American Opportunity and Lifetime Learning Tax Credits
The Taxpayer Relief Act of 1997 (TRA) provides education tax incentives in the form of the American Opportunity Credit and the Lifetime Learning Credit. These benefits allow taxpayers to reduce their federal income tax based upon qualified tuition and fees paid, assuming the taxpayer meets TRA requirements.
The American Opportunity Credit is for students who are enrolled at least half-time in one of the first two years of post-secondary education and are pursuing an undergraduate degree, certificate or other recognized credential. The Lifetime Learning Credit is available to qualifying individuals who may not otherwise qualify for the American Opportunity Credit. For more information about these education tax incentives, call the Internal Revenue Service at 1-800-TAX-1040 or visit the IRS Web site at http://www.irs.gov.
For purposes of filing tax returns, 1098-T forms indicating amount of tuition paid and financial aid received during the tax year are mailed to taxpayers by January 31 of each year.
The colleges of DCCCD changed 1098-T forms service providers for the 2011 forms. To view your 1098-T form online, you will be required to have a personal identification number (“PIN”). There are two ways to obtain your PIN:
- The PIN and website information is included on your 1098-T form that you will receive in the mail
- Contact ECSI customer service after January 31 toll free at 866-428-1098
When you contact ECSI, you will be asked for your social security number and college code.
The college code for obtaining your 1098-T form from ECSI is UG.
More information can be found on ECSI’s website http://www.heartlandecsi.com/.