit
Under the Lifetime Learning Credit, you or your parents may claim a credit of up to $2,000 each tax year for an unlimited number of years. The Lifetime Learning Credit applies to tuition and fees for undergraduate, graduate and continuing education classes taken part-time. If a taxpayer is claiming a Hope credit for a particular student, none of that student's expenses may be applied to the Lifetime Learning credit.
- Verify that the Admissions Office has an accurate Social Security or Taxpayer Identification Number and current address for you and any individual who can claim you as a dependent on their federal tax return
- Keep copies of documents related to payment of qualified tuition and fees, such as canceled checks, credit card statements, financial aid awards, scholarships received, and employer-paid tuition benefits
- Visit IRS.gov or call 1.800.829.1040 for the relevant forms and documents