Educational tax credits
The Taxpayer Relief Act of 1997 created two tax credits to help families meet the cost of a college education:· The American Opportunity Tax Credit and the Lifetime Learning Credit.· The American Opportunity Credit, formerly known as the Hope Tax Credit,· may offers a tax credit up to $2,500 per student.· The Lifetime Learning Credit may offer a tax credit of up to $2000.
In general, qualified expenses for the education tax credits include tuition and required fees for the enrollment or attendance at eligible post-secondary educational institutions. The expenses paid during the tax year must be for: an academic period that begins in the same tax year or an academic period that begins in the first three months of the following tax year.
You may be able to deduct interest you actually paid on your student loans and may reduce your overall tax liability. Since tax credits have income limits and many other restrictions, it is advised to talk with a tax consultant or visit the IRS web site for information and tips.
If you disagree with the amounts listed on your 1098T, contact the COCC's Admission and Records Office at 541-383-7500.· If you did not receive a copy of your 1098T, you may print a copy by logging into your Bobcat Web Account
·and click the '1098T Notification' link.