IRS 1098-T Educational Tax Credit

Champlain College provides the IRS 1098-T statement by January 31st for the previous tax year for students for preparation of their tax forms.

Hope Scholarship Tax Credit: The Hope Scholarship is not a scholarship but a tax credit.  Each eligible student is qualified for up to $1,500 per year.  An eligible student must be enrolled at least half-time, for at least one academic period beginning in 2007 in an eligible program, leading to a degree or certificate at an eligible school and can not have completed the first two years of undergraduate study.  You may claim the credit yourself if you are not claimed as a dependent by another taxpayer.

Lifetime Learning Tax Credit: A family may claim this tax credit of up to $2,000 per tax year for the taxpayer, taxpayer's spouse, or any eligible dependents for an unlimited number of tax years.  The amount of the Lifetime Learning tax credit is 20% of the first $10,000 of qualified educational expenses paid for all eligible students.  Therefore, the maximum amount of a Lifetime Learning tax credit is $2,000.  The Lifetime Learning credit is available for all years of postsecondary education and for a wide variety of educational programs, including non-degree programs.  You may claim the credit yourself if you are not claimed as a dependant by another taxpayer.