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Student Financial Services
Division of Financial and Business Services

About Education Tax Credits

provides our 1098-T tax reporting service.
Questions? Please contact ECSI at 866-428-1098.

2013 1098-T forms are now available online from the OASIS 'Financial Services' menu...
Students requesting electronic delivery will be notified by ECSI as soon as their forms are available online.
For those students who do NOT choose electronic delivery, form should be received by mid-February.
Note: SSN/ITIN corrections can only be made on forms for the current reporting year through March 10.
After this date, SSN changes given to the Registrar will not be updated on current forms.
Forms for prior reporting years are never updated.
 
No USC employee may give tax advice regarding these credits. If you are unsure about your eligibility, please consult with a qualified tax preparer.

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.

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

  • Lifetime Learning Credit and American Opportunity Tax Credit (formerly known as the Hope Credit). Discuss this with your tax professional or read about these changes on the IRS website at: http://www.irs.gov/newsroom/article/0,,id=205674,00.html) (see IRS Form 1098-T, below)
     
  • interest paid on student loans (see IRS Form 1098-E, below)

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 or individual taxpayer identification number) 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 sent 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...
     
    Read more on the "1098-T and International Students" webpage

Tax preparers and agents who are not familiar with the reporting requirements should be referred to IRS Bulletin 2006-72 and IRS Publication 970. Portions of these documents with pertinent text highlighted are available here.

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

 


 

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