Education Tax Credit

For 2012, there are two education tax credits available, the Lifetime Learning Credit and the American Opportunity Credit. Please refer to IRS Publication 970 for details. The credits are based on education expenses paid for you, your spouse, or your dependents. During any particular year you can only claim one of the credits for each student.

To apply for a possible credit, taxpayers must report the amount of qualified tuition and fees charged as well as the amount of certain scholarships and grants used to pay tuition and fees in the tax year. Schools are required to send this information to taxpayers who have reportable transactions by January 31 in the form of a 1098T Tuition Statement. Taxpayers use this information, along with their own records for tuition and fees paid when they fill out IRS form 8863 to claim the tax credit.

A taxpayer should consult a tax professional for further information regarding educational tax credits and deductions. Links to several websites providing additional information are listed below.

John Wood Community College sends the 1098T to students using the mailing address on file prior to the January 31st deadline. Students can also access this information on their JWCC SOLAR account: Click on Student Records, Tax Notification, then select Tax Year.

The 1098T reports the eligible charges posted to the student's account during the tax year and scholarships or grants disbursed to the student account in the tax year. It is the student's responsibility to retain receipts for payments made during the tax year.

Related Links to Taxpayer Resources

    IRS Publication 970

    IRS Form 8863 Education Credits

    Instructions for IRS Form 8863

    Commonly Asked Questions

What is the tax reporting year?
The tax year is defined as January 1st through December 31st.
Why are the charges listed in a different year than the payment I made?
Charges are posted at the time of registration. Charges may be posted in one tax year and payments made in the following tax year.
Why isn't Box 1 filled in?
John Wood Community College reports eligible charges for the tax year. The college is not required to report amounts paid on a student account. It is the taxpayer's responsibility to document the payments made for an eligible student.
What do I do if Box 4 or 6 are filled in?
Box 4 or 6 are completed if a 1098T was sent for a previous tax year and a reduction in charges or scholarships/grants was recorded in the current tax year. You may need to amend a previous year tax return if you claimed eligible tuition charges for the student.
Why didn't I get a 1098T in the mail?
There are several reasons a student would not receive a 1098T for a specific tax year. They include but are not limited to the following:
  • Student was not enrolled in eligible courses.
  • Tuition charges for enrollment and withdrawals for the year net to a zero dollar amount.
  • Scholarships and grants disbursed to a student account were greater than the tuition charges posted during the tax year.
  • Student moved and did not provide the school with a current address.
Although we may not have been required to generate a 1098T Tuition Statement for a student, students can view and print the information from their JWCC SOLAR account.
How can I get another copy of my 1098T?
Students who need a copy of their 1098T statement can stop by the business office to request one or call to have a copy mailed to the current address on file with Enrollment Services. To protect the student's privacy, we will not mail or fax a copy of the 1098T to anyone except the student, nor will we allow anyone except the student to pick up a copy of the form at the business office.  A valid photo ID will be required.