Tax Credits & 1098-T Forms

Champlain College provides the IRS 1098-T statement by January 31st for students to use in preparation of their previous fiscal year's tax return.

The 1098-T form can be viewed and printed by accessing TouchNet, the student statement and payment system, which is accessible by WebAdvisor by the student and authorized users. Forms 1098-T will be mailed by January 31 for students who did not opt to receive an electronic copy only.

You can review instructions for viewing the 1098-T form online; please be aware that Adobe Reader is recommended to view this document, and pop up blockers must be disabled or the form will appear blank. Frequently asked questions [PDF download] can be found here.

For 2017, there are two tax credits available to help you reduce the amount of your income tax. They are the American Opportunity Tax Credit and the Lifetime Learning Credit.

Please refer to IRS Publication 970, Tax Benefits for Education, for use in preparing your tax return.

Changes to expect for 2018:

In previous years, your 1098-T included a figure in Box 2 that represented the qualified tuition and related expenses (QTRE) webilledto your student account for the calendar (tax) year. Due to a change to institutional reporting requirements under federal law, beginning with tax year 2018, we will report in Box 1 the amount of QTRE you paid during the year.

The dollar amounts reported on your Form 1098-T may assist you in completing IRS Form 8863 — the form used for calculating the education tax credits that a taxpayer may claim as part of your tax return.

Champlain College is unable to provide you with individual tax advice, but should you have questions, you should seek the counsel of an informed tax preparer or adviser.

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 scholarship, 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 limits, apply to all tax credits as well as the Student Loan interest deduction. Please consult the IRS or your tax consultant for further information.

For further information on education tax benefits, explore these resources: