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Student Financial Services
Division of Financial and Business Services

About Education Tax Credits

 
1098-T forms for 2014 are available online for all domestic students
and for international students with a Tax-ID (SSN or ITIN) on file as of 1/10/15
(see the OASIS 'Financial Services' menu).
Students who were eligible for a 1098-T but did not sign up
for electronic delivery should have received their forms by mail.
 
Why is USC required to ask for my social security number or ITIN?
 
ECSI logo provides our 1098-T tax reporting service.
Questions? Please contact ECSI at 866-428-1098.
 
 

USC is required to provide 1098-E tax forms to students with loan interest paid to USC during the calendar year just ended, and 1098-T forms to students with qualified charges or qualified aid posted during the calendar year just ended, by January 31st of the following year.  Forms will be mailed unless the student has elected by January 15th to receive their tax forms electronically.  Email notices from our service provider ECSI will be sent to official USC email addresses (ending in '@usc.edu') when the forms are ready.

No USC employee may give tax advice regarding these credits. If you are unsure about your eligibility, please consult with a qualified tax preparer.

Tax Benefits which are available for education costs:

There are a number of opportunities for tax credits and deductions available to students. Visit the IRS Tax Benefits For Education Information Center at http://www.irs.gov/uac/Tax-Benefits-for-Education:-Information-Center for a comprehensive list. Or go to the IRS webpage: "Am I Eligible to Claim an Education Credit?" may be found at: http://www.irs.gov/uac/Am-I-Eligible-to-Claim-an-Education-Credit%3F

Student Financial Services provides students two different types of IRS forms to assist in determining eligibility for some of these credits.

1098-E: Loan Interest

SUMMARY: Under the 1997 Taxpayer Relief Act, beginning January 1, 1998, taxpayers who have taken loans to pay the cost of attending an eligible educational institution for themselves, their spouses or their dependents, may be eligible to deduct interest they have paid on these student loans.

No USC employee may give tax advice regarding these credits. If you are unsure about your eligibility, please consult with a qualified tax preparer.

ELIGIBILITY: For information about eligibility and filing for the credits, please refer to IRS Publication #970: 'Tax Benefits for Higher Education.'  Additional publications and forms are available at: http://www.irs.gov/formspubs/index.html .

FORMS: Please note that your 1098-E tax forms will be available to view and print on-line at www.ecsi.net/1098e .

1098-T: Qualified Tuition and Related Expenses

SUMMARY: The American Opportunity (formerly known as the Hope Scholarship) and the Lifetime Learning Tax Credits are available to qualified persons who pay higher education costs. The amount of each credit is determined by the amount you pay for qualified tuition and related expenses for students and the amount of your modified adjusted gross income.

In late January of each year, USC sends IRS Form 1098-T, a report of qualified tuition and fees or financial aid posted to  student accounts during the calendar year just ended, to:

  • U.S. citizens and permanent residents
     
  • International students who have requested a form by providing a taxpayer ID number (Social Security number-SSN or individual taxpayer identification number-ITIN) to the Registrar. Once an international student's taxpayer ID number has been recorded on their student record, the 1098-T form will continue to be prepared each year. Taxpayer ID numbers reported to Payroll or other departments are NOT automatically recorded on the student record.
     
    This form is used to document education tax credits on United States federal income tax returns. The majority of international students are *NOT* eligible to claim education expense tax credits on their federal tax forms...

ELIGIBILITY: For information about eligibility and filing for the credits, please refer to IRS Publication #970: 'Tax Benefits for Higher Education.'  Additional publications and forms are available at: http://www.irs.gov/formspubs/index.html .  You may also wish to review IRS Publication "7.4 Child Care Credit/Other Credits: Hope & Life Time Learning Educational Credits".

FORMS: VIEW or PRINT your 1098-T tax form from ECSI's website by using the "1098T (ECSI)" link on the "Financial Information" menu on OASIS

IRS Information about Educational Tax Credits

The IRS has an online FAQ Tax Questions & Answers webpage which you may also wish to review. Be sure to see the section about "7.4 Child Care Credit/Other Credits: Hope & Life Time Learning Educational Credits".

For information about eligibility and filing for the credits, please refer to IRS Publications, 'Tax Benefits for Higher Education' , also called I.R.S. Publication 970. 

To calculate the tax credit, you must file IRS Form 8863 along with your federal income tax return. 

Link: IRS Links & Publications website


See also: