1098-T (Tax Form)

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University of Central Florida (UCF) staff cannot give tax advice or assist students in calculating individual credit amounts. Please consult a tax adviser for assistance.

UCF has partnered with ECSI to deliver Form 1098-T Tuition Statements for 2012 tax reporting.

Form 1098-T is used to assist students in determining eligibility for an Education Tax Credit. It is an annual statement that provides a student with the amount of tuition charged on the account during the calendar year. Your personal financial records serve as official supporting documentation for a federal tax return.

Each year Form 1098-T Tuition Statements are mailed before Feb. 1 to students that qualify. They also may be accessed via the web in printable format at http://www.ecsi.net/taxinfo.html . A student will not receive a Form 1098-T if gift aid (Bright Futures scholarship, some grants and other scholarships, waivers, fellowships, and fee reductions) exceeds qualified tuition charges.

  • The website at which you may access your 1098-T through ECSI is http://www.ecsi.net/taxinfo.html.
  • The school code needed to access your records with ECSI is XC.

To access 1098-T information from the Internal Revenue Service, please click here:

http://www.irs.gov/uac/Form-1098-T,-Tuition-Statement

To opt-in for electronic delivery, this is the fastest way to receive your Form 1098-T:

1) Log into the MyUCF Portal.
2) Click on Student Self Service.
3) Scroll to the Finances Section.
4) Click on 1098-T Tax Management
5) Click on the Opt-In Icon

Let education earn you some extra credit — at least with your taxes
Education tax credits — such as the American Opportunity Credit and Lifetime Learning Credit — can help eligible students and their parents offset the cost of higher education by reducing the amount of income tax they owe. Read below to find out which of these credits might be best for you. Keep in mind that you can't claim both credits for the same student or same qualifying expense.

The American Opportunity Tax Credit
Here are a few facts about the AOTC:

  • The credit is worth up to $2,500 per eligible student and is partially refundable — up to $1,000 if your tax is zero.
  • It's available for the first 4 years of postsecondary education (which is education beyond high school, generally meaning college).
  • The student must be pursuing a degree or other recognized education credential and be enrolled at least half time for at least one academic period that begins during the tax year.

The AOTC also allows students to claim tuition, required enrollment fees and course materials needed for a course of study whether or not the materials are bought at the educational institution as a condition of enrollment or attendance.

The Lifetime Learning Credit
The Lifetime Learning Credit differs from the AOTC in a few ways:

  • It's entirely nonrefundable. This means the credit reduces your tax and is limited to the amount of tax you owe.
  • The maximum credit amount per tax return is $2,000. It doesn't matter how many eligible students are on your tax return — you can only take up to $2,000.
  • This credit is available for all years of postsecondary education and for courses taken to acquire or improve job skills.
  • You don't need to be pursuing a degree or other recognized education credential to claim the credit.

Like the AOTC, the Lifetime Learning Credit allows students to claim the tuition and fees required for enrollment or attendance, including amounts required to be paid to the institution for course-related books, supplies and equipment.

Parents or students claiming either credit should receive a Form 1098-T, Tuition Statement, from their educational institution. You should make sure it is complete and correct.

Check out Publication 970, Tax Benefits for Education, and Form 8863, Education Credits (Hope and Lifetime Learning Credits), to learn more.

The IRS is now accepting Form 8863, Education Credits.


 

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