1098T Tax Credit

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Taxpayers can elect an American Opportunity Tax Credit (formerly named Hope Scholarhip) or a Lifetime Learning tax credit for eligible education expenses. The American Opportunity Tax Credit is available to eligible students in their first and second years of college. Students beyond their first two years of college may be eligible to claim the Lifetime Learning Tax Credit. The issues affecting computation of these tax credits are extremely complex and will vary significantly by individual taxpayer. Consequently, John Carroll is not able to provide tax advice.

The Internal Revenue Service's help line telephone number is 1-800-829-1040.

The American Opportunity Tax Credit and Lifetime Learning tax credits are claimed on an individual's tax return on IRS Form 8863 Education Credits (Hope and Lifetime Learning Credits).

What is new in the American Opportunity Tax Credit

The term "qualified tuition and related expenses" has been expanded to include expenditures for "course materials." For this purpose, the term "course materials" means books, supplies and equipment needed for a course of study whether or not the materials are purchased from the educational institution as a condition of enrollment or attendance. Save your textbook receipts as to claim your tax credit.

For more FAQ's from the IRS, click here.

IRS Form W-9S

If John Carroll University needs more information, we may contact you and ask you to complete this form. Form W-9S