Tax Credits & Forms

Champlain College provides the IRS 1098-T statement by January 31st for the previous tax year for students for preparation of their tax forms.

For 2014, there are two tax credits available to help you offset the costs of higher education by reducing the amount of your income tax. They are the American Opportunity credit and the Lifetime Learning credit.

Please refer to the IRS Publication 970, Tax Benefits for Education for use in preparing your 2014 tax return. A link to this publication is listed below with other helpful links. Please note that 2013 is the latest edition for IRS Publication 970.

1098-T Forms will be mailed by January 31, 2015.

The 1098-T form can be viewed and printed from the student statement suite, Touchnet by the student and authorized users.

Instructions on viewing the 2014 1098T form online are located here.

Student Loan Interest Deduction
You may be able to deduct interest you pay on a qualified student loan even if you took out the loan before 2007. For further information, please refer to IRS Publication 970. (2013 is the latest edition)

Adjustments to Qualified Expenses
Payments of qualified tuition and related expenses from personal resources (earnings, personal savings, gifts, loans or inheritances) made by the student or by the taxpayer to whom the student is a dependent are taken into account in calculating the credit amount. Payments made with a Pell Grant or other tax-free scholarships, veterans benefits, a tax-free distribution from an Education IRA, or tax-free employer-provided educational assistance do not qualify as payments for purposes of the American Opportunity or Lifetime Learning Credits.

Other Information
Some limitations including certain income limitations apply to all tax credits as well as the Student Loan interest deduction. Please consult the IRS or your tax consultant for further information.

Please click below for further information on education tax benefits: