Tax Credits & Forms

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

For 2015, there are two tax credits available to help you reduce the amount of your income tax. They are the American Opportunity Taxcredit and the Lifetime Learning credit.

Please refer to the IRS Publication 970, Tax Benefits for Education for use in preparing your 2015 tax return. A link to this publication is listed below with other helpful links.

1098-T Forms will be mailed by January 31, 2016 for students who did not opt in to receive only an electronic copy.

The 1098-T form can be viewed and printed from the student statement suite, TouchNet by the student and authorized users. These forms will be available by January 29, 2016, if not earlier.

Instructions on viewing the 2015 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.

Who is an Eligible Student?

  • A student who was enrolled at least half-time in a college program leading towards a degree, certificate or other recognized education credential for at least one academic period during the tax year.
  • A half time undergraduate student must complete six credits and a half-time Graduate student must complete three credits.
  • Students enrolled as a non -degree student are NOT eligible to receive the form 1098-T.  Your expenses may still be tax deductible and should be discussed with your own tax professional.
  • Students whose employer paid 100% of their tuition are NOT eligible to receive the  form 1098-T.

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: