Educational Tax Information
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.
The Lifetime Learning tax credit applies to any postsecondary education to acquire or improve job skills. There is no minimum enrollment requirement or limit to the number of years it is available. Taxpayers may claim a maximum of $2,000 (20% of $10,000) of qualified expenses paid in a calendar year. There are some income limitations for this credit, please see IRS Publication 970 for more information.
American opportunity credit. This new education tax credit (a modification of the Hope credit) is available for 2012 and 2013. The maximum credit per student is $2,500 (100% of the first $2,000 and 25% of the next $2,000 of qualified education expenses). The credit is available for the first 4 years of postsecondary education, and 40% of the credit is refundable for most taxpayers. The threshold at which this credit is reduced is higher than that for the Hope and lifetime learning credits. Please see IRS Publication 970 for more information.
IRS Form 1098-T will be issued to all qualified students with tuition and fee expenses paid each calendar year. The form is available online by signing on to your E-services account dashboard and consenting to download the form electronically, or the form will be mailed to the student's permanent address on file following each calendar year end.
In order to withdraw your electronic tax form consent, you must send a written request to Tax Services that includes all the information requested in the Withdraw of Consent form located at http://www.finance.mnscu.edu/taxinformation/other/electronic_tax_forms.html
Please be aware that if you withdraw consent, you will not have access to your current or prior year 1098-T forms electronically. You will receive your 1098-T Tuition Statement via U.S. mail. It is your responsibility to make sure that your address is up to date with St. Cloud State University so that the form is mailed to the correct address.