Overview: Education Tax Credits
On this page:
Available Tax Credits
The Tax Payer Relief Act of 1997 made available two tax credits, the Hope Credit and the Lifetime Learning Credit, for people who pay higher education costs. The Hope Credit is for the payment of the first two years of tuition and related expenses for an eligible student for whom the taxpayer claims an exemption on the tax return. The Lifetime Learning Credit is available for all post-secondary education for an unlimited number of years. For more information, see IRS Publication 970: Tax Benefits for Education.
Annual Tuition Statement (Form 1098-T)
As an eligible educational institution, Stanford University is required by the Internal Revenue Service to file an annual Tuition Statement (Form 1098-T) for each student who is a U.S. citizen or permanent resident pursuing a degree, and for whom a reportable transaction is made (i.e. tuition, ASSU fees and any scholarships or grants received). This information is provided to assist taxpayers in determining eligibility for claiming Education Tax Credits enacted by the Taxpayer Relief Act of 1997.
In January of each year, Stanford mails all eligible current students or former students (students with enrollment activity for the prior calendar year) their individual Form 1098-T.
Tax Credit Information Resources
The resources listed below contain information that may help individuals determine eligibility for tax credits:
- Tax Credit Reporting Services 1098-T Form Access
- 1098-T Frequently Asked Questions
- IRS Publication 970: Tax Benefits for Education
- Hope and Lifetime Forms (Form 8863)