1098-T and Tax Credits
Electronic Delivery Option — Click Here – Remember to click on “Save” at the end of the form. After January 1st, the forms will be mailed, but you can elect this option for future years.
Copies of your 1098-T can be obtained from www.ecsi.net. You will need a PIN to proceed. Please call
ECSI Dedicated Phone Line for 1098-T Tax Forms: 1-866-428-1098
Taxpayers can elect an American Opportunity Tax Credit (formerly named Hope Scholarhip) or a Lifetime Learning Tax Credit for eligible education expenses. The American Opportunity Tax Credit is available to eligible students in their first and second years of college. Students beyond their first two years of college may be eligible to claim the Lifetime Learning Tax Credit. The issues affecting computation of these tax credits are extremely complex and will vary significantly by individual taxpayer. Consequently, John Carroll is not able to provide tax advice. John Carroll University provides the information prescribed tax information on IRS Form 1098T. We recommend you opt for the electronic delivery option, above. Electronic delivery also allows you to print copies as needed.
The Internal Revenue Service’s help line telephone number is 800.829.1040.
The American Opportunity Tax Credit and the Lifetime Learning Tax Credit are claimed on an individual’s tax return on IRS Form 8863 Education Credits. If the current year’s form is not available on our site, please check at www.irs.gov.
What is new in the American Opportunity Tax Credit?
The term “qualified tuition and related expenses” has been expanded to include expenditures for “course materials.” For this purpose, the term “course materials” means books, supplies, and equipment needed for a course of study whether or not the materials are purchased from the educational institution as a condition of enrollment or attendance. Save your textbook receipts to claim your tax credit.
For more information from the IRS, click here.