Tax Incentives

• Internal Revenue Service
• Federal Tax Benefits at a Glance
• Center for Economic Progress – Free Tax Preparation

Higher Education Tax Benefits.

For a summary of Higher Education Tax Benefits for which you may be eligible, visit the IRS Tax Benefit Information Center.

Some of the Higher Education Tax Benefits include but are not limited to:

• American Opportunity Credit
• Hope Credit
• Lifetime Learning Credit
• Tuition and Fees Deduction
• Coverdell Education Savings Account

Tax Tips

• Consult a tax advisor to determine your eligibility for tax incentives.
• Columbia College Chicago will issue an annual 1098-T to assist with reporting the American Opportunity/Hope Credit and Lifetime Learning tax credits on your tax return. Call 877.467.3821 or visit www.1098t.com for more information.
• Scholarships and grants that exceed the cost of tuition, fees, books, and supplies are considered taxable income to the student by the IRS. It is the student’s responsibility to maintain records in order to determine potential tax liability.
• Federal Work-Study earnings received during in-school sessions are not subject to FICA withholding but are subject to federal and state income taxes. You will be issued a W-2 by January 31st.